Insurance Act, 2017 (Act No. 18 of 2017)Chapter 11 : General Provisions70. Regulations relating to certain classes of insurance business set out in Schedule 2 |
| (1) | The Minister, despite the definition of "business of a medical scheme" in section 1(1) of the Medical Schemes Act, 1998 (Act No. 131 of 1998), may make regulations identifying a kind, type or category of contract as an insurance policy that may be entered into under the— |
| (a) | risk class of life insurance business in Table 1 of Schedule 2; |
| (b) | accident and health class of non-life insurance business in Table 2 of Schedule 2; or |
| (c) | the travel class of non-life insurance business in Table 2 of Schedule 2. |
| (2) | Regulations under subsection (1)— |
| (a) | must be made only— |
| (i) | in consultation with the Minister of Health; |
| (ii) | after consultation between the National Treasury, the Prudential Authority and the Registrar of Medical Schemes established under the Medical Schemes Act, 1998; and |
| (iii) | after having regard to the objectives and purpose of the Medical Schemes Act, 1998, including the principles of community rating, open enrolment and cross-subsidisation within medical schemes entrenched therein; |
| (b) | must provide for insurers to submit specified information on any product within a kind, type or category of contract referred to in subsection (1) to the Prudential Authority and the Registrar of Medical Schemes within any specified timeframes; and |
| (c) | may provide for matters relating to the design and marketing of any product within a kind, type or category of contract referred to in subsection (1). |
| (3) | Where the Minister has made regulations referred to in subsection (1), the kind, type or category of contract identified in the regulations as an insurance policy that may be entered into under the classes referred to in subsection (1), is subject to this Act and not the Medical Schemes Act, 1998. |
| (4) | Before regulations in terms of this section are promulgated, the Minister must— |
| (a) | publish notice of the release of the draft regulations in the Gazette, indicating that the draft regulations are available on the official website and calling for public comment in writing within a period stated in the notice, which period may not be less than 30 days from the date of publication of the notice; and |
| (b) | submit the draft regulations to Parliament, while it is in session, for parliamentary scrutiny at least one month before their promulgation. |