All the actions outlined in the table below will be monitored by Polinvest on a daily basis. Polinvest will regularly supply feedback to all relevant parties.
| Step | Action | Duty of Polinvest | Duty of the adviser or buyer/seller |
|---|
| 1 |
Policy received for valuation from client, financial adviser or intermediary. |
Obtain all the relevant information from the insurance company. |
Already submitted Request for Valuation. No further action required. |
| 2 |
Obtain the relevant policy information from the insurance company in terms of the following: policyholder, cessions, inception date, premium, maturity date, loan debt, premium debt, premium, premium update, surrender value, fund value, maturity value [high and low], risk benefits, investment portfolio, restrictions, amendments or alterations. |
Once all the information has been received it will be analysed and a valuation will be done of the policy in terms of the buying matrix and investment mandate of buyers. |
No action required. |
| 3 |
Complete proper valuation of policy or asset to determine whether the policy is tradable or not.
|
Polinvest will notify all relevant parties once a proper valuation is completed of whether the policy is tradable or not tradable. |
No action required. |
| 4 |
Reply to the client, financial adviser or intermediary to secure and confirm financial transaction. |
Polinvest will send a Valuation Certificate to the financial adviser or policyholder to confirm that the policy is tradable. |
No action required. Receives Valuation Certificate. |
| 5 |
Client, financial adviser or intermediary confirms that the transaction is secured to be finalised. |
Polinvest acknowledges acceptance and will send all relevant documentation to be completed by the policyholder. |
No action required. |
| 6 |
Client, financial adviser or intermediary to have all required documentation signed by policyholder in the presence of a Commissioner of Oaths. All FICA requirements and trading documentation must also be signed. If no original policy contract then a lost policy affidavit must be completed. |
If assistance is required regarding the completion of all documentation Polinvest will assist the financial adviser or policyholder with information in this regard. |
Polinvest to send a copy of Valuation Certificate and official print-out of policy information to the financial adviser. Financial adviser to ensure that all documents are properly completed. |
| 7 |
Client, financial adviser or intermediary confirms to proceed with transaction and send copies of all signed documentation via fax or e-mail. |
Polinvest receives all relevant copies of required documentation to proceed with transaction and confirms receipt thereof. |
Action required: The financial adviser to send copies of all signed documentation via fax or e-mail to Polinvest. |
| 8 |
Polinvest ensures that all relevant values and cessions are verified with the life insurer and register a no-dealings advice record on the policy with the relevant life insurer. |
Polinvest to ensure that no-dealings advice record is placed on the relevant policy to be purchased. |
No action required. |
| 9 |
Requisition for the purchase of the policy to be issued. |
Polinvest sends requisition to the buyer to purchase this particular policy as approved in terms of the buying matrix. |
Polinvest or trader to supply requisition for the purchase of policy. |
| 10 |
Original documentation is received from client, financial adviser or intermediary at Polinvest's offices. |
Polinvest acknowledges receipt of all relevant original documentation to all parties involved and verifies that the documentation correspond with copies received. |
Polinvest acknowledges receipt of original documents to the financial adviser. Polinvest hands over original cession form to be completed by the buyer and assists with registration of the cession with the insurance company. |
| 11 |
All original documents are submitted to the relevant insurance company for registration of cession. Together with the cession form a change of beneficiary nomination and addition of life's insured will be submitted. |
Polinvest will assist to submit all original documentation and ensure registration of cession in favour of the buyer. |
The buyer receives confirmation that all original documentation has been submitted for registration of cession. |
| 12 |
Payment of the agreed purchase price is affected to the original policyholder. |
Polinvest receives proof of payment to policyholder from the buyer and notifies the policyholder thereof. |
The buyer affects payment as per requisition received from Polinvest or trader and confirms payment thereof to Polinvest |
| 13 |
Payment of the agreed fee is affected to the financial adviser or intermediary or nominated party.
|
Polinvest receives proof of payment to the financial adviser or intermediary from the buyer and notifies the adviser or intermediary thereof. |
The buyer affects payment as per requisition received from Polinvest or trader and confirms payment thereof to Polinvest |
| 14 |
Any alteration or amendment to the purchased policy is sent to the relevant insurance company. |
Polinvest will ensure that all alterations or amendments to the policy are submitted. Polinvest will monitor this process and give regular feedback to the buyer and adviser. |
Any quotation to affect the proposed alteration or amendment will have to be signed by the buyer. |
| 15 |
Any loan or premium debts are settled with the relevant insurance company. |
Polinvest sends requisition for any outstanding loan or premium debt to be settled to the relevant insurance company to the buyer. |
The buyer receives requisition and settles outstanding loan or premium debts and send proof thereof to Polinvest |
| 16 |
All original documentation is handed to the buyer for safe-keeping after receipt of the endorsement to confirm registration of cession in favour of the buyer.
|
Polinvest will monitor the process of registration of cession until the endorsement has been received. Polinvest then hands all original documentation to the buyer for safe-keeping. |
The buyer receives all original documentation and endorsement to the existing policy contract. The buyer files original documentation. |
| 17 |
Polinvest to verify all values during the whole trading process. |
All values confirmed to all relevant parties |
No action required. |
