3.4 Negative Option Selection of Policy Terms or Conditions
An insurer or any person acting on behalf of the insurer may not, where more than one option in respect of a policy term or condition (including, but not limited to, options relating to a premium increase, variation of benefits or exclusion) is available to the policyholder, potential policyholder, member or potential member on entering […]
3.3 Cooling-Off Rights
For purposes of this rule a reference to the variation of a policy or a varied policy only includes a variation requested or initiated by the policyholder. A policyholder may in any case where no benefit has yet been paid or claimed or an event insured against has not yet occurred and within a period […]
3.2 Credit Life Insurance
A. Definition Consumer credit insurance in respect of a registered insurer means an agreement between an insurer, and a credit provider or a consumer or both, , in terms of which the insurer agrees to pay a benefit upon the occurrence of a specified contingency, primarily for the purpose of satisfying all or part of […]
3.1 Introduction PHPLT
In this rule, a financial instrument means one of the following: A share as defined in section 1 of the Companies Act. A depository receipt and other equivalent instruments. A debt instrument such as a debenture or a bond, but not a credit agreement. Money market securities as defined in section 1(1) of the Financial […]
2.5 Review of Policies and Procedures
An insurer must regularly review its policies and procedures referred to in this rule and document any changes thereto.
2.4 Suitable Advice
Where advice is provided by an intermediary other than the insurer’s representative, the insurer must take reasonable steps to mitigate the risk of unsuitable advice. These steps should consider the nature of the business relationship between the insurer and the intermediary and any likelihood that such relationship may potentially influence the advice provided.
2.3 Funds and Group Schemes
A. Definitions Group scheme in respect of a registered insurer means a scheme or arrangement which provides for the entering into one or more policies, in terms of which two or more persons without an insurable interest in each other, for the purposes of the scheme, are the lives insured. Group scheme in respect of […]
2.2 General Duties
An insurer, at all times, must act with due skill, care and diligence when dealing with policyholders. An insurer must in any engagement with a policyholder, and in all communications and dealings with a policyholder, act honorably, professionally and with due regard to the fair treatment of the policyholder. An insurer must at the start […]
2.1 Introduction PHPLT
Rule 1 of the policyholder protection rules considers the requirements related to the fair treatment of policyholders. For purpose of this rule, policyholder includes a potential policyholder and the member includes a potential member. Potential policyholder means any of the following: A person who has applied to or otherwise approached an insurer or an intermediary […]
1.4 Applicable Definitions
The subsections following consider some of the concepts defined the policy holder protection rules that are important for understanding and applying these rules. Advise: Advise has the meaning assigned to it by the Financial Advisory and Intermediary Services (FAIS) Act. Beneficiary: The definition differs in relation to registered and licensed insurers. In respect of a […]