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 Policyholder Protection Rules (PPR) rules in December 2017 and the concern regarding compliance commencement dates, Christine has prepared a series of short explanatory notes that we will be sending to you over the next few months.
Part 6
The notice for the new long-term and short-term PPRs was published on 15 December 2017 in the Government Gazette. Remember that the PPRs apply to natural persons and juristic persons whose asset value or annual turnover is less than R2 million. This tranche of rules provide for some PPRs to come into effect twelve months after the date of publication of the notice. Compliance is thus required by 15 December 2018. Rules that require compliance by this date include:
Short-term and Long-term insurers: |
Rules 1.5 -1.9 |
Rule 4 |
Rule 11 (except for 11.5.1(i); 11.5.2 to 11.5.4 which are envisaged to come into effect on 1 July 2018) (Disclosure requirements) |
Rule 12.2.1 and 12.2.2 (insofar as they relate to existing intermediary agreements) |
Rule 12.4 (Arrangements with intermediaries and other persons) |
Rule 16 (Record keeping) |
Rule 17 (except insofar as it relates to group schemes) (Claims management) |
Rule 18 (except insofar as it relates to group schemes) (Complaints management) |
See our next edition for some practical tips on the implementation of the next tranche of rules as well commentary on the proposed amendments to the PPRs.
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