An in-depth analysis of the application and implementation of the conduct of rulebook within the Maltese long term insurance sector

Abstract

The idea of this study is to analyse how insurance undertakings and intermediaries have incorporated the requirements of the Conduct of Business (COB) Rulebook in their business model and distribution of long term business in the domestic market. In Chapter 1 - Introduction the Context of the Study, Motivation, Statement of Problems and Gaps, Propositions, Significance of the Study and Dissertation Outline have been provided. In the Literature Review the regulatory changes and the implementation in Member States specifically in Malta are highlighted. An overview of the COB for Insurers and Intermediaries is given to set the foundations for this study. The requirements of the Product Oversight and Governance (POG), the Advice and Sales Process, Disclosure of Information and Complaints Handling are dealt in depth. Then the importance, the benefits of COB, what has been addressed with COB rules, the change in insurance undertaking’s structure, internal processes, the insurance products, selling and distribution of insurance and finally the supervision of the national competent authorities of COB are explained. Finally the researcher will derive propositions. In Chapter 3 - Research Methodology the method used for the systematic Literature Review in terms of Context, Data Sources, Eligibility, Results and Limitations are explained. Thereafter the research approach will be determined with Background, Data Gathering and Framework, the Conduct of a SWOT Analysis, the Reasons for Conducting a SWOT Analysis, the Benefits and Fields of Study, the Limitations and finally the Completion of a SWOT Analysis. In Chapter 4 the Analysis and Discussion of the results of the data gathering in accordance with the SWOT Analysis Template will be presented and evaluated by the researcher with reference to the questions raised in the Literature Review and the Research Methodology. Finally, the researcher attempts to propose in Chapter 5 - Recommendations and Conclusions that COB Rules should address and give attention to in the near future.