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CIS introduces MVR of 25 per cent

CIS has announced MVR hikes of up to 25 per cent as a percentage of premium. The MVRs take effect from July 30, and range from 6 to 25 per cent. The company says that policyholders will receive at least the value of their underlying assets.

CIS chief actuary Tim Bunch says: "We have had to amend the MVR following continuing weakness in the markets in recent months but we are monitoring the situation continuously."

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