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 […]
4.12: Reporting of a New Product
A microinsurer must, at least 31 days prior to marketing or offering a new microinsurance 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 proposed commission payable for […]
4.11: General
When providing a service or similar benefit as a policy benefit under a microinsurance policy, a microinsurer or any person on behalf of a microinsurer may not charge the policyholder or member of a group scheme any administration or similar fee in respect of that service or similar benefit.
4.10: Reinstatement
If a microinsurance policy has lapsed due to the non-payment of premium and the microinsurer reinstates such policy, the microinsurer 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 a microinsurer enters into a new microinsurance policy […]
4.9: Claims
A microinsurer must, within 2 business days after all required documents in respect of a claim under a microinsurance 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 the claimant of the […]
4.8: Excesses
A microinsurance policy may only provide one standard excess per risk event covered under a particular class of non-life insurance. If an excess is payable under a microinsurance policy, such excess must be disclosed to a policyholder or member of a group scheme, or a potential policyholder or potential member of a group scheme in […]
4.7: Exclusions
A microinsurance policy in respect of which the aggregate value of the policy benefits is R120 000 or less may not impose any exclusions or conditions limiting the liability of the microinsurer, other than exclusions or conditions relating to the following: Unlawful conduct, provided that such exclusions may only be applied or relied on if […]
4.6: Waiting Periods
A microinsurance policy, underwritten under the accident and health class of non-life insurance business may not impose a waiting period exceeding the shorter of one quarter of the term of the policy or 6 months, in respect of which policy -benefits are payable on the happening of a death, disability or health event resulting from […]
4.5: Variation and Renewal of a Microinsurance Policy
The terms, conditions or provisions of a microinsurance policy may not be changed or varied during the first 12 months after inception of the policy, unless the microinsurer can demonstrate that there are reasonable actuarial grounds to change or vary the terms, conditions or provisions of the microinsurance policy or the variation will be to […]
4.4: Structure of Policy Benefits
A microinsurance policy may not have a contract term of more than 12 months. The value of the policy benefits under a microinsurance policy may not exceed the maximum amounts as prescribed by the Prudential Authority. A microinsurance policy must, upon expiry of its contract term, either be automatically renewed or terminated in accordance with […]