5.4 Public Interest
An advertisement must not disparage or make inaccurate, unfair or unsubstantiated criticisms about any financial product, financial service, product supplier or intermediary.
5.3 General Principles
An insurer must have documented processes and procedures for the approval of advertisements by a senior manager or a person of appropriate seniority to whom the senior manager has delegated the approval. An insurer must, prior to publishing an advertisement, take reasonable measures to ensure that the information provided in the advertisement is consistent with […]
5.2 Application
For purposes of this rule, policyholder includes a potential policyholder, a member and a potential member. The principles, requirements and standards contained in this rule apply regardless of the medium used to publish an advertisement. This rule applies to any advertisement published on or after the date on which this rule takes effect, regardless of […]
5.1 Introduction
Advertisement means any communication published through any medium and in any form, by itself or together with any other communication, which is intended to create interest by the public in the business, policies or related services of an insurer, or to persuade the public (or a part thereof) to transact in relation to a policy […]
4.11 Reporting of a New Product
An insurer must, at least 31 days prior to marketing or offering a new microinsurance product or a funeral product, notify the Authority of the intention to launch a new product and submit the following information to the Authority: A summary of the benefits, exclusions, terms and conditions forming part of the new product. The […]
4.10 General
A microinsurance policy or a funeral policy may not prescribe that a policy benefit payable as a sum of money is payable directly to a service provider. However, a claimant may at claims stage direct an insurer to pay a policy benefit payable to the claimant directly to a service provider of the claimant’s choice. […]
4.9 Reinstatement
If a microinsurance policy or a funeral policy has lapsed due to the non-payment of premium and the insurer reinstates such policy, the insurer must do so on at least the same terms as the policy that had lapsed and may not impose a waiting period under the reinstated policy. If an insurer enters into […]
4.8 Claims
An insurer must, within 2 business days after all required documents in respect of a claim under a microinsurance policy or a funeral policy have been received assess and make a decision whether or not the claim submitted is valid, and authorise payment of the claim; repudiate the claim or dispute the claim and notify […]
4.7 Exclusions
A microinsurance policy underwritten under the funeral class of life insurance business as set out in Table 1 of Schedule 2 to the Insurance Act, or a funeral policy, may not impose any exclusion for a pre-existing health condition other than a waiting periods allowed under this rule. A microinsurance policy or a funeral policy […]
4.6 Waiting Periods
A microinsurance policy or a funeral policy may not impose a waiting period exceeding the shorter of one quarter of the term of the policy or six months in respect of policy benefits payable on the happening of a death, disability or health event resulting from natural causes. A microinsurance policy or a funeral policy […]