This is the version of this Government Notice as it was from 15 December 2017 to 30 September 2018. Read the latest available version.
Related documents
South Africa
Long-term Insurance Act, 1998
Policyholder Protection Rules (Long-term Insurance), 2017
Government Notice 1407 of 2017
- Published in Government Gazette 41321 on 15 December 2017
- There are multiple commencements
- [This is the version of this document as it was from 15 December 2017 to 30 September 2018.]
Provisions | Status |
---|---|
Chapter 1–2, rule 1–1, subrule 1.1–1.4, paragraph (a)–(f); subrule 1.10–3.2, Chapter 3, rule 2–3, paragraph (a)–3.2.2, subparagraph (i)–(b); rule 5–6, subrule 5.1–6.1, paragraph (a)–(b); subrule 6.5–7.2, rule 7–9, paragraph (a)–(e); Chapter 5, rule 12, subrule 12.1–12.3, paragraph 12.2.1–12.3.3, subparagraph (a)–(b); Chapter 8, rule 1–2, subrule 1.1–2.2, paragraph (a)–(b), subparagraph (i)–(i) | commenced on 1 January 2018. |
Subrule 6.2–6.4, paragraph (a)–(b); Chapter 4, rule 10, subrule 10.1–10.16, paragraph 10.2.1–10.16.6, subparagraph (a)–(b); Chapter 6; rule 14–15, subrule 14.1–15.8, paragraph (a)–(f); Chapter 7; rule 19, subrule 19.1–19.2, paragraph 19.2.1–19.2.6, subparagraph (a)–(b) | commenced on 1 July 2018. |
Rule 11; subrule 11.5, paragraph 11.5.1–11.5.2; paragraph 11.5.4, subparagraph (a)–(b) | commenced on 1 October 2018. |
Subrule 1.5–1.9, paragraph (a)–(b); rule 4, subrule 4.1–4.7, paragraph (a)–(b), subparagraph (i)–(ii); subrule 11.1–11.4, paragraph 11.2.1–11.4.3, subparagraph (a)–(i); paragraph 11.5.3; subrule 11.6, paragraph 11.6.1–11.6.9, subparagraph (a)–(c); subrule 12.4, paragraph 12.4.1, subparagraph (a)–(c); rule 16–18, subrule 16.1–18.11, paragraph (a)–18.10.2, subparagraph (a)–(b) | commenced on 1 January 2019. |
Rule 13, subrule 13.1–13.8, paragraph (a)–(g); rule 20, subrule 20.1–20.4, paragraph 20.2.1–20.3.6, subparagraph (a)–(b) | commenced on 1 January 2020. |
Chapter 1
Interpretation
1. Application
2. Definitions
Chapter 2
Fair treatment of policyholders
1. Requirements for the fair treatment of policyholders
Funds and group schemes
Suitable advice
Review of policies and procedures
Chapter 3
Products
2. Product design
3. Credit life insurance
4. Cooling-off rights
5. Negative option selection of policy terms or conditions
6. Determining premiums
7. Void provisions
8. Waiver of rights
No insurer or intermediary may request or induce in any manner a policyholder, potential policyholder, member or potential member or claimant or potential claimant to waive any right or benefit conferred on that person by or in terms of a provision of these rules, or recognise, accept or act on any such waiver, and any such waiver is null and void.9. Signing of blank or uncompleted forms
No insurer or intermediary may in connection with any transaction relating to a policy require, permit or allow a policyholder, potential policyholder, member or potential member or claimant or potential claimant to sign any blank or partially completed form necessary for the purpose of the transaction, where another person will be required, permitted or allowed to fill in other required detail, or conclude any such transaction where any such signing and providing of detail have occurred.Chapter 4
Advertising and disclosure
10. Advertising
Factually correct
Balanced
Not misleading
11. Disclosure
Language and format
Timing of the provision of information to policyholders
Content of the provision of information to policyholders
Respective responsibilities of insurers and intermediaries
Identification of the insurer
Group schemes and funds
Policies that have an investment value
Ongoing information on terms and conditions
Information on changes to terms and conditions
Information on renewal of policy
Information on policy loans and cessions
Information on the insurer
Chapter 5
Intermediation and distribution
12. Arrangements with intermediaries and other persons
Chapter 6
Product performance and acceptable service
13. Data management
14. On-going review of product performance
15. Premium reviews
16. Record keeping
Chapter 7
No unreasonable post-sale barriers
17. Claims management
