Compliance
We are sure you are all aware of the various Policy protection Rules. The PPR provides for specific disclosures at different stages during the policy cycle and as a result we (Brolink and broker) are tasked by the insurers to assist them in complying with these disclosure prescripts.
We just want to highlight the following:
• PPR Rule 11.3
• PPR Rule 11.4
• PPR Rule 11.5
• PPR Rule 13.4
• PPR Rule 13.5
• Rule 11.3 determines as follows:
General Disclosure Requirements
An insurer must take reasonable steps in good time to enable a policyholder to make an informed decision regarding the policy prior to inception of a policy and throughout the duration of the policy.
The Rule goes further to explain what such material policy would be an explains as to timing of such disclosure.
• Rule 11.4 determines the following:
Disclosure before a policy is entered into
Where the insurer supplies the intermediary with detailed information during the quote stage, which information is reasonably required for the policyholder to make an informed decision whether to enter into the policy, the information must comply with Rule 11.4.2 (disclosures found on all quotes).
We recommend you study what information is prescribed in Rule 11.4.2.
• Rule 11.5 determines that:
Disclosure after inception of the policy
The insurer must, within 30 days of inception of the policy, provide the details provided under Rule 11.4 to the policyholder in writing. Where the information was provided previously, the insurer must make sure the information is accurate (no material changes thereto).
It is important to note that we require the actual mail / correspondence that was sent to the client to be uploaded on the system, to enable all of us to comply with Rule 11.
Process when mailing the document to wibnetdocs@brolink.co.za.
1. Please ensure the description and policy number is in the subject line.
2. Please refer to attached document for detailed steps.
Rule 13.4 determines that:
An insurer must at a minimum, for the purposes of complying with rule 13.3, have access to the names, identity numbers and contact details of all its policyholders.
Rule 13.5 determines that:
An insurer must at a minimum, for the purposes of complying with rule 13.3, have access to the names, identity numbers and contact details of all its policyholders.
Thus, Rules 13.4 and 13.5 stipulates when issuing new business policies that we must obtain the following compulsory information
• Company registration number (not ID number)
• Email address of contact person
• Contact number of contact person (landline or cellphone)
• Contact Person Name and Surname
• Postal and physical address of company / business
• Banking Details
• VAT Number
It is of utmost importance that the CLIENT details are captured on policies. If Broker contact details etc. is loaded, you as the Broker and Brolink is in breach of the regulatory requirements and PPR rules.
We ask that you please assist us to ensure we are all compliant with the regulations and thank you in advance for your assistance.
PI Renewal Schedules and Personal Information:
It is of utmost importance that you the Broker provide us with your renewed PI schedule and inform Brolink of any of the following changes:
• Name changes
• Director changes
• Address changes
• Contact detail changes
If the updated details is not submitted, the insurers may send notice of cancellation of your agency due to non-compliance.
