Formal reminders and premium arrears

What this guide contains

1. What art. 20 ICA says
2. Why the broker should know before the client
3. Match a reminder file to your policies
4. Lines that cannot be found
5. Keep the history without a time limit
6. Notify the client without alarming them

An excerpt

Fourteen days

When a premium is not paid by its due date, the insurer formally requests in writing that the policyholder pay within fourteen days of the reminder being sent, stating the consequences of late payment. If the premium remains unpaid, the insurer's obligation is suspended when this period expires.

In practice, a claim arising during the suspension may not be covered. The client often finds out too late.

One file, three results

Insurers make the list of reminders and formal payment notices available on their broker portal. Matching it to your policies produces three groups: matched lines, lines to link manually (incorrectly formatted number, transferred policy), and duplicates from an earlier import.

The policy number is the only reliable link. Normalise it by removing spaces, full stops, hyphens and slashes before comparing.

Statutory provisions cited

art. 20 ICA