Rules Governing Bancassurance Activities

Advertising: a) Ensure that advertisements are not misleading, over-stated or offensive ; b) Ensure that advertisements does not breach the laws or omit any regulatory requirement; c) Ensure that advertisements does not damage Clients’ faith or exploit their lack of experience or knowledge. d) Obtain the approval from the Company if the Company is mentioned in the advertisement. 1.2 providing Advice: Banks shall provide advice on matters within their field of expertise and seek or recommend the help of experts when necessary. 1.3 Client Service: a. Understand all the terms and conditions of all policies offered to the Clients ; and b. Understand the Clients’ profile, coverage needs, and appetite for risk. 1.4 Regulatory Requirements: a. The Bank shall ensure that all documents issued are consistent with the regulatory and supervisory requirements; 1.5 Documentation: a. Ensure that all written terms and conditions are fair in substance and that the Clients' rights and responsibilities are set out, clearly and inplain understandable language.; b. Send policy documentation to the Clients without avoidable delay; c. Send a written advice along with the policy documentation stressing on the importance of reading it carefully ; and d. Ensure that instruction letters, policies and renewal documents contain details of complaints handling procedures. 2. Marketing and distribution of Insurance Products and Services 2.1 Marketing and distribution Practices: a. Ensure that the Clients understand the type of service being offered. b. Ensure that the policy proposed is suitable for the Client’s needs; c. Provide the Clients with comparisons in terms of price, coverage and services offered when offering several products. d. Notify the Clients promptly if unable to obtain the requested insurance. e. State the validity period for quotation if the proposed contract was not signed immediately; and f. Explain to the Clients their obligations to file claims immediately and to disclose all material facts relevant to the insurance coverage. 2.2 Providing of Information: a. Request the Clients to make true, fair and complete disclosure and ensure that the consequences of nondisclosure of information and inaccuracies are pointed out to clients. ; b. Avoid influencing and pressuring the Clients along with emphasizing that all acknowledges or statements given are his/her own responsibility. c. Require the Clients to carefully check the information given in the documents. ; d. Explain to the Clients the importance of disclosing all subsequent changes that might affect the coverage throughout the duration of the policy. ; and e. Disclose of all information required for the purpose of insurance on behalf of the Clients with the Client's written consent and provide aclear presentation to the Company about the Client's risk description. 2.3 Interpretation of Contracts: a. Explain all the essential provisions of the coverage provided by the policy to Clients. ; b. Notify the Clients with the Company’s quotation exactly as provided; and c. Notify the Clients of any significant or unusual restrictions or exclusions in the insurance policy, and explain the termination procedures. 2.4 Charges: a. Disclose to the Clients the amount with the profits and commissions they are receiving upon selling the policy. b. Inform the Clients in writing of any additional fees or charges for any related services. 3 Post marketing and distribution Client Service 3.1 Confidentiality of Information: a. Ensure that Clients data and confidential documents are stored safely with restricted access. ; and b. Ensure that only relevant parties can obtain the Clients’ data such as the Company and external auditors of the Bank and the Company. 3.2 Clients Notification: The Banks hall promptly communicate any notifications received from the Company to the Client related to his insurance policy, along with obtaining a receipt of acknowledgments.