Key Requirements Series – Scheme Accounts (Process Enhancement)

Following on from our TSA Connect yesterday we will also be making some changes in line with new Policy Holder Protector Rules (PPR 15A) issued under the Long-term Insurance Act.

It is now a regulatory requirement by all parties to make clients aware of outstanding premiums and the potential repercussions of this for e.g. claims being suspended or scheme termination.

We have enhanced our process to include regular reminders which will be sent, by email, to help encourage the timeous submission of premiums and member data.

For EFT schemes: Premiums and member data schedules should reach TSA by no later than the 7th of each month.

For Debit Order schemes: Member data schedules should reach TSA before the 24th of each month to ensure accurate premium deductions.

Thank you and regards,
The TSA Team

You’ll find all back issues of TSA Connect by visiting our blog.

All information provided is intended to inform and explain, but please remember to always check the current terms on policies when considering options and advising clients.

(Vol. 8 Issue 5a)

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