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 4. Structure of policy benefits |
| 2A.4.1 | A microinsurance policy may not have a contract term of more than 12 months. |
| 2A.4.2 | The value of the policy benefits under a microinsurance policy may not exceed the maximum amounts as prescribed by the Prudential Authority. |
| 2A.4.3 | A microinsurance policy must, upon expiry of its contract term, either be— |
| (a) | automatically renewed; or |
| (b) | terminated in accordance with the requirements set out in these rules. |
| 2A.4.4 | A microinsurance policy may not provide that any of the policy benefits thereunder is subject to the principle of average. |
[Rule 2A.4 inserted by rule 6(b) of Notice No. 996, GG 41928, dated 28 September 2018]