Related documents
South Africa
Long-term Insurance Act, 1998
Policyholder Protection Rules (Long-term Insurance), 2017
Government Notice 1407 of 2017
- Published in Government Gazette 41321 on 15 December 2017
- There are multiple commencements
- [This is the version of this document from 1 October 2018.]
Provisions | Status |
---|---|
Chapter 1–2, rule 1–1, subrule 1.1–1.4, paragraph (a)–(f); subrule 1.10–3.2, Chapter 3, rule 2–3, paragraph (a)–3.2.2, subparagraph (i)–(b); rule 5–6, subrule 5.1–6.1, paragraph (a)–(b); subrule 6.5–7.2, rule 7–9, paragraph (a)–(e); Chapter 5, rule 12, subrule 12.1–12.3, paragraph 12.2.1–12.3.3, subparagraph (a)–(b); Chapter 8, rule 1–2, subrule 1.1–2.2, paragraph (a)–(b), subparagraph (i)–(i) | commenced on 1 January 2018. |
Subrule 6.2–6.4, paragraph (a)–(b); Chapter 4, rule 10, subrule 10.1–10.16, paragraph 10.2.1–10.16.6, subparagraph (a)–(b); Chapter 6; rule 14–15, subrule 14.1–15.8, paragraph (a)–(f); Chapter 7; rule 19, subrule 19.1–19.2, paragraph 19.2.1–19.2.6, subparagraph (a)–(b) | commenced on 1 July 2018. |
Rule 2A. Microinsurance and , subrule 2A.1–2A.11, paragraph 2A.2.1–2A.11.3, subparagraph (a)–(iv); paragraph (f)–(i); subrule 7.3, paragraph 7.3.1–7.3.2; paragraph 10.4.13; rule 11; subrule 11.5, paragraph 11.5.1; subparagraph (j), paragraph 11.5.2; paragraph 11.5.4, subparagraph (a)–(b); rule 15A, subrule 15A.1–15A.4, paragraph (a)–(b), subparagraph (i)–(iv); rule 21, subrule 21.1–21.4, subparagraph (a)–(c) | commenced on 1 October 2018. |
Subrule 1.5–1.9, paragraph (a)–(b); rule 4, subrule 4.1–4.7, paragraph (a)–(b), subparagraph (i)–(ii); subrule 11.1–11.4, paragraph 11.2.1–11.4.3, subparagraph (a)–(i); paragraph 11.5.3; paragraph 11.5.5–11.6.9, subparagraph (a)–(c), subrule 11.6; subrule 12.4, paragraph 12.4.1, subparagraph (a)–(c); rule 16–18, subrule 16.1–18.11, paragraph (a)–18.10.2, subparagraph (a)–(b) | commenced on 1 January 2019. |
Rule 13, subrule 13.1–13.8, paragraph (a)–(g); rule 20, subrule 20.1–20.4, paragraph 20.2.1–20.3.6, subparagraph (a)–(b) | commenced on 1 January 2020. |
- [Amended by Policyholder Protection Rules (Long-term Insurance), 2017: Amendment (Government Notice 997 of 2018) on 1 October 2018]
Chapter 1
Interpretation
1. Application
2. Definitions
Chapter 2
Fair treatment of policyholders
1. Requirements for the fair treatment of policyholders
Funds and group schemes
Suitable advice
Review of policies and procedures
Chapter 3
Products
2. Product design
2A. Microinsurance and funeral policy product standards
3. Credit life insurance
4. Cooling-off rights
5. Negative option selection of policy terms or conditions
6. Determining premiums
7. Void provisions
8. Waiver of rights
No insurer or intermediary may request or induce in any manner a policyholder, potential policyholder, member or potential member or claimant or potential claimant to waive any right or benefit conferred on that person by or in terms of a provision of these rules, or recognise, accept or act on any such waiver, and any such waiver is null and void.9. Signing of blank or uncompleted forms
No insurer or intermediary may in connection with any transaction relating to a policy require, permit or allow a policyholder, potential policyholder, member or potential member or claimant or potential claimant to sign any blank or partially completed form necessary for the purpose of the transaction, where another person will be required, permitted or allowed to fill in other required detail, or conclude any such transaction where any such signing and providing of detail have occurred.Chapter 4
