Guidance Note 802
Access to financial services element - (Long-Term Insurers)
The purpose of this Guidance Note is to specify the minimum standards required and scoring mechanism for Access products for the Long-term Insurance industry.
ASISA, through the CAT (a.k.a Zimele) Standards reaffirms its FSC based commitment to ensure that the Long-term insurance industry continues to develop and roll-out insurance products that will ensure that lower income households are able to access cover based on fair and equitable terms.
The standards detailed in this document apply for Group Schemes: In general if the sale of a product is made as part of any group scheme, the product must comply with the standards in the same way as if it was an individual policy. Where there are exceptions for Group Schemes business these will be stated in the relevant product standard.
Objectives of this Guidance Note
The objectives of this Guidance Note are to:
- Specify general standards applicable to all insurance products
- Specify the minimum standards for Member and family Funeral Insurance
- Specify the minimum standards for Member only Funeral Insurance
- Specify the minimum standards for Parent and extended family Funeral Cover
- Specify the minimum standards for Credit Life cover
- Specify the minimum standards for Life cover
- Specify the minimum standards for Physical Impairment cover
- Specify the scoring methodology for access life products
For further information you can download the full document.