With the Announcement of the Office of Insurance Commission regarding the Methods, Procedures and Conditions to collect premium under Motor Insurance Year 2008.
We, CHAZ Insurance Brokers Ltd., the Insurance Brokers on behalf of yourself and/or your Company would like to inform you that with effect from January 1, 2009 the Insurance Company will call for payment of total insurance premium from the Insured(s) prior to the Insurance Agreement Date or to the Effective Date of Insurance. (Cash Before Cover)
Shall the Insured(s) be the Legal Entity, they are entitled to settle the payment within 15 (fifteen) days from the Insurance Agreement Date or the Effective Date of Insurance.
In case the payment be the form of Cheque, it shall be honored within 3 (three) days from the Date of Receiving Cheque.
We are legally entitled to receive payment on behalf of the Insurance Company, therefore, it is understood that the payment to us shall mean the Insured(s) have paid to the Insurance Company.
For other types of insurance, the collection of premium is remained in accordance with the Announcement by the Insurance Registrar which is regulated by the existing Non-Life Insurance Act.
Kindly be informed and take necessary steps to follow the above Announcement authorized by the Office of the Insurance Commission.
Please do not hesitate to contact your respective Account Executive for any further queries.