| 2A.6.1 |
A microinsurance policy, underwritten under the accident and health class of non-life insurance business as set out in Table 2 of Schedule 2 to the Insurance Act, may not impose a waiting period exceeding the shorter of one quarter of the term of the policy or 6 months, in respect of which policy benefits are payable on the happening of a death, disability or health event resulting from natural causes. |
| 2A.6.2 |
A microinsurance 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 may not impose a waiting period when it is renewed. |
| 2A.6.4 |
A microinsurer may not impose a waiting period under a microinsurance policy if the policyholder or member of a group scheme confirms that— |
| (a) |
the policyholder or member of a group scheme, at least 31 days before entering into a new microinsurance policy with that microinsurer, had a previous microinsurance policy or non-life insurance policy with another insurer; |
| (b) |
the policy benefits under that previous policy provided cover in respect of similar risks as those covered under the new microinsurance policy; and |
| (c) |
the policyholder or member of a group scheme had completed the waiting period in respect of that previous policy. |
| 2A.6.5 |
An insurer underwriting the new microinsurance policy may impose a waiting period equal to the unexpired part of the waiting period under a previous microinsurance 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; and |
| (b) |
the new microinsurance policy provides cover in respect of similar risks as those covered under the previous microinsurance policy. |
| 2A.6.6 |
A microinsurer must for purposes of determining a waiting period, before entering into a microinsurance policy request the potential policyholder or potential member of a group scheme to confirm whether or not the potential policyholder or potential member had— |
| (a) |
a previous microinsurance policy; and |
| (b) |
completed a waiting period under that previous microinsurance policy. |
| 2A.6.7 |
Rule 2A.6.6 does not apply to a microinsurance policy underwritten under the consumer credit class of non-life insurance business as set out in Table 2 of Schedule 2 to the Insurance Act. |
| 2A.6.8 |
A microinsurer must, upon request by a microinsurer referred to in rule 2A.6.6 confirm whether or not the confirmation by the potential policyholder or potential member of a group scheme received in accordance with rule 2A.6.6 is correct. |
[Rule 2A.6 inserted by rule 6(b) of Notice No. 996, GG 41928, dated 28 September 2018]
Platinum Membership
