Compliance with policyholder disclosures needs to be increased. Disclosure is now an ongoing obligation. Insurers must ensure that their processes allow for ongoing disclosure. Where insurers facilitate the collection of fees on behalf of the policyholder, they must ensure that: (Requirements for fair treatment of policyholders) Insurers must ensure that intermediaries who provide advice on their products take appropriate steps to mitigate erroneous advice to policyholders. One mitigation measure will be the training of intermediaries on the insurer`s products. Note: With respect to the proposed amendments to the RPP, Rule 11 will come into force on December 15, 2018. With the exception of Rule 11.5.1(j); 11.5.2 to 11.5.4, These Rules amend section 48 of the Long-Term Insurance Act, 1998 and section 47 of the Short-Term Insurance Act, 1998, which will be repealed when the Insurance Act, 2017 comes into force. Here are some practical tips for implementing and complying with this set of rules: The goal of policyholder protection rules is to ensure that a consumer receives enough information to make an informed decision about products before purchasing them. With regard to the implementation and compliance of the next tranche of regulations to be complied with by 15 December 2018, it should be noted that the PPRs apply to natural and legal persons with an asset value or annual turnover of less than ZAR 2 million. Rule 11 (with the exception of 11.5.1.i); 11.5.2 – 11.5.4 was adopted on 1.

July 2018) Keep in mind that policies need to be updated to reflect the insured`s new entitlements. Insurers should already have claims management processes in place that have been updated to incorporate TCF principles and any additional requirements generally mentioned. Rule 17 (except for group plans) This rule applies to agreements with intermediaries and other persons. Insurers must have an intermediary agreement with an intermediary. However, this does not prevent an insurer from appointing a representative to facilitate the conclusion of such an agreement. The insurer is also required to ensure that it only enters into such an agreement with an intermediary who has the necessary knowledge of the product when offering a product from the insurer, and the insurer must also provide the intermediary with a copy of the contract. In practice, however, insurers carry out due diligence on their intermediaries before the start of a business relationship. Insurers must ensure that they can retain and access policy information for a period of five years from termination. (2) The charges shall apply to services which are neither intermediary nor other services for which the insured person has already remunerated the intermediary. Rules 12.2.1 and 12.2.2 (insofar as they relate to existing interim agreements). Insurers must ensure that they can determine whether they can work directly with members of a group plan. If an insurer is unable to do this, they will have to prove why it is not feasible.

The TCF principles therefore also extend to members of a group system. (agreements with intermediaries and other persons) Regulations The following parts are in the Solvency II and Non-Solvent II sectors of the PRA regulatory framework. In order to avoid duplication, links to the Solvency II sector of the regulatory framework are provided.