Integration of IT systems between insurers and binder holders
Binder holders are reminded that from 1 January 2020, they will be required to provide insurers with access to up-to-date, accurate and complete data at the following intervals:
- Daily – in respect of policies other than funeral and assistance policies
- Monthly – in respect of funeral and assistance policies
Such access is required to enable insurers to comply with their data management requirements and with the Policyholder Protection Rules. Insurers will have to ensure that binder holders have the operational ability to comply with this requirement.
Termination of Policies ito the Policyholder Protection Rules (PPRs)
A reminder that section 19 of the Short-term PPRs and section 20 of the Long-term PPRs which both deal with Termination of Policies will commence on 1 January 2020.
Class of Business deadline for Reps under supervision
Reps appointed under supervision before 1 February 2019 are reminded that they have until 31 January 2020 to meet the class of business training requirements.
Masthead has partnered with Milpark Education, an accredited provider and higher education institution, to offer you Class of Business training. Click here to find out more.