Regulatory Alerts2015-04-30
Added
Directive on Underinsurance and Overinsurance
The Registrar directs all registered insurers, reinsurers, insurance agents, insurance brokers, and reinsurance brokers to establish mechanisms to prevent under-insurance and over-insurance. These measures must include verifying that risks are not already sufficiently covered, explaining the consequences of under- or over-insurance to policyholders, and annually informing policyholders in writing to reassess the cash or replacement value of insured assets. Registered insurers and reinsurers must provide Board-approved assurances to the Registrar by 31 July 2015 confirming that internal mechanisms have been revised and implemented.
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