Do you know…about the new policyholder protection rules? - Part 8,9,10
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 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 8
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. These rules must be complied with eighteen months after the date of publication of the notice. Compliance with this tranche of rules is thus required by 15 June 2019:
| Short-term and Long-term |
|
Rule 17 (insofar as it relates to group schemes) (Claims management) |
|
Rule 18 ( insofar as it relates to group schemes) |
PART 9
| Short-term and Long-term | |
|
Rule 17 (insofar as it relates to group schemes) (Claims management)
|
Insurers should already have pre-existing claims management processes that have been updated to include TCF principles and any additional requirements mentioned in the rule. |
|
Rule 18 ( insofar as it relates to group schemes) (Complaints management) |
Insurers should already have pre-existing complaints management processes that have been updated to include TCF principles and any additional requirements mentioned in the rule |
PART 10
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. Certain PPRs must be complied with twenty-four months after the date of publication. The rules below must therefore be complied with by 15 December 2019:
| Short-term and Long-term |
|
|
|
Rule 19 (short-term) and Rule 20 (long-term) |
See our final edition for some practical tips on the final tranche of rules.
