On 28 September 2018, the Financial Sector Conduct Authority,
published amendments to the Policyholder Protection Rules
("PPRs") made under the Long-term Insurance Act, 52 of
1998 and the Short-term Insurance Act, 53 of 1998 ("Amended
PPRs").
The Amended PPRs inter alia:
- provide for microinsurance and
funeral policy product standards, which standards take effect on 1
October 2018. Of import, the Amended PPRs under the Long-term
Insurance Act, 52 of 1998 provide for a transitional period in
respect of funeral policies (i.e. policies which fall in the
funeral class of life insurance business) entered into before 1
October 2018. Such funeral policies have until 1 July 2021 to
comply with the said product standards;
