| 2A.6.1 |
A microinsurance policy or a funeral policy may not impose a waiting period exceeding the shorter of one quarter of the term of the policy or six months in respect of policy benefits payable on the happening of a death, disability or health event resulting from natural causes. |
| 2A.6.2 |
A microinsurance policy or a funeral policy may not impose a waiting period in respect of policy benefits payable on the happening of a death, disability or health event resulting from an accident. |
| 2A.6.3 |
A microinsurance policy underwritten under the credit life class of life insurance business as set out in Table 1 of Schedule 2 to the Insurance Act may not impose any waiting period other than the waiting periods allowed for in regulation 4 of the credit life insurance regulations made under the National Credit Act. |
| 2A.6.4 |
A microinsurance policy or a funeral policy may not impose a waiting period when it is renewed. |
| 2A.6.5 |
An insurer may not impose a waiting period under a microinsurance policy or a funeral policy if the policyholder or member confirms that— |
| (a) |
the policyholder or member, at least 31 days before entering into a new microinsurance policy or funeral policy with that insurer, had a previous policy with another insurer; |
| (b) |
the policy benefits under that previous policy provided cover in respect of similar risks relating to the same lives insured as those covered under the new microinsurance policy or funeral policy; and |
| (c) |
the policyholder or member had completed the waiting period in respect of that previous policy. |
| 2A.6.6 |
An insurer underwriting the new microinsurance policy or funeral policy may impose a waiting period equal to the unexpired part of the waiting period under a previous microinsurance policy or funeral policy, if— |
| (a) |
the waiting period of the policyholder or member under the previous policy had not expired at the time that the policyholder or member enters into the new microinsurance policy or funeral policy; and |
| (b) |
the new microinsurance policy or funeral policy provides cover in respect of similar risks relating to predominantly the same lives insured as those covered under the previous microinsurance policy or funeral policy. |
| 2A.6.7 |
An insurer must for purposes of determining a waiting period, before entering into a microinsurance policy or a funeral policy request the potential policyholder or potential member to confirm whether or not the potential policyholder or potential member had— |
| (a) |
a previous microinsurance policy or funeral policy; and |
| (b) |
completed a waiting period under that previous microinsurance policy or funeral policy. |
| 2A.6.8 |
Rule 2A.6.7 does not apply to a microinsurance policy underwritten under the credit life class of life insurance business as set out in Table 1 of Schedule 2 to the Insurance Act. |
| 2A.6.9 |
An insurer must, upon request by an insurer referred to in rule 2A.6.7, confirm whether or not the confirmation by the potential policyholder or potential member received in accordance with rule 2A.6.7 is correct. |
[Rule 2A.6 inserted by rule 6(c) of Notice No. 997, GG 41928, dated 28 September 2018]
Gas Regulator Levies Act, 2002
