DUE PROCESS – SEARCH
Another significant change under the Act is the need to prove that a
'reasonable search' has been conducted to attain all relevant information.
• This specifically includes the knowledge of senior management and
others who play a significant role in the operation or management of
the insured's activities.
• The search must be proportional to the size, nature and complexity
of the business.
• A clear audit trail is required to demonstrate that any knowledge
that 'ought to be known' has been sought and attained prior to
market presentation.
TECHNOLOGY ENSURES DATA IS CURRENT, ACCURATE AND HELPS
HIGHLIGHT ALL MATERIAL FACTS
