Regulatory Alerts2015-01-30
Added
Credit Life and Credit Insurance Directive
NAMFISA directs all registered insurers and reinsurers to cease selling credit insurance and credit life insurance under a single policy. Credit insurance, covering debtor insolvency or payment failure, is restricted to short-term insurers, while credit life insurance, covering death, disability, or retrenchment, is restricted to long-term insurers. Insurers must convert affected short-term contracts to long-term contracts by the policy renewal date, with the directive taking immediate effect for new policies. Additionally, insurers are prohibited from referring to credit insurance as credit guarantee insurance.
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