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

Regulations

Regulations under the Short-term Insurance Act, 1998 (Act No. 53 of 1998)

Part 7 : Contracts Identified as Accident and Health Policies under Section 70(2A)(a) of the Act

7.4 Requirements applicable to all contracts referred to in the Table under regulation 7.2(1)

 

Contracts may not require medical scheme membership

 

(1) A contract referred to in categories 2 to 5 in the table under Regulation 7.2(1) may not provide that the policyholder or insured person must be a member of a medical scheme.

 

Information to be included in contract

 

(2) A contract referred to in the table under Regulation 7.2(1) must in clear and easily understood language—
(a) state the premiums payable and the policy benefits to be provided under the policy;
(b) state the events in respect of which the policy benefits are to be provided and the circumstances (if any) in which those benefits are not to be provided; and
(c) identify those representations made by or on behalf of the policyholder to the insurer which were regarded by that insurer—
(i) in respect of a contract referred to in category 1 to 3 in the table under Regulation 7.2(1), as having any relation or bearing to exclusions that apply under a condition-specific waiting period and reasons for differentiating premiums based on age; or
(ii) in respect of a contract referred to in category 4 or 5 in the table under Regulation 7.2(1), as being material to its assessment of the risks under the policy.

 

[Regulation 7.4 inserted by regulation 2 of Notice No. 1582 of 2016]

 

 


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