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    Draft FSRA Exemption Notice 1 of 2019

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    Ridah Solomon
    The Financial Sector Conduct Authority exempts certain insurers from requirements regarding the replacement of policies. Specifically, insurers that offer assistance policies, funeral policies, or microinsurance policies are exempt from Rule 19 of the Policyholder Protection Rules and Regulation 3.9A of the Regulations under the Long-Term Insurance Act as it relates to those types of policies. This exemption applies only to assistance policies, funeral policies, and microinsurance policies offered by these insurers. The exemption comes into effect on September 1, 2019.

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    Draft FSRA Exemption Notice 1 of 2019

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    Ridah Solomon
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    The Financial Sector Conduct Authority exempts certain insurers from requirements regarding the replacement of policies. Specifically, insurers that offer assistance policies, funeral policies, or microinsurance policies are exempt from Rule 19 of the Policyholder Protection Rules and Regulation 3.9A of the Regulations under the Long-Term Insurance Act as it relates to those types of policies. This exemption applies only to assistance policies, funeral policies, and microinsurance policies offered by these insurers. The exemption comes into effect on September 1, 2019.

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    Draft FSRA Exemption Notice 1 of 2019

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    The Financial Sector Conduct Authority exempts certain insurers from requirements regarding the replacement of policies. Specifically, insurers that offer assistance policies, funeral policies, or microinsurance policies are exempt from Rule 19 of the Policyholder Protection Rules and Regulation 3.9A of the Regulations under the Long-Term Insurance Act as it relates to those types of policies. This exemption applies only to assistance policies, funeral policies, and microinsurance policies offered by these insurers. The exemption comes into effect on September 1, 2019.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    57 views2 pages

    Draft FSRA Exemption Notice 1 of 2019

    Uploaded by

    Ridah Solomon
    The Financial Sector Conduct Authority exempts certain insurers from requirements regarding the replacement of policies. Specifically, insurers that offer assistance policies, funeral policies, or microinsurance policies are exempt from Rule 19 of the Policyholder Protection Rules and Regulation 3.9A of the Regulations under the Long-Term Insurance Act as it relates to those types of policies. This exemption applies only to assistance policies, funeral policies, and microinsurance policies offered by these insurers. The exemption comes into effect on September 1, 2019.

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    of 2

    FSRA EXEMPTION NOTICE [-] OF 2019 (LTIA)

    EXEMPTION OF CERTAIN INSURERS FROM RULE 19 OF THE POLICYHOLDER


    PROTECTION RULES (LONG-TERM INSURANCE) AND REGULATION 3.9A OF THE
    REGULATIONS UNDER THE LONG-TERM INSURANCE ACT, 1998 (ACT NO. 52 OF 1998)

    [-] July 2019

    The Financial Sector Conduct Authority, under section 281(3) of the Financial Sector Regulation
    Act, 2017 (Act No. 9 of 2017), hereby exempts insurers that offer assistance policies, funeral
    policies or microinsurance policies from the requirements of Rule 19 of the Policyholder Protection
    Rules (Long-Term Insurance) and Regulation 3.9A of the Regulations under the Long-term
    Insurance Act, 1998 to the extent set out in the Schedule.

    CAROLINE DEY DA SILVA


    FOR THE FINANCIAL SECTOR CONDUCT AUTHORITY

    FSRA Exemption Notice 1 of 2019 (LTIA): Replacement of Policies Page 1 of 2


    SCHEDULE

    EXEMPTION OF CERTAIN INSURERS FROM RULE 19 OF THE POLICYHOLDER


    PROTECTION RULES (LONG-TERM INSURANCE) AND REGULATION 3.9A OF THE
    REGULATIONS UNDER THE LONG-TERM INSURANCE ACT, 1998

    1. Definitions

    In this Schedule “the Act” means the Long-term Insurance Act, 1998 (Act No. 52 of 1998), and
    any word or expression to which a meaning has been assigned in the Act bears, subject to
    context, that meaning unless otherwise defined, and –

    “funeral policy” has the meaning assigned to it in Rule 2A of the Policyholder


    Protection Rules;

    “insurer” means a long-term insurer as defined in section 1 of the Act;

    “Regulations” means the Regulations made under section 72 of the Act promulgated
    by GN R.1492 of 27 November 1998 and amended from time to time;

    “Policyholder Protection Rules” means the Policyholder Protection Rules (Long-Term


    Insurance) made under section 62 of the Act promulgated by GN. 1407 and amended
    from time to time;

    “microinsurance policy” has the meaning assigned to it in Rule 2A of the Policyholder


    Protection Rules;

    2. Extent of exemption and conditions

    (1) An insurer that offers assistance policies, funeral policies or microinsurance policies
    is hereby exempted from the requirements of Rule 19 of the Policyholder Protection
    Rules and regulation 3.9A of the Regulations insofar as it relates to such assistance
    policies, funeral policies or microinsurance policies.

    3. Amendment and withdrawal of Exemption

    (1) This Exemption is subject to –

    (a) amendment thereof published by the Authority by notice on the web site of the
    Authority;

    (b) withdrawal in a like manner.

    4. Short title and commencement

    This Notice is called the Exemption of certain insurers from Rule 19 of the Policyholder
    Protection Rules (Long-term insurance) and regulation 3.9A of the Regulations under the Long-
    term Insurance Act, 1998, and comes into operation on 1 September 2019.

    FSRA Exemption Notice 1 of 2019 (LTIA): Replacement of Policies Page 2 of 2

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