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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 6 : Product Performance and Acceptable Service

Rule 16 : Record Keeping

 

16.1 In this rule, any reference to "policyholder" includes a member of a group scheme.

 

16.2 This rule applies, in addition to any other record keeping requirements provided for in any other rule, to all communications related to a policy or a policyholder.

 

16.3 An insurer must have appropriate systems, processes and procedures in place to—
(a) record all policy related communications with a policyholder;
(b) store and retrieve transaction documentation (including the policy) and all other material documentation relating to the policy and the policyholder; and
(c) keep the policy and policyholder records and documentation safe from destruction.

 

16.4 Records referred to in rule 16.3—
(a) may be kept in an appropriate electronic or recorded format, which is accessible and readily reducible to written or printed form;
(b) must be kept for a period of at least five years after the policy came to end, or where the record does not relate to a particular policy, five years after the communication concerned; and
(c) must on request, timeously be made available to the Authority, policyholder, former policyholder or, where the beneficiary is entitled to the information, to the beneficiary on request.

 

 


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