Implementation of Geneva Conventions Act, 2012
R 385
Long Term Insurance Act, 1998 (Act No. 52 of 1998)Policyholder Protection Rules (Long-term Insurance), 2017Chapter 3 : ProductsRule 2A : Microinsurance and Funeral Policy Product Standards2A.5 Variation and renewal of a microinsurance policy or a funeral policy |
| 2A.5.1 | The terms, conditions or provisions of a microinsurance policy or a funeral policy may not be changed or varied during the first 12 months after inception of the policy, unless— |
| (a) | the insurer can demonstrate that— |
| (i) | there are reasonable actuarial grounds to change or vary the terms, conditions or provisions of the policy; or |
| (ii) | the variation will be to the benefit of the policyholder or member concerned; and |
| (b) | the variation is done in accordance with rules 11.6.4 and 11.6.5. |
| 2A.5.2 | Rule 2A.5.1 applies regardless of whether a microinsurance policy or a funeral policy has been renewed during the 12 month period referred to therein. |
| 2A.5.3 | Where a microinsurance policy or a funeral policy is underwritten on a group basis, the insurer may not selectively cancel or selectively decline to renew individual policies which form part of the group of people that are underwritten on a group basis. |
[Rule 2A.5 inserted by rule 6(c) of Notice No. 997, GG 41928, dated 28 September 2018]
