On 2 March 2018, Caroline Da Silva, in the capacity as deputy registrar of Long-term and Short-term Insurance, published for public comment proposed amendments to the Policyholder Protection Rules ("PPR") made under the Long-term Insurance Act, 52 of 1998 ("LTIA") and the Short-term Insurance Act, 53 of 1998 ("STIA").
Inter alia, the proposed amendments to the PPRs are necessary to:
- align the PPRs with the Insurance Act, 18 of 2017 ("Insurance Act"), which was recently signed into law but is yet to commence;
- provide for certain conduct of business related requirements that will, upon the commencementt of Schedule 1 of the Insurance Act, be repealed from the LTIA and the STIA; and
- provide for microinsurance product standards.
Comments on the draft amended PPRs must be submitted in writing on or before 13 April 2018.
It is proposed that the draft amended PPRs will take effect on 1 July 2018, to coincide with the anticipated date of commencement of the Insurance Act.
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