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Compliance audit on credit life insurance policies

Since the publication of the final credit life insurance regulations (the Regulations) that came into effect on 10 August 2017, Moonstone received numerous queries relating to the compliance requirements imposed by the Regulations.

In the National Credit Regulator’s (NCR) annual report for the period 2016/2017, both the Minister and the NCR’s Credit Provider Compliance Manager specifically identified the compliance monitoring of the Regulations as the main focus for the upcoming year. Many credit providers and insurers will very likely be subject to an NCR monitoring exercise to assess their compliance with the Regulations.

Moonstone now offers a compliance audit service specifically designed to assess credit providers’ and insurers’ compliance with the Regulations, including:

  • The maximum prescribed fee calculations for credit life insurance premiums;
  • The minimum policy benefits;
  • The permitted policy exclusions and limitations;
  • The avoidance of prohibited conduct;
  • The permitted waiting periods; and
  • The other compliance requirements imposed by the Regulations.

For peace of mind regarding the compliance status of your credit life insurance products, contact Moonstone today.

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