Premiums are due monthly in arrears on group schemes and so at the beginning of the month following the first month of cover (and at the beginning of every month thereafter) we will expect to receive a premium from the scheme.

We also require a copy of the member data (names, ID numbers, dates of birth, genders, salaries and category/ies) in Excel. This can be sent to the responsible Scheme Accounts person, as noted in the acceptance letter.

Every month we check that the premium is correct based on the accepted rate and the member data for that month. We also check to see whether any additional members have to submit medical evidence (this could be as a result of a new member joining the scheme or a member having a salary increase that pushes them above the proof free limit).

If medicals are required then the responsible Medicals person will be in touch with the broker or client setting out the necessary requirements and assisting in having these completed and submitted timeously, as they do at installation.

Our payovers are done on the 25th of every month and the insurers are paid their premiums, brokers their commission and TSA their fees at this time. Schedules and statements are sent to all parties detailing payments made.

An easy reference, printable list of the team contacts can be found here.

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. 6 Issue 26)