CIPR 6.4.3 Non-investment insurance — form and content of key information document
(1) The language of a key information document for a non-investment insurance contract must be plain and easy to understand. A key information document must be a separate document, in type of a reasonable size, and no more than 3 A4 pages long.
(2) A key information document must not include marketing material. It may refer to other documents but not to marketing material.
(3) The words key information document must appear prominently at the top of the first page.
(4) A key information document must set out the following information:
(a) the name, the postal address, telephone, fax and email contact details of the insurer;
(b) the type of insurance;
(c) significant features and benefits of the contract;
(d) significant or unusual exclusions or limitations of the contract;
(e) information about where to find more information about exclusions or limitations in the contract;
(f) the term of the contract;
(g) a telephone number or address to which a claim can be notified under the contract, and information about how to make a claim;
(h) if the term is longer than 1 year:
(i) a statement that the customer may need to review and update the contract periodically to ensure that it remains adequate; and
(ii) details of the period for which the premium is valid, whether it will be reviewed at certain times or at the end of certain periods and, if so, when it will be reviewed;
(i) the total amount of the premium for the contract (giving a breakdown of the premium for main benefits and supplementary benefits) or, if the premium cannot be stated, how the customer can calculate the total amount;
(j) any fees and charges that the customer must pay in addition to the premium;
(k) how to pay premiums and the period during which premiums must be paid;
(l) if the contract is connected with the purchase of other goods and services:
(i) whether the purchase of the contract is a requirement of purchasing the other goods or services; and
(ii) if an additional price is charged for the contract — the premium for the contract, separate from all other prices in relation to the other goods or services;
(m) whether there is a right to cancel the contract, and, if there is such a right, how to cancel the contract and the consequences of doing so;
(n) if the contract is to be effected by an insurer that is not a QFC insurer — the following:
(i) a statement to the effect that the insurer is not authorised or regulated by the Regulatory Authority, and information about who is the regulator of the insurer;
(ii) an explanation of any differences between the cancellation rights (if any) under the contract (including the length of any period to exercise the rights) and those that would be provided under these rules if the insurer were a QFC insurer; and
(iii) a warning to the effect that the claims handling procedures under the contract, and the arrangements for resolving disputes, may differ from those provided under these rules;
(o) a statement that the information in the key information document is not the full terms of the contract, and that the full terms are in the policy document;
(p) information about:
(i) the insurer's internal complaint-handling procedures, including information about how to complain to the insurer; and
(ii) the availability of the customer dispute resolution scheme.
|Derived from QFCRA RM/2019-2 (as from 1st January 2020).|