Insurance Act, 2017 (Act No. 18 of 2017)

CLASS

SUB-CLASS

DESCRIPTION

1.

RISK

a.

Individual Death

Lump sum or, specified or determinable equal or unequal sums of money payable at specified intervals payable on the happening of a death event

b.

Individual Health

Lump sum or, specified or determinable equal or unequal sums of money payable at specified intervals payable on the happening of a health event, which sum is not linked to the costs or services regulated under the Medical Schemes Act, 1998 (Act No. 131 of 1998), but includes any kind, type or category of contract identified by the Minister in regulations as an insurance policy that may be entered into under this class

c.

Individual Disability - lump sum

Lump sum payable on the happening of a disability event

d.

Individual Disability - recurring payment

Specified or determinable equal or unequal sums of money payable at specified intervals payable on the happening of a disability event

e.

Group Death

Lump sum or, specified or determinable equal or unequal sums of money payable at specified intervals payable to a beneficiary on the happening of a death event

f.

Group Health

Lump sum or, specified or determinable equal or unequal sums of money payable at specified intervals payable to a beneficiary on the happening of a health event, which sum is not linked to the costs or services regulated under the Medical Schemes Act, 1998 (Act No. 131 of 1998), but includes any kind, type or category of contract identified by the Minister in regulations as an insurance policy that may be entered into under this class

g.

Group Disability - lump sum

Lump sum payable to a beneficiary on the happening of a disability event

h.

Group Disability - recurring payment

Specified or determinable equal or unequal sums of money payable at specified intervals to a beneficiary on the happening of a disability event

2.

FUND RISK

a.

Death

Lump sum or, specified or determinable equal or unequal sums of money payable at specified intervals payable to a fund on the happening of a death event relating to a member of the fund for the purpose of funding in whole or in part the obligation of a fund to provide benefits to its members in terms of its rules, other than a policy relating exclusively to a particular member of the fund or to the surviving spouse, children, dependents or nominees of a particular member of the fund

b.

Disability - lump sum

Lump sum payable to a fund on the happening of a disability event relating to a member of the fund for the purpose of funding in whole or in part the obligation of a fund to provide benefits to its members in terms of its rules, other than a policy relating exclusively to a particular member of the fund or to the surviving spouse, children, dependents or nominees of a particular member of the fund

c.

Disability - recurring payment

Specified or determinable equal or unequal sums of money payable to a fund at specified intervals payable on the happening of a disability event relating to a member of the fund for the purpose of funding in whole or in part the obligation of a fund to provide benefits to its members in terms of its rules, other than a policy relating exclusively to a particular member of the fund or to the surviving spouse, children, dependents or nominees of a particular member of the fund

3.

CREDIT LIFE

Lump sum or, specified or determinable equal or unequal sums of money payable at specified intervals to satisfy all or part of a financial liability to a credit provider—

* on the happening of a death event, health event or a disability event;

* in the event of unemployment, or other insurable risk that is likely to impair a person’s ability to earn an income or meet credit obligations

4.

FUNERAL

a.

Individual

Lump sum or, specified or determinable equal or unequal sums of money payable at specified intervals not exceeding an amount prescribed by the Prudential Authority to cover cost associated with a funeral or the rendering of a service on the happening of a death event

b.

Group

Lump sum or, specified or determinable equal or unequal sums of money payable at specified intervals not exceeding an amount prescribed by the Prudential Authority payable to a beneficiary to cover costs associated with a funeral or the rendering of a service on the happening of a death event

5

LIFE ANNUITIES

a.

Guaranteed (fully or partially)

Specified or determinable equal or unequal sums of money payable at specified intervals from the start of the policy, or a fixed or determinable date—

* for the remainder of the life of the policyholder; or

* to one or more dependants or nominees after the death of the policyholder

b.

Market related

c.

With Discretionary Participation features

6.

INDIVIDUAL INVESTMENT

a.

Guaranteed (fully or partially)

Specified or determinable equal or unequal sums of money payable at specified intervals from the start of the policy, or a fixed or determinable date—

* for the remainder of the life of the policyholder; or

* to one or more dependants or nominees after the death of the policyholder

b.

Market related

c.

Linked

d.

With Discretionary Participation features

7.

FUND INVESTMENT

a.

Guaranteed (fully or partially)

Benefits provided for the purpose of funding in whole or in part the obligation of a fund to provide investment benefits to its members in terms of its rules, other than a policy relating exclusively to a particular member of the fund or to the surviving spouse, children, dependents or nominees of a particular member of the fund

b.

Market-related

c.

Linked

d.

With Discretionary Participation features

8.

INCOME DRAWDOWN

a.

Guaranteed (fully or partially)

Specified or determinable equal or unequal sums of money payable at specified intervals from the start of the policy, or a fixed or determinable date linked to a life event until the value of the investment is exhausted; or a lump sum or specified or determinable equal or unequal sums of money payable at specified intervals equal to the remaining value of the investment to the estate, or one or more dependents or nominees after the death of the policyholder

b.

Market related

c.

Linked

d.

With Discretionary Participation features

9.

REINSURANCE

a.

Proportional in respect of a class or sub-class referred to above

b.

Non-proportional in respect of a class or sub-class referred to above