We are pleased to confirm that, in the interests of providing an uninterrupted service to our clients, we are prepared to extend the ‘old’ Intermediaries ‘Hold Covered’ Agreement to all our IGF guaranteed intermediaries.
The agreement to which we are referring is the Intermediaries Agreement dated 15 June 2000 issued under cover of SAIA Circular number SG2001/041. The purpose of this communication is to provide clarity on SA Eagle’s standpoint in respect of our mutual business.
As you know, the intention of the agreement is to address the situation where late payment of premium is unavoidable due to delays in finalising the insured’s policy terms and conditions. Under these circumstances, we agree to ‘Hold Covered’ for a limited period, beyond inception or due date.
This is not an automatic credit granting facility. The overall intention is to achieve a target of receiving the premium within an average of 45 days.
These arrangements will remain in force until such time as you are advised otherwise.
We look forward to your continued support in our joint efforts to achieve this objective and thereby provide our respective clients with insurance that gives you freedom from worry.
