Amended long-term insurance regulations

The amendments to the Long-term Insurance Regulations gazetted on 15 December 2017 became effective on 1 January 2018 with some later effective dates below. The corresponding amendments to section 49 of the Long-term Insurance Act 1998 (LTIA) also take effect on 1 January 2018. The changes to the Long-term Insurance Act Regulations include changes to the remuneration and practices for intermediary services for both investment policies and other policies, the remuneration for binder and intermediary functions, changes to other aspects of the binder regulations, and amendments to the section 54 limitations. Remuneration for binder holders The long-threatened regulation relating to the remuneration of binder holders and intermediaries has appeared. The general principles require that all binder remuneration: must be reasonable and commensurate with the actual cost of performing the binder function, taking into account the nature of the function and the…

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