Regulatory Alerts2014-03-04
Added
Revocation of Policy Fee Directive and Prohibition on Charging Policy Fees
Circular Letter PI/ST/1/2005 is revoked and withdrawn effective 1 June 2014. From that date, no policy fee shall be charged, paid, allowed, given, or accepted by registered insurers, reinsurers, insurance agents, brokers, or reinsurance brokers. This prohibition applies strictly in compliance with 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.