The move follows a series of cases involving employees at the life insurer and marks an escalation from document-based supervision to direct examination of its internal controls.
The authorities searched nine locations and made 15 arrests linked to suspected fraudulent practices at an insurance exam centre for FLMI qualification.
The insurer has also reviewed 365 additional complaints across Prudential Life and Gibraltar Life since January, with 125 cases qualifying for reimbursement.
The association is prioritising distribution oversight, strengthening corporate risk management, and advancing digital and regulatory reforms amid mounting catastrophe risks.
The Insurance Authority has urged insurers and brokers to strengthen self-reporting and oversight after inspections found recurring governance and due diligence gaps.
Investigators from the Fair Trade Commission visited the headquarters of eight insurers to secure materials linked to corporate group accident insurance tenders.
The agency had also affirmed the insurer’s A+ financial strength rating for its key life/health subsidiaries, alongside affirming the parent’s “a-” issuer credit rating.
