11.7. Other requirements
11.7.1. Quotations
When giving a quotation, an Insurance Intermediary must take due care to ensure the accuracy of the quotation and its ability to obtain the insurance at the quoted terms.
11.7.2. Confirmation of cover
Where a Client concludes a Contract of Insurance or a Takaful Contract, an Insurance Intermediary must, as soon as reasonably practicable, provide that Client with:
- (a) written confirmation and details of the insurance, including any changes to an existing Contract of Insurance; and
- (b) the full policy documentation.
11.7.3. Amendments
An Insurance Intermediary must:
- (a) respond promptly if a Client requests an amendment to its insurance policy;
- (b) provide the Client with details of any additional premium or charges that may need to be paid or which may be returned; and
- (c) provide the Client with written confirmation of any amendment and return any premium or charges due to the Client promptly.
11.7.4. Advance notification
If the insurance cover of a Client is due to expire or needs to be renewed, the Insurance Intermediary must give sufficient advance notification to the Client to allow that Client to consider whether it wishes to enter into a new policy or renew its existing policy.
11.7.5. Documentation on expiry or cancellation
When the insurance expires or is cancelled, an Insurance Intermediary must on request provide the Client with the documentation and information to which that Client is entitled.
11.7.6. Claims—general requirements
Where an Insurance Intermediary handles claims it must:
- (a) handle claims promptly and fairly;
- (b) provide its Client with reasonable guidance on making a claim, and update it on the progress of its claim;
- (c) not unreasonably reject a claim (including by terminating or avoiding a policy); and
- (d) settle claims promptly once settlement terms are agreed.
11.7.7. Claims handling—recordkeeping
(1) An Insurance Intermediary must make a record of the following information in relation to each claim made against a policy handled by it:
- (a) details of the claim;
- (b) the date the claim was settled or rejected;
- (c) details of settlement or rejection, including information relevant to the basis for the settlement or rejection.
(2) The Insurance Intermediary must keep the record for at least 3 years after the day the claim is settled or rejected.