Regulatory Alerts2008-10-06
Added
Circular PI-STI-3-2008 Operation of brokers and agents
The Registrar approves specific payment instruments for use by insurers under Regulation 5(3), including cheques, internet electronic payments, ATM transfers, bank transfers, cell phone banking, and cash. This approval satisfies the regulatory requirement that payments be completed or in process via predefined instruments. The circular explicitly states that only the insurer carries the responsibility for using these collection instruments.
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