Regulatory Alerts2022-04-01
Added · Updated
Use of Premium Financing to take out Long Term Insurance Policies
The Insurance Authority issued this circular on 1 April 2022 to regulate the use of premium financing for long-term insurance policies by authorized institutions. The document mandates that institutions must provide clients with an Important Facts Statement detailing the risks and costs associated with premium financing arrangements. It establishes compliance requirements to ensure transparency and proper risk management in the sale of these insurance products.