Policyholder Protection Rule Changes

Parts of the amendments to the Policyholder Protection Rules will require insurers to communicate directly with members of group risk schemes in future and in order to assist them in fulfilling this regulatory requirement, TSA has been tasked with making changes to the data that we collect on a monthly basis.

In addition to the current data that employers submit, e.g. names, ID numbers, genders and salaries, insurers are now required to gather things like the contact details and spouses details of members as well. We are currently drafting a member data submission template showing all fields that will be asked for and that we will be adopting for monthly member data submissions going forward.

Please may we ask that you make your clients aware of these requirements due to regulatory changes and request that they adopt this template, once it is avaliable, as the format used to submit their member data on a monthly basis. 

Thank you and regards,
The TSA Team

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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 14)

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