Short-Term Insurance Act, 1998 (Act No. 53 of 1998)Notice on Policyholder Protection Rules, 2004Part I: Definitions1. Definitions |
In these Rules "the Act" means the Short-term Insurance Act, 1998 (Act No. 53 of 1998), including the regulations promulgated under section 70 of the Act, "the FAlS Act" means the Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002), including any measure or decision referred to in the definition of "this Act" in section 1(1) of that Act, any word or expression to which a meaning has been assigned in the Act or the FAlS Act, bears, subject to context, that meaning and, unless the context otherwise indicates-
in relation to a direct marketer, means any written, printed, electronic or oral communication (including a communication by means of a public radio service), which is directed to the general public, or any section thereof, or to any client on request, by any such marketer, which is intended merely to call attention to the marketing or promotion of short-term insurance policies offered by the marketer, and which does not purport to provide detailed information regarding any such policy;
means the date on which these Rules become binding, as determined and published by the Minister in accordance with section 55 (5) of the Act;
means an insurer who, in the normal course of business, carries on business in the form of direct marketing;
means the marketing of a policy, including the entering into thereof, by way of telephone, internet, media insert, direct or electronic mail to a policyholder, and with mention and implementation of one or more transaction requirements to be met;
in relation to the entering into of any policy, means the date on which any such policy is entered into or varied;
in relation to a person or body and any matter mentioned in a provision of these Rules, means to take any necessary steps in order that the clear objective of the provision is achieved;
in respect of a policy, includes the renewal or variation of any such policy: Provided that in the case of monthly policies only the renewal after the entering into of the policy effected during every consecutive twelfth month of the currency of the policy shall qualify as a renewal referred to in this definition; and "entering into" has a corresponding meaning;
"independent intermediary" or "intermediary"
means a person who qualifies as an independent intermediary in terms of the definition thereof in section l(1) of the Act, and with whom an agreement has been entered into by an insurer in compliance with Rule 7.1 (a)(i);
means, in relation to the entering into of a policy with the policyholder concerned or any other matter connected with such policy, any insurer or independent intermediary, as the case may be, directly involved in such entering into, or in such other matter;
means a short-term insurer, and includes any representative of the insurer;
means a person who qualifies as an independent intermediary in respect of a policy in terms of the definition thereof in section 1(1) of the Act, and with whom an agreement has been entered into by an insurer in compliance with Rule 7.1 (a)(i);
means any short-term policy where the policyholder is a natural person acting otherwise than solely for the purposes of its own business; but excluding a reinsurance policy;
includes a prospective policyholder;
means the Policyholder Protection Rules (Short-term Insurance), 2001, as published by GN No. R. 164 in Gazette No. 22084 of 23 February 2001;
means any application, proposal, order, instruction or other contractual information required to be completed for, or submitted to, an insurer by or on behalf of a policyholder and relating to a policy, including any amendment thereof or variation thereto;
means any application, proposal, order, instruction or other contractual information required to be completed for, or submitted to, an insurer by or on behalf of a policyholder and relating to a policy, including any amendment thereof variation thereto;
in relation to a policy, means any variation of the premiums or benefits of the policy, excluding any periodic variation in terms of a contractually determined inflation-connected formula or, otherwise in terms of fixed contractually determined provisions;
includes communication by telefax or any appropriate electronic medium that is accurately and readily reducible to written or printed form; and "written" has a corresponding meaning.