Changes to the method of payment of insurance premiums
The Superintendent of Insurance, the competent regulatory authority of the insurance sector in the Republic of Cyprus, has issued an Order by which the method of payment and collection of insurance premiums changes with effect the 1st January 2018.
By clicking here you can download the relevant brochure prepared by the Insurance Association of Cyprus summarizing the changes put into effect by the said Order.
COSMOS INSURANCE COMPANY PUBLIC LIMITED, as part of its commitment to promptly inform its associates and customers with regards to any developments affecting the insurance sector, sets out herein below the changes which will be brought about through the implementation of the Order.
In order to ensure that the implementation of the Order does not cause any disruption or inconvenience that may compromise our level of service towards you, the Company has decided the following:
1. For all annual insurance contracts we will offer the payment plans described below. You will be able to choose the one that fits your personal circumstances in order to facilitate the prompt payment of your premiums:
- One instalment - Annually
- Two instalments - Semiannually / Every six months
- Three instalments - Three consecutive instalments (within 90 days)
- Four instalments - Quarterly
- Twelve instalments - Monthly payments only by Direct Debit
You can pay your insurance premiums using the same payment methods as before such as:
- Debit or credit card
- Bank transfer
- Direct Debit
- Online through JCC Smart
- By phone using a debit or credit card
2. In addition to the information already included in all our policies, we shall, from now on, also include the following:
- A Schedule describing the instalments payment plan agreed with the insured including the dates on which each instalment is payable. This Schedule will be attached to each Policy and shall form part of the insurance contract.
- A contract term specifying the consequences of any delayed payment of the insurance premiums.
3. For all insurance contracts with commencement date the 1st January 2018 and onwards, any payment of insurance premiums in a form other than cash (e.g. cheque, direct debit, bank transfer etc.) must be made out in the name of the Insurance Company and/or made directly to the Insurance Company irrespective of whether you are dealing through an agent or whether you are a direct customer. For example if you are paying by a cheque then it must be made out to COSMOS INSURANCE COMPANY PUBLIC LTD.
4. All our licensed associates are authorized to collect premiums on behalf of the Company and are obliged to issue a formal Receipt of Payment by COSMOS INSURANCE for all transactions concerning the Company, using any one of the ways referred to below:
· A numbered receipt bearing the Company’s logo from the Company’s official Receipt Booklets.
· An electronic receipt through their office computers. These receipts are numbered and bear the Company’s logo.
· An electronic receipt, through the mobile phone of the licensed associate, which can be sent to you directly using any one of the methods below:
- By email or fax upon payment.
- By SMS to your mobile phone. For security purposes the text message is sent through the Company’s system and is recognized as a formal Company receipt. In this case you have the right to request, at any time, that a hard copy of the receipt or a statement of account is sent to you via the post as additional proof of payment.
You must always ask for a formal receipt of the Company for all your transactions.
5. In the case of a premium reimbursement, the Company shall reimburse to you the said amount within the first 7 days of the month following the month in which you have requested the cancellation or amendment of your policy. The reimbursement of premiums will be effected by a crossed cheque drawn in the name of the beneficiary or, if so requested through, a bank transfer to your account.
Should you require any clarifications or additional information in relation to the above, please refer to your insurance agent, if you have one, or the Company directly in case you do not have one for assistance.