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  • IA-3 IA-3 Other Controls

    • IA-3.1 IA-3.1 Remuneration

      • IA-3.1.1

        Remuneration in any form paid to insurance aggregators by insurance firms must be in compliance with the following provisions:

        a) No fee can be charged to the insurance firm for listing its products;
        b) Proposals which are converted into sale of insurance policies will entitle the insurance aggregator to earn commission as applicable to insurance brokers;
        c) Insurance aggregator can provide other services to insurance firms in respect of policies procured through them. In such instances, the insurance firm may pay the insurance aggregators, reasonable service charges at mutually agreed rates in the service agreements with the insurance aggregators.
        October 2019

      • IA-3.1.2

        The insurance aggregator, if requested by a prospective client, must disclose the amount of remuneration it receives as a result of effecting insurance for that client.

        October 2019

    • IA-3.2 IA-3.2 Complaints Handling

      • IA-3.2.1

        The insurance aggregator must:

        a) Have in place a system for recording and monitoring complaints;
        b) Ensure that the website contains details of complaints handling procedures and provides a facility to the customer to log complaints online;
        c) Ensure that communication of clients in any form, written/phone/email/messaging etc. are acknowledged promptly in accordance with the requirements stated in Paragraph BC-4.5.1;
        d) Ensure that the grievance is resolved to the fullest satisfaction of the client;
        e) Ensure that responses are sent to the customer on the resolution of the grievance, and the customer is informed of the further redress procedure available to him; and
        f) Ensure that complaints are attended to at senior management level.
        October 2019

      • IA-3.2.2

        The insurance aggregator must disclose on its website that if a member of the public wishes to make a complaint or requires the assistance of the CBB in resolving a dispute, he may write to the CBB.

        October 2019

    • IA-3.3 IA-3.3 Training and Independent Assessments

      • Training

        • IA-3.3.1

          The Insurance aggregator must:

          a) Ensure that its staff are aware of and adhere to the standards expected of them by this Module;
          b) Ensure that staff is competent, suitable and have been given adequate training; and
          c) Ensure that there is a system in place to monitor the quality of services of its staff.
          October 2019

      • Independent assessments

        • IA-3.3.2

          Insurance aggregators must ensure that their overall control framework is evaluated and independently tested by an independent external consultant other than the external auditors:

          a) initially upon implementation of this Module and prior to launching of business;
          b) when there are any material changes to the systems and controls; and
          c) at least once every 3 years.
          October 2019

        • IA-3.3.3

          Insurance aggregators must ensure that report of the evaluation referred to in paragraph IA-3.3.2(b) is provided to the CBB within 2 weeks of completion of the report. The report required under IA-3.3.2(c) must be submitted within 3 months of the year-end in which the evaluation was conducted. In addition, the report required under IA-3.3.2 (a) should be submitted to the CBB for the CBB's review and no-objection prior to launching the business.

          October 2019