Advertising and disclosure
10. Advertising
Factually correct
Balanced
Not misleading
11. Disclosure
Language and format
Timing of the provision of information to policyholders
Content of the provision of information to policyholders
Respective responsibilities of insurers and intermediaries
Identification of the insurer
Group schemes and funds
Policies that have an investment value
Ongoing information on terms and conditions
Information on changes to terms and conditions
Information on renewal of policy
Information on policy loans and cessions
Information on the insurer
Chapter 5
Intermediation and distribution
12. Arrangements with intermediaries and other persons
Chapter 6
Product performance and acceptable service
13. Data management
14. On-going review of product performance
15. Premium reviews
15A. Payment of premiums
16. Record keeping
Chapter 7
No unreasonable post-sale barriers
17. Claims management
18. Complaints management
19. Replacement of policies
20. Termination of policies
Individual policies
Group schemes policies
21. Misrepresentation
Chapter 8
Administration
1. Repeal and saving provision
2. Short title and commencement
Chapter | Rule | Commencement |
---|---|---|
Chapter 1: Interpretation | 1 January 2018 | |
Chapter 2: Fair treatment of policyholders | Rule 1.1 to 1.4 | 1 January 2018 |
Rule 1.5 to 1.9 | 1 January 2019 | |
Rule 1.10 | 1 January 2018 | |
Chapter 3: Products | Rule 2 | 1 January 2018 |
Rule 2A | 1 October 2018 | |
Rule 3 | 1 January 2018 | |
Rule 4 | 1 January 2019 | |
Rule 5 | 1 January 2018 | |
Rule 6.1 | 1 January 2018 | |
Rule 6.2 to 6.4 | 1 July 2018 | |
Rule 6.5 | 1 January 2018 | |
Rule 7.1(a) to (e) and 7.2 | 1 January 2018 | |
Rule 7.1(f) to (i) and 7.3 | 1 October 2018 | |
Rule 8 | 1 January 2018 | |
Rule 9 | 1 January 2018 | |
Chapter 4: Advertising and Disclosure | Rule 10 | 1 July 2018 |
Rule 11 except for the following rules: 11.5.1(j), 11.5.2 and 11.5.4 | 1 January 2019 | |
Rule 11.5.1(j), 11.5.2 and 11.5.4 | 1 October 2018 | |
Chapter 5: Intermediation and distribution | Rule 12.1 to 12.3 except for 12.2.1 and 12.2.2 in insofar as they relate to existing intermediary agreements | 1 January 2018 |
Rule 12.2.1 and 12.2.2 insofar as they relate to existing intermediary agreements | 1 January 2019 | |
Rule 12.4 | 1 January 2019 | |
Chapter 6: Product performance and acceptable service | Rule 13 | 1 January 2020 |
Rule 14 | 1 July 2018 | |
Rule 15 | 1 July 2018 | |
Rule 15A | 1 October 2018 | |
Rule 16 | 1 January 2019 | |
Chapter 7: No unreasonable post-sale barriers | Rule 17, except insofar as it relates to group schemes | 1 January 2019 |
Rule 17, insofar as it relates to group schemes | 1 July 2019 | |
Rule 18, except insofar as it relates to group schemes | 1 January 2019 | |
Rule 18, insofar as it relates to group schemes | 1 July 2019 | |
Rule 19 | 1 July 2018 | |
Rule 20 | 1 January 2020 | |
Rule 21 | 1 October 2018 | |
Chapter 8: Administration | 1 January 2018 |
History of this document
01 January 2020
Commenced
01 January 2019
Commenced
01 October 2018 this version
Commenced
01 July 2018
Commenced
01 January 2018
Commenced