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Do you know…about the new policyholder protection rules? - Part 4

19 April 2018Christine Rodrigues,Partner at Hogan Lovells
Christine Rodrigues, Partner at Hogan Lovells

Christine Rodrigues, Partner at Hogan Lovells

Christine Rodrigues, a partner at Hogan Lovells, has over 15 years of experience in insurance, both within the industry and as a lawyer. Christine is a well-known face in the growing South African insurance sector.

Following the introduction of the new PolicyholderProtectionRules(PPR)rules in December 2017 and the concern regarding compliance commencement dates, Christine has prepared a series of short explanatory notes that we willbe sending to you over the next few months.

PART 4

On 2 March 2018, the Financial Services Board published for comment proposed amendments to the Policyholder Protection Rules are required by 13 April 2018 and the below amended rules are envisaged to come into effect on 1 July 2018.

Short-term and long-term insurers:

Rule 2A

(Microinsurance and funeral policy product standards)

 

Rules 7.1 (f)-(i) and 7.3

(Void provisions)

Rules 11.5.1(i); 11.5.2 to 11.5.4

(These rules deal with disclosure after inception of policy)

Rule 20 (short-term) and equivalent Rule 21 (long-term)

(Misrepresentation)

Long-term insurers only:

Rule 15.A

(Premium reviews)

See our next edition for some practical tips on the above mentioned rules as well commentary on the proposed amendments to the PPRs.

 

 

 

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