Acts Online
GT Shield

Long Term Insurance Act, 1998 (Act No. 52 of 1998)

Rules

Policyholder Protection Rules (Long-term Insurance), 2017

Chapter 6 : Product Performance and Acceptable Service

Rule 14 : On-going review of product performance

 

14.1 An insurer must on an ongoing basis monitor a  product, related distribution methods and disclosure documents after the launch of a product, taking into account any event that could materially affect the potential risk to targeted policyholders or members, in order to assess whether—
(a) the product and its related disclosure documents remain consistent with the needs of targeted policyholders and continue to deliver fair outcomes for policyholders and members; and
(b) the distribution method or methods remain appropriate.

 

14.2 An insurer must, where any shortcomings are identified through the assessment contemplated in rule 14.1 or in any other manner, implement appropriate remedial action to address such shortcomings.