Public Service Commission Act, 1997
R 385
Short-Term Insurance Act, 1998 (Act No. 53 of 1998)Part VII : Business practice, policies and policyholder protectionPolicies50. Limitation on policy benefits in the event of death of unborn or of certain minors |
A short-term insurer shall not undertake to provide, or provide, policy benefits, in terms of—
| (a) | in respect of a registered insurer, an accident and health policy; or |
| (b) | in respect of a licensed insurer, a non-life policy written under the accident and health class of non-life insurance business as set out in Table 2 of Schedule 2 of the Insurance Act, |
in the event of the death of an unborn, or of a minor before that minor attains the age of 14 years, the value of which, on its own or when added to the value of policy benefits which to its knowledge are to be provided in that event by a short-term insurer or a long-term insurer or a friendly society in terms of any policy, exceeds, in the event of the death—
| (c) | of that unborn, or of that minor before he or she attains the age of six years, R20 000; or |
| (d) | of that minor after he or she attains the age of six years but before he or she attains the age of 14 years, R50 000, |
or such other amount prescribed by the Minister.
[Section 50 substituted by item 14 of schedule 1 of Act No. 18 of 2017, GG 41388, dated 18 January 2018]
