8.3 Record Keeping
In this rule, any reference to policyholder includes a member. This rule applies, in addition to any other record keeping requirements provided for in any other rule, to all communications related to a policy or a policyholder. An insurer must have appropriate systems, processes and procedures in place to – Record all policy related communications […]
8.2 Failure to Pay Premiums
If a premium under a policy, other than a fund policy, has not been paid on its due date, the insurer must notify the policyholder of the non-payment within 15 days after the payment was due, and the policy and the cover must, notwithstanding anything therein to the contrary, in the case of a policy […]
8.1 Introduction
A. Definitions In this rule any reference to policyholder includes a potential policyholder, a member and a potential member. Processing of personal information include one or more of the following actions: Collecting, receiving, updating and retrieval of personal information of individuals and entities. Using personal information of individuals and entities. Disclosing personal information to third […]
7.3 Requests for Information
An insurer must at the written request of an intermediary that is authorised in writing by a policyholder or a member, provide that intermediary or the policyholder or member with the information referred to in the authorisation, within a reasonable time after receipt of the request, irrespective of the fact that the intermediary does not […]
7.2 Intermediary Agreements
An insurer may only enter into an intermediary agreement with an intermediary where – In the case of an independent intermediary, that person has, been licensed as a financial services provider and authorised to render financial services in respect of the policies offered by the insurer in accordance the FAIS Act and the insurer has […]
7.1 Introduction
In this rule FAIS product knowledge competency requirements mean the requirements relating to class of business training and product specific training prescribed under the FAIS Act. Intermediary agreement is an agreement entered into between an insurer and an intermediary setting out the terms under which the intermediary will render services as intermediary in respect of […]
6.3 General Disclosure Requirements
A. Language and format Any communication by an insurer to a policyholder in relation to a policy must – Be in plain language. Not be misleading. Be provided using an appropriate medium, considering the complexity of the information being provided. Where applicable, be in clear and readable print size, spacing and format. In respect of […]
6.2 Application
All requirements in this rule relating to information applicable to a policy apply equally to information applicable to a related service. For purposes of this rule, policyholder includes a potential policyholder. This rule applies to all communications from the date on which this rule takes effect, unless specifically excluded in relation to a specific requirement.
6.1 Introduction
In this rule direct marketing means the marketing of a policy by or on behalf of an insurer by way of telephone, internet, digital application platform, media insert, direct or electronic mail in a manner which entails the completion or submission of an application, proposal, order, instruction or other contractual information required by the insurer […]
5.15 Principles Relating to Policies that have an Investment Value
This rule applies to any advertisement in relation to policies that have an investment value. No projected benefits (including but not limited to maturity, income, death, disability or full or partial surrender benefits) may be included in advertisements, if the policy benefits depend on future unknown investment performance, unless used to demonstrate the benefits of […]