12-1

An Insurance Broker, Insurance Broker’s Representatives and Staff must:

a.

Act in an honest, fair and transparent manner in their relations with Clients.

b.

Act in the best interests of the Client when comparing insurance products in terms of the conditions, rates and the scope of insurance cover, as well as in terms of choosing to work with a certain Company rather than others.

c.

Provide the Company with the accurate and adequate information necessary for underwriting purposes concerning the Client, including Personal Data.

d.

Obtain a written authorization from all of its Clients to perform the Insurance Brokerage business, according to the form designed for this purpose and approved by the Central Bank, and must not restrict the Client’s freedom to cancel the authorization, and not to charge the Client for any financial costs as a result thereof.

e.

When an Insurance Broker recommends a certain Insurance Policy to the Client, such a recommendation must be consistent with the Client’s insurance demands and needs. The Insurance Broker must explain to the Client why a particular Insurance Policy would best meet their demands and needs. The Insurance Broker must also inform the Client when the recommendation was made based on the offer from a single or a limited range of Companies.

f.

Explain to the Client the importance of disclosure of relevant information when submitting an application for insurance; the consequences of concealing or providing inaccurate or invalid data or documents; the need to disclose any subsequent changes that may affect the insurance cover; and the Client’s full responsibility for data, information and documents provided to the Insurance Broker or the Company.

g.

Notify the Client about the following features of the Insurance Policy in a clear, simplified, accurate and not misleading manner, taking into account the knowledge and experience of the Client:

I.

information about the type of insurance;

II.

a summary of the insurance cover, including the main risks insured, the insured sum and, where applicable, the geographical scope and a summary of the excluded risks and any other related information that might influence the Client’s decision;

III.

the means of payment of premiums and the duration of payments;

IV.

main exclusions where claims cannot be made;

V.

obligations of the Client at the start of the contract;

VI.

the term of the Insurance Policy including the start and end dates of the contract; and

VII.

the means of terminating the Insurance Policy.

VIII.

When selling investment linked life insurance policies, the Insurance Broker must inform the Client of the nature of this product and the risks associated with it.

h.

Have in place the necessary electronic systems to support all Insurance Brokerage operations.

i.

Comply with legislation concerning anti-money laundering and combating the financing of terrorism and financing of illegal organisations.

j.

Comply with Regulations concerning consumer protection and code of conduct and ethics to be observed by Companies and Insurance-Related Professions.

k.

Respond to claim filings, provide claim forms and explain the procedures that must be followed by the Client in case the insured risk materialises.

l.

Acknowledge to Clients the receipt of the claim and any missing information and documents within two (2) business days from the receipt of the claim application form.

m.

Inform Clients of the progress of filed claims, at least every fifteen (15) days.

n.

Assist in the negotiations with the Company regarding the claims arising from the occurrence of the insured risks.

o.

Notify the Client immediately in writing of the Company's decision to accept or reject the provision of the insurance cover related to such claims and follow up on them.

p.

Provide technical advice and consultation, and inform the Client in writing of the best conditions and rates of the Companies. An Insurance Broker must keep relevant documentation in duly organized records. In addition, it must negotiate in favour of the Client and represent the Client before the Company without receiving from it any Remuneration for such negotiation.

q.

a comparison between the prices and coverage of Insurance Policies tailored to the Client’s needs and offered by different Companies, then recommend an Insurance Policy and explain to the Client the reason for choosing it and the conditions, benefits, and exclusions it includes;

r.

use official email address belonging to the Insurance Broker.

12-2

Insurance Brokers must handle complaints, as follows:

a.

accept complaints either by phone or in writing (e.g., letters, e-mails, fax);

b.

explain the procedures to be followed when filing a complaint;

c.

provide Clients with the contact reference to follow up on the filed complaint;

d.

respond to Clients’ complaints within two (2) business days from the reception of correspondence; and

e.

have in place an electronic system for recording and monitoring complaints.

12-3

An Insurance Broker must inform the Client in writing within twenty (20) days before the expiry date of the Insurance Policy so that the Client may request in writing the following:

a.

renewal of the Insurance Policy with the same Insurance Broker or not; or

b.

renewal of the Insurance Policy with the same Company under the same conditions, or with the same Company under different conditions, or with another Company according to another proposal presented by the Insurance Broker to the Client.

12-4

An Insurance Broker and its Staff are prohibited from:

a.

engaging in the activities of Insurance-Related Professions other than Insurance Brokerage;

b.

managing or bearing any insurance risks;

c.

assigning the Insurance Brokerage operations to other Insurance Brokers, without obtaining the written consent of the Client and the Company. Multinational operations that require Insurance Brokers Licensed by the Central Bank and brokers from other jurisdictions must ensure compliance with this Regulation;

d.

engaging in soliciting, negotiating or selling an Insurance Policy to a potential Client which unnecessarily replaces an existing Insurance Policy, for the purpose of increasing turnover and generating additional Remuneration (policy churning);

e.

soliciting/ routing Insurance Policies through any Person or entity that is not Licensed by the Central Bank;

f.

concluding any written or oral agreements, including any referral agreements for Remuneration or otherwise, allowing any Person or entity that is not regulated by the Central Bank to use, directly or indirectly, any employees or agents of Licensed entities as intermediaries to solicit Insurance Policies;

g.

Paying, receiving or sharing with any remuneration to/from other Insurance Related Professions practitioners; and

h.

offering any kind of discounts to Clients from the Remuneration they receive from Companies. Insurance Brokers and their Staff must avoid any actions that would lead to market manipulation in terms of pricing. They must implement the Company's underwriting guidelines, and any discounts offered to Clients must come directly from the Company.

i.

sharing, exchanging, disclosing or transmitting of confidential information which the Insurance Broker is authorized to access pursuant to applicable laws and regulations, to any third party.

j.

using unofficial or personal email addresses, such as (Hotmail, yahoo, Gmail., .etc.).

k.

Dealing in cash in any matter related to Insurance Brokerage.

12-5

An Insurance Broker must disclose and explain to the Client before inception, at least the following:

a.

it acts as an Insurance Broker;

b.

it is Licensed and supervised by the Central Bank and can be verified in that capacity;

c.

the type of business for which they are Licensed;

d.

the services provided, including whether they offer products from a full range of Companies, from a limited range or from a single Company;

e.

cancellation rights in respect of the intermediation services;

f.

the nature and basis of Remuneration that it receives from Companies, and when requested by Clients the amount of such especially when selling investment linked life insurance policies;

g.

the terms and conditions of business between themselves and the Client in a fair, clear and not misleading manner;

h.

having entered into Brokerage Agreements with Companies; and

i.

the existence of any potential Conflict of Interest relevant for the Client.