The Isle of Man regulator, the Financial Services Authority has issued a new Insurance (Conduct of Business Code) Long Term Business Code 2018 which comes into effect from 1st January 2019.
What are the changes?
Right to Cancel – from December, all policy owners will get a 30 day cancellation period for any additional single premiums or increases to regular premiums. This cancellation period starts from the day the policy owner receives the cancellation notice.
New withdrawal and surrender letters and statements - from January, new regular withdrawal, partial surrender, full surrender and maturity confirmation letters and statements will now be sent following the transaction and will include transaction dates, fund information, exchange rates, units sold and any charges.
Amended switch confirmation statements - from January, the switch confirmation statements will now include transaction date, fund information, exchange rates, units sold and any charges.
Amended valuation statements - from February 2019, the yearly valuation statements (including Futura) will include policy value, surrender value, surrender charge (if applicable), premiums and withdrawals, summary of all charges, benefit details, unit movements and a guide to the statement. Policy owners will have the choice to change this frequency to monthly, quarterly or half-yearly.
Where can I get more information?
If you need more information on the code, it can be found here or you can contact our HelpPoint at + 44 1624 691111 or firstname.lastname@example.org