Short-Term Insurance Act, 1998 (Act No. 53 of 1998)Policyholder Protection RulesPolicyholder Protection Rules (Short-Term Insurance), 2017Chapter 6 : Product Performance and Acceptable ServiceRule 16 : Record Keeping |
| 16.1 | In this rule, any reference to "policyholder" includes a member of a group scheme. |
| 16.2 | This rule applies, in addition to any other record keeping requirements provided for in any other rule, to all communications related to a policy or a policyholder. |
| 16.3 | An insurer must have appropriate systems, processes and procedures in place to— |
| (a) | record all policy related communications with a policyholder; |
| (b) | store and retrieve transaction documentation (including the policy) and all other material documentation relating to the policy and the policyholder; and |
| (c) | keep the policy and policyholder records and documentation safe from destruction. |
| 16.4 | Records referred to in rule 16.3— |
| (a) | may be kept in an appropriate electronic or recorded format, which is accessible and readily reducible to written or printed form; |
| (b) | must be kept for a period of at least five years after the policy came to end, or where the record does not relate to a particular policy, five years after the communication concerned; and |
| (c) | must on request, timeously be made available to the Authority, policyholder, former policyholder or, where the beneficiary is entitled to the information, to the beneficiary on request. |