Regulatory Alerts2005-11-15
Added
Directive on Policy Fees Payable by Policyholders
The Registrar of Short-term Insurance requires the industry to use the term "Policy Fee" for debit order administration costs or other justified and disclosed service fees. This fee is capped at ten percent, VAT exclusive, of the Gross Premium payable by the client and must be disclosed on all schedules and quotations. The directive applies to short-term insurance brokers and companies and takes effect from January 1, 2006.