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Tag Archives | Premium

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Missed a premium payment? – Here is what you and your client should know

In the wake of the pandemic lockdown, many short-term policyholders find themselves in a financial predicament and unable to pay their insurance premiums. The latest Short-term Ombudsman (OSTI) Briefcase discusses various options available to assist policyholders, and help you retain business. “To prepare for the discussion with the insurer, the policyholder should first check the […]

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Proposed changes to premium collection – FSCA draft notices

The FSCA has published Communication 22 of 2020 (Insurance) to inform stakeholders that two draft general exemptions have been published for comment. The communication sets out the background and current approach and thinking of the FSCA and requests stakeholders to submit comments by 15 May 2020. In April last year the FSCA published a position paper setting […]

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FSCAAA

Premium collection by intermediaries – Compliance deadline extended

The FSCA has just released their response to comments received on the published draft Exemptions from the STIA and LTIA Regulations. In addition, the FSCA also published the following two exemption notices which relate thereto: 1. FSCA INS Notice 4 of 2020 FSCA Insurance Notice 4 exempts independent intermediaries from Regulation 4.2(3) insofar as it relates […]

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Premium collection by intermediaries – Compliance deadline extended

The FSCA has extended the period of compliance for collection of premiums by intermediaries, specifically the requirement for a separate bank account to only contain premiums, from 28 September 2019 until 1 February 2020. Paull Lawrence from Moonstone Compliance points out that this is largely due to the retail market where insurance is ancillary to the commercial contract and […]

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