| The acceptance of a new scheme is an exciting time for brokers, employers, members and TSA. To ensure a smooth transition for all parties and that members are covered in time, we would like to make you aware of the following dates. New business If the scheme is a new scheme that has not had previous cover, documents need to be received as early as possible and at least by the 15th of the month prior to the effective date. Existing business If the scheme has had cover elsewhere, members need to be informed of all material differences between cover with the previous insurer and the new insurer at least 31 days prior to the effective date.All documents, including proof of communication to members, should be sent in by the 15th of the month prior to the effective date. Regulation requires the 31 days’ notice to members and so should communication not have been sent in time, the implementation date will need to be changed. In these cases, the previous insurer must be notified and they are required to keep the scheme on risk for one more month. Please keep this in mind for new business that comes on so that members are treated fairly in all scenarios. Should you have any queries in this regard please do not hesitate to contact us. TSA Connect Vol. 10 Issue 9 |
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