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 relevant information is communicated to policyholders at installation, if there is a benefit structure change and at annual review.

Proof of the client receiving the relevant disclosures needs to be returned to TSA in order for the insurer to be able to meet their regulatory requirement and this can be done by getting the employer to sign the Client Acknowledgement of Receipt form (this will be included in the relevant pack) and returning it to us, or sending an email from the employer confirming that they have received the disclosures. This obviously needs to be returned to us within the above mentioned time frames so that the insurer can provide proof to the Regulator should they be required to.

Please let us know if you have any specific questions relating to this or suggestions on how these new requirements can be handled in the most simple and effective manner.

Thank you and regards,
The TSA Team

Vol 9 Issue 4