4.3: Use of the Term MicroInsurance
An insurer, other than a microinsurer, or any person acting on behalf of that insurer may not use the term microinsurance or any derivative thereof in respect of a policy or in any advertisement in respect of a policy.
4.2: Application
This rule applies to any microinsurance policy and applies concurrently with, and in addition to, all other rules set out in the policyholder protection rules. If there is an inconsistency between any provision of this rule and any other rule in the policyholder protection rules, the provision of this rule prevails.
4.1 Introduction
Rule 2A sets out the product rules pertaining to microinsurance policies. The concept of microinsurance was introduced by the Insurance Act and this Act defines a microinsurance policy as a non-life insurance policy entered into by a microinsurer. A non-life insurance policy means any arrangement under which a person in return for a premium undertakes […]
3.8: Void Provisions
A provision of a policy is void to the extent that it provides expressly or by implication – That in connection with any claim made under the policy, the policyholder or claimant may be obliged to undergo a polygraph, lie detector or truth verification test, or any other similar test or procedure which is furnished […]
3.7: Period of Grace
An insurer shall ensure that a policy contains a provision for a period of grace for the payment of premiums of not less than 15 days after the relevant due date: Provided that in the case of a monthly policy, such provision must apply with effect from the second month of the currency of the […]
3.6: On-Going Review of Product Performance
An insurer must on an ongoing basis monitor a product, related distribution methods and disclosure documents after the launch of a product, considering any event that could materially affect the potential risk to targeted policyholders or members, in order to assess whether – The product and its related disclosure documents remain consistent with the needs […]
3.5: Determining Premiums and Excesses
A premium payable under a policy and the manner in and the extent to which the risk of loss is borne by policyholders through the use of excesses must reasonably balance the interests of the insurer and the reasonable benefit expectations of a policyholder or members of a group scheme, and be based on assumptions […]
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 of a group scheme or […]
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 where a policy has a term longer than 31 days and no benefit has yet been paid or claimed or an event insured against under […]
3.2: Credit Life Insurance and Consumer Credit 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 […]