Basic Conditions of Employment Act, 1997
R 385
Short-Term Insurance Act, 1998 (Act No. 53 of 1998)Policyholder Protection RulesPart V : General13. Records, monitoring systems and annual reports |
| 13.1) | An insurance party involved must in writing or by any appropriate electronic means keep record of all disclosures required to be made by the provisions of these Rules, including the manner of disclosure, in respect of the entering into or variation of any particular policy, which records must be kept available for a period of at least three years for inspection by the Authority. |
| 13.2) | Insurers and independent intermediaries shall within 6 months from the date of coming into operation of these Rules, ensure that they provide: |
| a) | for monitoring systems to measure compliance with these Rules; |
| b) | where necessary, for information or training courses for persons employed or contracted in such business, in respect of the implementation by them of these Rules; |
| c) | for the accreditation of the relevant knowledge, competency and proficiency of such persons in the products that they represent within 6 months of such person becoming active; |
| d) | for the ongoing recordal of the knowledge, competency and proficiency of accredited persons. |
| 13.3) | Every insurer shall, within a period of four months after the end of every financial year, submit a written report to the Authority, in respect of the period of every such financial year, on- |
| a) | all steps taken by the insurer to ensure compliance with the provisions of these Rules, and the reasons for any non-compliance which may have occurred; |
| b) | problems experienced by the insurer and any of its representatives with the interpretation or implementation of these Rules, and suggestions or recommendations for improvements or other amendments; and |
| c) | full details of any complaints received by the insurer in connection with the implementation of these Rules, and of all steps taken in connection therewith. |
