On 2 March 2018, the Financial Services Board published for comment proposed amendments to the Policyholder Protection Rules. Comments are required by 13 April 2018 and the below amended rules are envisaged to come into effect on 1 July 2018.
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Short-term and long-term insurers:
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Rule 2A
(Micro-insurance and funeral policy product standards)
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Rules 7.1 (f)-(i) and 7.3
(Void provisions)
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Rules 11.5.1(i); 11.5.2 to 11.5.4
(These rules deal with disclosure after inception of policy)
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Rule 20 (short-term) and equivalent Rule 21 (long-term)
(Misrepresentation)
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Long term insurers only:
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Rule 15.A
(Premium reviews)
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See our next edition for some practical tips on these rules as well commentary on the proposed amendments to the PPRs.
[View source.]
