Acts Online
GT Shield

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 4. Structure of policy benefits

 

2A.4.1 A microinsurance policy may not have a contract term of more than 12 months.

 

2A.4.2 The value of the policy benefits under a microinsurance policy may not exceed the maximum amounts as prescribed by the Prudential Authority.

 

2A.4.3 A microinsurance policy must, upon expiry of its contract term, either be—
(a) automatically renewed; or
(b) terminated in accordance with the requirements set out in these rules.

 

2A.4.4 A microinsurance policy may not provide that any of the policy benefits thereunder is subject to the principle of average.

 

[Rule 2A.4 inserted by rule 6(b) of Notice No. 996, GG 41928, dated 28 September 2018]

 

 


500 - Internal Server Error
500 - Internal Server Error

We're sorry, but something went wrong displaying that page. While we work on fixing this, you can return to the home page.

Alternatively, email [email protected] for assistance.