CIPR 6.8.1 Dealing with premium rebates

(1) A QFC insurer must pay a premium rebate to a retail customer within 5 business days of the rebate becoming due. The rebate becomes due as soon as the insurer becomes aware of the circumstances that give rise to the rebate.
(2) A QFC insurance intermediary may handle premium rebates due to a retail customer only if the intermediary's authorisation permits it to hold client money.

Note For the rules about holding client money, see the Insurance Mediation Business Rules 2011.
(3) A QFC insurance intermediary may not make any deductions from a premium rebate.
Derived from QFCRA RM/2019-2 (as from 1st January 2020).