Insurance Partners - Statutory Notice To Long-Term Insurance Policy Holders

STATUTORY NOTICE TO LONG-TERM INSURANCE POLICY HOLDERS


important - please read carefully

disclosure and other legal requirements

(This notice does not form part of the Insurance Contract)

As a long-term Insurance Policyholder, or prospective Policyholder, you have the right to the following information:


  1. The Intermediary (Insurance Broker or Representative) dealing with you, at the earliest reasonable opportunity disclose
    • Name, physical- and postal address and telephone number
    • Legal capacity, whether independent or representing an Insurer or Brokerage
    • Concise details of relevant experience
    • Insurance products that may be sold
    • Insurers whose products may be marketed
    • Indemnity cover held - Yes / No
    • Shareholding in Insurers if 10% or more
    • Names of Insurers from which the Intermediary received 30% or more of total commission/remuneration during the past calendar year. The Intermediary must be able to produce proof of contractual relationship with and accreditation by the Insurer concerned.
  2. Your right to know the impact of the decision you elect to make
    • The Intermediary or Insurer dealing with you, must inform you of
      • the premium payable
      • the nature and extent of benefits you may receive
    • If the benefits are linked to the performance of certain assets
      • how much of the premium wil go towards the benefit?
      • to what portfolio wil your benefits be linked?
    • The possible impact of this purchase on your finances
    • The possible impact of this purchase on your other policies (affordability)
    • The possible impact of this purchase on your investment portfolio (affordability)
    • The flexibility of changes you may make to the proposed contract
    • The contract terms of the product you intend to purchase. It is very important that you are quite sure that the product or transaction meets with your needs and that you feel you have all the information you need to make a decision.
  3. Your right when to be advised to replace an existing policy. You may not be advised to cancel a policy to enable you to purchase a new policy or amend an existing policy, unless
    • The Intermediary identifies the policy as a replacement policy
    • The implications of cancellation of the policy are disclosed to you such as
      • the influence on your benefits according to the previous policy
      • the additional cost accrued with the replacement
    • The Insurer which issued the original policy will contact you, you are advised to discuss the matter with its Representative
  4. Your right to be informed by the Insurer. The Insurer wil present you with documentation regarding policy particulars as discussed in paragraph 2 of this Notice, which wil also include
    • The name of the Insurer
    • The product being purchased
    • The cost of the transaction and specifically
      • the loadings, if any
      • the initial expenses and
      • the amount of commission and other remuneration payable by the Intermediary
    • In the case of policies with an investment element, the ongoing expense and any other fees or charges payable
  5. The summary in terms of Article 48 of the long-term Insurance Act, 1998.
  6. The contact number and address of the Complaints- and Compliance Officers of the Insurer.
  7. The Insurer may disclose the abovementioned information to you on a general basis with additional policyholder specific disclosure.
  1. Your right to cancel the transaction

    In the most cases, you have the right to cancel a policy in writing 30 days after receipt of the summary contemplated in Section 48 from the Insurer. The same applies to certain changes you may make to a policy. The Insurer is obliged to confirm if you have the right and to explain how to exercise it. Please bear in mind that you may not exercise this right if you have already claimed under the policy or if the event, which the policy insures you against, has already took place. If the policy has an investment component, you wil carry any investment loss.
  2. Important Warning
    • It is of the utmost importance that you are sure that the product or transaction satisfy you needs and that you feel you have al the information you need before making a decision.
    • It is recommended that you discuss with the Intermediary or Insurer the possible impact of the proposed transaction on your finances, your other policies or your broader investment portfolio. You should also ask for information about the flexibility of any proposed policy.
    • Where paper forms are required, it is advisable to sign them only once they are fully completed. Feel free to make notes regarding verbal information, and to ask for written confirmation or copies of documents.
    • Remember you may contact either the Ombudsman for Long-term Insurance or the Registrar of Long-term Insurance, if you experience any problems regarding a product sold or advice given to you.