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Best Practices for Reconciliation of Accounts and Payment of Premiums.

"Cash-Before-Cover" Personal Lines Policies

Effective 1st July 2007, the Cash Before Cover (CBC) regulation is applicable to new and renewal policies of Personal Accident and Travel Insurance issued (other than Motor Policies) to cover the personal interests of a policyholder. By virtue of the CBC rule, the policy shall not be in force unless premium is paid to the agent, broker or insurer on or before Date of Inception of the policy.

In line with the above implementation of CBC rule for Personal Lines Policies, the General Insurance Agents Registration Regulations is amended accordingly and all premiums collected by the agents must be remitted to the company within fifteen (15) calendar days from the Date of Inception of the policy.

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