Updated Guidance Document on the Non-Life Insurance (Provision of Information) (Renewal of Policy of Insurance) (Amendment)
Thu Oct 10 2019
The Non-Life Insurance (Provision of Information) (Renewal of Policy of Insurance) (Amendment) Regulations 2018 take effect the 1st of November 2019. As previously outlined the enhanced measures include:
- Insurers will be 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 will be 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.
Brokers Ireland has updated its guidance on the regulations to reflect members queries in respect of research requirements – changes are highlighted in red. The 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.