A bill bringing in a code of conduct for the insurance industry was passed with all-party support yesterday.

Finance Minister Paula Cox said it would allow the Bermuda Monetary Authority to hold the industry accountable.

She said the Insurance Amendment (No 2) Act, 2006 had been drafted following consultation between the BMA and the industry ? which had given broad support in the move away from the system of guidance notes. And she said the industry would get a look at the draft code ? two thirds of which would be taken from the current guidance notes.

Shadow Finance Minister Patricia Gordon-Pamplin said the bill made no mention of what happens if people didn't comply with the new code.

In reply, Ms Cox said there were sanctions available to the BMA as a licensing authority but she said should could not predict what the BMA might do.