Guidance Document on the Non-Life Insurance (Provision of Information) (Renewal of Policy of Insurance) (Amendment)
Tue Nov 5 2019
The Non-Life Insurance (Provision of Information) (Renewal of Policy of Insurance) (Amendment) Regulations 2018 took effect on the 1st of November 2019. A reminder of the enhanced measures are outlined below:
- Insurers are required to provide the total premium for each policy option available for the customer in renewal notices/quotations (i.e. comprehensive; third party, fire and theft cover; third party only, if offered by the insurer);
- Extension of the renewal notification period from 15 working days to 20 working days for all non-life insurance policies; and
- for private motor insurance renewals, insurers are required to provide the amount of the insurance premium paid in the previous year or, where any mid-term adjustments were made to the policy during the year, an annualised premium figure.
The Brokers Ireland’s Guidance Document is available in the Summary Documents of Codes/Requirements Folder in the Central Bank section of the compliance support area of the members website.