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 ZAR2 million. These rules must be complied with 18 months after the date of publication of the notice. Compliance with this tranche of rules is thus required by 15 June 2019:
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Short-term and long-term insurers:
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Rule 17 (insofar as it relates to group schemes)
(Claims management)
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Rule 18 (insofar as it relates to group schemes)
(Complaints management)
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See our next edition for some practical tips on the implementation of the next tranche of rules.
[View source.]
