Regulatory Alerts2014-07-09
Added · Updated
Policy Fees
This circular letter withdraws and replaces Circular Letter I/STI & LTI/02/2014, clarifying that no policy fee shall be charged, paid, allowed, given, or accepted with effect from 9 July 2014. The prohibition applies to all registered insurers, reinsurers, insurance agents, brokers, and reinsurance brokers under Regulation 13 to the Long-term Insurance Act No. 5 of 1998 and Regulation 6 to the Short-term Insurance Act No. 4 of 1998. The term policy fee does not refer to any fee or charge included in the calculation of the premium of any insurance policy.