The rates that are accepted initially are annually renewable and so our reviews team perform a reassessment, across insurers, as part of our service to brokers every year:
Their main requirement is:
- Acknowledgment (from the broker or client) that timeous communication of the review details has been made which results in payment of premiums, using the correct rates, being made.
The review details are communicated a minimum of 1 month ahead of the effective review date. The following information is used to determine the details:
- Current structure
- Latest member data on record
- Claims and premiums information
The acknowledgment is for receipt of the review letter issued which points out the changes to the existing insurer’s rates and/or proof free limits as well as the alternatives offered by the other insurers, should the structure allow for this.
Accompanying the letter is a summary of potential/accepted covers and new premiums due. The schedule also shows members with outstanding medical requirements, existing claimants or those reaching the Normal Retirement Age in the coming year.
This stage of a scheme’s life cycle ensures that the client continues to receive value for money benefits and it assists the broker in fulfilling their role and obligation to the client.
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 9
