It is Now Obligatory to Issue Annual Individual Certificates for Life Insurance
Resolution No. 40977-E/2017 of the National Superintendence of Insurance (“SSN”), published on October 27, 2017, modified the Group Insurance provisions contained in the General Regulation of Insurance Activity.
The new text establishes an obligation on insurers to issue an annual individual insurance certificate for life insurance, whilst the wording of the previous text provided that this was not mandatory.
The annual certificate can be distributed by the following means:
- By mail or email, or it can be permanently on display on the insurer’s website;
- Through the contracting party;
- For insurance taken out by employers, the certificate can be delivered directly to the employee with their pay check, or alternatively, the employer may permanently display the certificate at the working premises, or on their intranet.
The insurer is still responsible for the information that must be contained in the certificate and this duty cannot be delegated to the contracting party.
Life insurance and personal accidents have been grouped together in the same section as “open group insurance” under Article 25.3.8.
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