New Update on Insurance Regulatory Authority Guidelines
Some of you may have seen our article and comments relating to the announcement by our Regulator, the Insurance Regulatory Authority (IRA) of new guidelines for the industry.
At the time, we suggested that the announcement may have had some ambiguous and confusing points and that you should talk with us or your insurance advisers before accepting the guidelines as fact.
As we anticipated, a further announcement has been issued and very simply, the IRA have stated that:
Fundamentally, they are recommending that, specifically, Life insurance providers consider premium holidays, but that this does NOT extend to other insurance policies. We understand the idea behind this, and as previously stated, this is a very positive and sensible approach by the Regulator.
Please get in touch should you have any questions on any of this, we are happy to explain it in more detail.