18. Complaints management
19. Replacement of policies
20. Termination of policies
Individual policies
Group schemes policies
Chapter 8
Administration
1. Repeal and saving provision
2. Short title and commencement
Chapter | Rule | Commencement |
---|---|---|
Chapter 1: Interpretation | Date of publication of this notice in the Government Gazette | |
Chapter 2: Fair treatment of policyholders | Rule 1.1 to 1.4 | Date of publication of this notice in the Government Gazette |
Rule 1.5 to 1.9 | 12 months after date of publication of this notice in the Government Gazette | |
Rule 1.10 | Date of publication of this notice in the Government Gazette | |
Chapter 3: Products | Rule 2 | Date of publication of this notice in the Government Gazette |
Rule 3 | Date of publication of this notice in the Government Gazette | |
Rule 4 | 12 months after date of publication of this notice in the Government Gazette | |
Rule 5 | Date of publication of this notice in the Government Gazette | |
Rule 6.1 | Date of publication of this notice in the Government Gazette | |
Rule 6.2 to 6.4 | 6 months after date of publication of this notice in the Government Gazette | |
Rule 6.5 | Date of publication of this notice in the Government Gazette | |
Rule 7 | Date of publication of this notice in the Government Gazette | |
Rule 8 | Date of publication of this notice in the Government Gazette | |
Rule 9 | Date of publication of this notice in the Government Gazette | |
Chapter 4: Advertising and Disclosure | Rule 10 | 6 months after date of publication of this notice in the Government Gazette |
Rule 11 | 12 months after date of publication of this notice in the Government Gazette | |
Chapter 5: Intermediation and distribution | Rule 12.1 to 12.3 except for 12.2.1 and 12.2.2 in insofar as they relate to existing intermediary agreements | Date of publication of this notice in the Government Gazette |
Rule 12.2.1 and 12.2.2 insofar as they relate to existing intermediary agreements | 12 months after date of publication of this notice in the Government Gazette | |
Rule 12.4 | 12 months after date of publication of this notice in the Government Gazette | |
Chapter 6: Product performance and acceptable service | Rule 13 | 24 months after date of publication of this notice in the Government Gazette |
Rule 14 | 6 months after date of publication of this notice in the Government Gazette | |
Rule 15 | 6 months after date of publication of this notice in the Government Gazette | |
Rule 16 | 12 months after date of publication of this notice in the Government Gazette | |
Chapter 7: No unreasonable post-sale barriers | Rule 17, except insofar as it relates to group schemes | 12 months after date of publication of this notice in the Government Gazette |
Rule 17, insofar as it relates to group schemes | 18 months after date of publication of this notice in the Government Gazette | |
Rule 18, except insofar as it relates to group schemes | 12 months after date of publication of this notice in the Government Gazette | |
Rule 18, insofar as it relates to group schemes | 18 months after date of publication of this notice in the Government Gazette | |
Rule 19 | 6 months after date of publication of this notice in the Government Gazette | |
Rule 20 | 24 months after date of publication of this notice in the Government Gazette | |
Chapter 8: Administration | Date of publication of this notice in the Government Gazette |
History of this document
01 January 2020
Commenced
01 January 2019
Commenced
01 October 2018
Commenced
Read this version
01 July 2018
Commenced
01 January 2018
Commenced
15 December 2017 this version
Cited documents 8
Legislation 8
1. | Companies Act, 2008 | 1909 citations |
2. | National Credit Act, 2005 | 686 citations |
3. | Prescription Act, 1969 | 563 citations |
4. | Long-term Insurance Act, 1998 | 297 citations |
5. | Financial Advisory and Intermediary Services Act, 2002 | 295 citations |
6. | Protection of Personal Information Act, 2013 | 156 citations |
7. | Collective Investment Schemes Control Act, 2002 | 134 citations |
8. | Financial Sector Regulation Act, 2017 | 121 citations |