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Short-Term Insurance Act, 1998 (Act No. 53 of 1998)

Policyholder Protection Rules

Policyholder Protection Rules (Short-Term Insurance), 2017

Chapter 3 : Products

Rule 2A : Microinsurance Product Standards

2A.10 Reinstatement

 

2A.10.1 If a microinsurance policy has lapsed due to the non-payment of premium and the microinsurer reinstates such policy, the microinsurer—
(a) must do so on at least the same terms as the policy that had lapsed; and
(b) may not impose a waiting period under the reinstated policy.

 

2A.10.2 If a microinsurer enters into a new microinsurance policy with the same policyholder or member of a group scheme within 2 months after a microinsurance policy has lapsed due to the non-payment of premium, the microinsurer may not impose a waiting period under such new policy.

 

2A.10.3 Rule 2A.10.2 does not apply where the policyholder or member of a group scheme had not completed a waiting period imposed under the lapsed policy, in which case the microinsurer may impose a waiting period not exceeding the unexpired part of the waiting period under the lapsed policy.

 

[Rule 2A.10 inserted by rule 6(b) of Notice No. 996, GG 41928, dated 28 September 2018]

 

 


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