MIND THE GAP: THE REVISED DRAFT REGULATIONS ON HEALTH COVER

Thursday, May 08, 2014
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On 30 April 2014, National Treasury published revised draft regulations under the Long-term Insurance Act and the Short-term Insurance Act, following significant industry push-back against draft regulations published in 2012. The revised draft regulations seek to prescribe what validly constitutes a “health policy” and an “accident and health policy” under insurance laws.The basics of a health insurance policy are that it is a contract in terms of which an insurance company promises to pay for certain costs if the insured falls ill or is injured, and the insured pays a premium directly informed by his or her age, health status and /or income (a process known as risk-rating).

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