As part of this transition, the credit provider for direct debits on NIG policies will change to Premium Credit Limited (PCL). We kindly ask that you inform your policyholders who pay by direct debit about this change. They will need to sign a new credit agreement with PCL, who will also conduct a credit assessment. We’ve made additional information available on the NIG Integration Q&A page to help answer any questions you or your clients may have.

To assist PCL in offering a credit arrangement for renewing policies, it’s necessary for you to gather additional KYC (‘Know Your Customer’ regulatory requirements data) on your policyholders. We understand this may be a familiar process for you when working with other credit providers. Please rest assured that we will transfer any existing data we hold, including bank details, and you will only need to collect any data that we identify as missing.

To make this process as smooth as possible, our offshore underwriting team will reach out to you to gather the required data on policies currently paying by direct debit. This will be handled differently based on the type of business.

For Regional and Delegated Traded Policies

The Commercial Credit team will send you an email requesting the necessary KYC data and contact information for policies renewing in three-month blocks. The first requests are already underway, focusing on policies renewing in September or October, so this information is needed urgently. Moving forward, you’ll receive quarterly requests to complete a spreadsheet with any missing data for policies renewing within the specified three-month period. If we don’t receive the required data before renewal, the policy payment will default to the broker ledger, but we will make every effort to contact you beforehand.

For eTrade and iMarket Policies

The process here is slightly different. The Commercial Support team will contact you as each policy approaches renewal, starting 35 days prior, and ask you to complete the necessary information. They will provide a New Business Application Form for each policyholder. If we do not receive a response within 7 days prior to renewal, our team will reach out via phone to gather the required information.

Specifically for iHUB policies, while we’ve transferred bank details to the new RSA underwritten policy post-renewal, these will need to be confirmed and accepted on HUB at least 48 hours prior to renewal date. If not ‘accepted’ on DD, the policy will auto renew and default to broker ledger.

New Business Policies paid by Direct Debit

For new business, there’s no extra data to collect manually. However, you will need to complete a New Business Application Form for your policyholders, depending on their entity type, to apply for credit with PCL. These forms are available on the NIG website. Please ensure your policyholders understand the required data and that it must be in place for credit to be granted.

Additionally, please review the regulatory wording provided by PCL in the attached PDF documents. There is a version for voice calls and one for sharing with documentation, suitable for both renewing policies and new business requiring direct debit payments.

Once KYC data is completed and policyholder contact details are provided, PCL will contact your clients directly. They will receive an email with a link to the PCL Portal, where they can confirm or provide their bank details and e-sign the Credit Agreement with PCL. If a policyholder does not pass the credit assessment, we will inform you promptly, typically within five days of the credit application.

Key Differences with PCL

• The credit arrangement is valid for 12 months, requiring a new credit agreement at each renewal.
• PCL charges a £25 fee for defaulted payments.
• No premium deposits are required.
• PCL will collect 12 payments, and a payment schedule will be provided to the client directly.

We understand that this change involves several steps, and we are here to support you throughout the transition. If you have any questions or need further assistance, please do not hesitate to contact your local sales representative.