Implementation of Geneva Conventions Act, 2012
R 385
Long Term Insurance Act, 1998 (Act No. 52 of 1998)RegulationsRegulations under the Long-term Insurance Act, 1998Part 5 : Requirements and Limitations regarding the Values and Benefits of Policies (Section 54)Part 5B : Investment Policies that started on or after 1 January 20095.13 Disclosure |
| (1) | An insurer must ensure that— |
| (a) | when an investment policy is applied for, the prospective policyholder or member is within 30 days from the date of application provided in writing with the information referred to in subregulation (2); |
| (b) | the summary to be provided to the policyholder or member in accordance with section 48 of the Act contains the information referred to in subregulation (2); and |
| (c) | the policyholder or member is at least annually provided with the information referred to in subregulation (2) in writing, by telefax or any appropriate electronic communication reducible to printed form. |
| (2) | The information for purposes of subregulation (1) is— |
| (a) | a summary of the content of the provisions of this Part to the extent that those provisions may be or may become applicable to the policy; |
| (b) | an explanation of what constitutes a causal event in respect of the policy in question; |
| (c) | a statement, expressed as a percentage and, where a Rand value amount is determinable, also as a Rand value amount, of the maximum causal event charges that may be deducted; and |
| (d) | the administration charge that may be deducted when a causal event occurs. |
