Regulatory Alerts2026-03-02
Added
Public Notice – Over-Insurance and Lack of Insurable Interest in Funeral Policies
Insurers must verify the existence of an insurable interest between the policyholder and the life assured before issuing any funeral insurance policy. Insurers are required to implement internal mechanisms to detect, prevent, and reject excessive or duplicate funeral insurance cover on the same life assured. Additionally, insurers must provide policyholders with clear information regarding applicable benefit limits, eligibility requirements, and conditions under which claims may be rejected.