PINS Guidance for pt3.9

In dealing with a breach, or possible breach, of this Chapter, the Regulatory Authority's primary concern will be the interests of policyholders, both existing and prospective. It recognises that there will be circumstances in which a problem may be resolved quickly, for example by support from a parent entity, without jeopardising the interests of policyholders. In such circumstances, it will be in the interests of all parties for there to be minimum disruption to the insurer's business. The authority's normal approach will be to seek to work cooperatively with insurers to deal with any problems. There will, however, be circumstances in which it is necessary to take firm action to avoid exposing further policyholders to the risk of the insurer's failure, and the authority will not hesitate to take disciplinary action if it considers this necessary.

Amended by QFCRA RM/2015-1 (as from 1st July 2015).