The FSCA has recently published a consultation document titled Draft Determination: Format for Replacement Advice Record (Individual Risk Policies). The Draft Determination is in terms of the Policyholder Protection Rules made under the Long-term Insurance Act and sets out the proposed format for the Replacement Advice Record with five clearly marked sections: General Information, Policy Details, Policy Comparison, Reasons for Replacement, and Declarations for both the Advisor and Policyholder with emphasis on the replacement being in the Policyholder’s best interests.
The closing date for submissions on the Draft Determination is 27 September 2018 and must be submitted directly to the FSCA.
Click here to read the Draft Determination: Format for Replacement Advice Record (Individual Risk Policies).