Regulatory and Process Changes Series – Data Management

In order for insurers to comply with Rule 13 of the Policyholder Protection Rules, they require certain details of the members they cover on group schemes. We have always received member data on a monthly basis, but the additional requirements are around the insurer being able to communicate with members, should they have to, and… Read More

Regulatory and Process Changes Series – Disclosures

Our first two issues of this Regulatory and Process Change Series have related to new requirements when schemes are installed, specifically talking about identifying and communicating material differences and new FICA requirements. Rule 11 of the Policyholder Protection Rules (PPR’s) relates to disclosures before and during cover though, and it aims to ensure that all… Read More

Important Notice – Payment of premiums at this time

In these financially troubling times, many employers are asking what the requirements are in terms of premium payments for their group risk benefits. They would have seen what some banks have done with “payment holidays” on debt and you may have received requests for something similar on employee benefit contributions, including group risk premiums. After… Read More

Important Notice – Contact Details

We hope you are managing to respond to the impending lockdown safely and securely with minimum disruption to your businesses. We have successfully moved all TSA staff members to working from their homes until the 16th of April at least. The move to remote working should have very little impact, if any, on our service… Read More

TSA Special Announcement

To all our friends and valued customers, Firstly, we hope that you are managing yourselves and your businesses in the most responsible manner possible under these challenging circumstances. Last week we sent out communication from our insurers regarding Covid-19, which should provide policyholders with some peace of mind. Please encourage them to keep their premiums… Read More

COVID-19 Insurer Communication

We have had a number of queries relating to COVID-19 and the validity of a claim, should they arise and how the spread of COVID-19 may impact the cover that is provided by each of our insurers. We are pleased to be able to provide you with the communication from each of our insurers regarding… Read More

Regulatory and Process Changes Series – FICA Requirements

The Financial Intelligence Centre Act (FICA) was brought into legislation in 2001 and it includes control measures aimed at the detection and investigation of money laundering. As Accountable Institutions, we are all required to “know our clients”, meaning we should establish and verifying the identity of all clients prior to establishing a business relationship or… Read More

Regulatory and Process Changes Series – Terminations

Rule 20 of the revised Policyholder Protection Rules (PPR’s), which has to do with the termination of policies, could have the biggest impact on how and when you move schemes between insurers in future. It is now necessary to confirm whether there are Material Differences between the new and the old policy. Material Differences refers… Read More

Introduction: Regulatory and Process Changes Series

We have begun the year with a barrage of new regulations that are having far reaching implications in our industry already. We have been inundated with questions about them and have been dealing tirelessly with the changes that they have had on each insurers’ requirements and processes, particularly at the installation of a new scheme…. Read More

Regulatory Changes in 2020

Many of the legislative changes we have been hearing about for some time have now come into effect and are going to impact how we do business, both on new schemes and with existing clients. New requirements are asking all financial service providers to know more about the parties they conduct business with. At the… Read More

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