In support of Government reforms for Public Bodies to provide an efficient and effective service to its members, the Corporation is pleased to present this service charter as its commitment to the welfare of existing and prospective policyholders. This service charter covers our core business functions and the associated services necessary for the benefit of members and the financial viability of the organization as a whole.
Our Service Standards
In order to achieve our primary objective of providing the promised benefits to our members, the Corporation as life insurers wish to maintain a high service standard to the public as follows:
- Providing sound advice to members on the most appropriate life contract available that would meet their needs
- Ensure that the life policy taken is affordable and that the policy terms and conditions and the intended benefits are understood.
- Process and deliver new policy documents within seven days of receipt of first installment premium
- Maintain an accurate and reliable records of the basic policy details, premiums, loans and other financial history of policyholders.
- Process and complete assignments and reassignments of policies within one working day
- Issue replacement documents for lost policies within two working days upon receipt of formal declaration from policyholders.
- Respond to financial needs of members through policy loans within one working day of the signed request.
- Provide an immediate assessment and response to members request for mortgage loan financing to determine whether applications are within lending guidelines. If requests are within lending guidelines then proceed to obtain a Board decision at the next monthly meeting provided all information needed are received.
- Process policy claims within an acceptable time frame as follows:
- Pay matured policy proceeds on the date of maturity
- Pay surrendered policy proceeds within 7 days of request
- Pay death claim proceeds as soon as all legal requirements are satisfied. Death claims denied payment or declined are to be advised as soon as possible giving reasons for such a decision.
- Pay accounts due on time for goods and services supplied.
- Provide financial reports on a timely basis in accordance with the Life Assurance Act 1976 and the Public Bodies (Performance Accountability) Act 2001
Procedure in handling Policyholder Complaints
All complaints must be in writing mailed to the:
P.O. Box 494
Such written complaints will be acknowledged within 3 working days if not earlier upon receipt and full explanation or response within 5 working days if not earlier.
Following the examination of complaints, the Corporation will ensure that as much as possible both parties have by mutual consent agreed on a remedy based on the terms and conditions of the different life contracts.
This may involve:
- The reinstatement or cessation of the life cover under the policy contract
- The payments by the policyholders of premiums due or refund of overpaid premiums to policyholders
- The adjustment of any overstatement or understatement or premiums payable under a policy
- An alteration to the original policy with regards to sums assured, premiums payable and duration or term.
The Corporation in carrying out its functions as required under the Act will maintain a certain degree of flexibility in dealings with policyholders with regards to their complaints BUT will ensure that the interest of the majority of members are also protected.