Policyholder Protection Rules definition
Examples of Policyholder Protection Rules in a sentence
The Policyholder Protection Rules apply if you are a natural person or a juristic person, whose asset value or annual turnover is less than the threshold value as determined by the Minister of the Department of Trade and Industry in terms of section 6(1) of the Consumer Protection Act, 2008 (Act No. 68 of 2008).
All premiums collected may be refunded to you subject to the provisions of the Policyholder Protection Rules.
Your Insurance cover under this Policy will end and no further benefit will be payable, as soon as one of the following occurs: - The original end date of your Agreement is reached; - The early settlement of your Agreement; - You fail to pay the premium and the policy lapses in terms of Rule 15 A of the Policyholder Protection Rules; - We advise you that your insurance cover has been cancelled.
Notwithstanding anything to the contrary in this policy, the Policyholder shall be entitled to cancel this policy in accordance with the provisions of Clause 8 of the Policyholder Protection Rules.
All policy certificates, certificates, notices, and disclosures to be distributed in terms of the Policyholder Protection Rules prescribed under section 62 of the Long-term Insurance Act, FAIS Act and other relevant legislation shall be supplied by SDM or, by the Participating Employer’s duly appointed Broker to the Employee, in accordance with the provisions of the Applicable Legislation.
If your policy is in a suspended state, pending the collection of outstanding premiums, then any claims arising during this period may have the outstanding premiums deducted from the settlement amount (as per Rule 15A of the Policyholder Protection Rules).
After this Grace Period, your policy will be immediately terminated (as per Rule 15A of the Policyholder Protection Rules).
The policy will terminate upon the death of the Principal Insured, unless the policy is transferred to a new Policyholder) If two premiums are missed and not settled within the Grace Period, then the policy will be terminated (as per Rule 15A of the Policyholder Protection Rules).
Any complaints in terms of the failure of Constantia or your insurance broker to comply with the terms of the Policyholder Protection Rules should be lodged in writing to the Compliance Officer of Constantia.