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Application of these Guidelines

2.7 The Authority will monitor and review compliance with these Guidelines, which may include audits of insurers from time to time.

2.8 Internal auditing of compliance with these Guidelines must form part of each insurer’s own risk management and compliance program. Insurers have a responsibility to report to the Authority any results of audit programs conducted on issuing third-party business.

2.9 If the Authority regards an insurer or any intermediary acting on behalf of the insurer as having breached the Guidelines, the Authority may take regulatory and enforcement action, in accordance with its regulatory and enforcement policy.

2.10 All contracts or arrangements entered into by the insurer in relation to a quote and sales services for third-party policies must comply with these Guidelines.