Find answers to common questions for completing the return for RMA-I: Supplementary Product Sales Data.
Q: Should renewals or top-ups be included in the RMA-I aggregate data?
A: No, only new sales should be included.
Q: Do I still need to report the premium amount in RMA-I question 1 if my firm does not receive the premium from the customer (it is sent directly to the insurer)?
A: Yes, even if your firm does not receive premiums itself you should be reporting the aggregate premium amount for the reporting period.
Q: What if the insurance product my firm offers is not contained within the product list in RMA-I?
A: The list of products in RMA-I is not an exhaustive list. The firm is only required to report on the listed products when answering questions 2, 3 and 4.
Q: What do the terms 'Non-investment insurance chains' mean?
A: A non investment insurance chain exists where a firm passes business to another intermediary rather than directly to a product provider, thereby forming a 'chain'.
Q: Do I need to disclose and report on critical illness products that were sold as a rider benefit, for example with term assurance or payment protection policies?
A: Yes. For reporting purposes you should disclose all critical illness sales, ie both standalone products and sales as rider benefit to other policies. Please note that if critical illness is sold as a rider benefit to another product type, eg term assurance policy or payment protection, please ensure that the transaction is reported under the product type 'Critical illness' and the other relevant product type, for example 'Life assurance (or term assurance)' or 'Creditor - Payment protection'.