Short-Term Insurance Act, 1998 (Act No. 53 of 1998)Policyholder Protection RulesPolicyholder Protection Rules (Short-Term Insurance), 2017Chapter 3 : ProductsRule 2A : Microinsurance Product Standards2A.10 Reinstatement |
| 2A.10.1 | If a microinsurance policy has lapsed due to the non-payment of premium and the microinsurer reinstates such policy, the microinsurer— |
| (a) | must do so on at least the same terms as the policy that had lapsed; and |
| (b) | may not impose a waiting period under the reinstated policy. |
| 2A.10.2 | If a microinsurer enters into a new microinsurance policy with the same policyholder or member of a group scheme within 2 months after a microinsurance policy has lapsed due to the non-payment of premium, the microinsurer may not impose a waiting period under such new policy. |
| 2A.10.3 | Rule 2A.10.2 does not apply where the policyholder or member of a group scheme had not completed a waiting period imposed under the lapsed policy, in which case the microinsurer may impose a waiting period not exceeding the unexpired part of the waiting period under the lapsed policy. |
[Rule 2A.10 inserted by rule 6(b) of Notice No. 996, GG 41928, dated 28 September 2018]