Regulatory Alerts2003-12-02
Added
Circular-PI-MA-2003 – Insurance-Products
Medical Aid Funds must cease offering funeral benefits, gap covers, and re-insurance policies, as these constitute insurance business regulated by the Long-term or Short-term Insurance Acts. Funds intending to market these products must register as insurance agents or brokers with NAMFISA by February 28, 2004, or face prohibition from marketing or selling them. Additionally, Funds must ensure SOS Rescue 911 and Road Club obtain insurance licenses or underwriting by March 31, 2004, or the Funds are prohibited from marketing these products on their behalf.