Q: What is a significant breach of the code?

A: A Significant Breach means a breach that is determined to be significant by reference to: a. the number and frequency of similar previous breaches; b. the impact of the breach, or likely breach, on an insurers ability to provide their services; c. the extent to which the breach, or likely breach, indicates that an insurers arrangements to ensure compliance with the Code are inadequate; d. the actual, or potential, financial loss caused by the breach; and e. the duration of the breach.

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