Regulatory Alerts2014-07-09
Added · Updated
Policy Fees – Revised
This revised circular withdraws and replaces Circular Letter I/STI & LTI/02/2014 to clarify that no policy fee shall be charged, paid, allowed, given, or accepted by the insurance industry effective 9 July 2014. The prohibition applies to all registered insurers, reinsurers, 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 excludes any fee or charge included in the calculation of an insurance policy premium.
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