IMPACT OF THE REGULATION FOR NAPTOSA RONBEL CLIENTS.

Gap Cover Series

Product line

a. Our products meet almost every possible variation of category and type of contract referred to in Regulation 7.2(1). Ambledown does not have a product that must be discontinued due to the Regulations.

b. Other than Limitations, Commissions, the Termination clause and Disclosure requirements, no adjustment to Ambledowns Product Line is necessary.

Limitations:

1. All new individuals and new groups written after 1 April 2017 will be limited to an overall annual benefit of R150,000 per insured person per annum. The same applies to all renewals in 2018.

2. We may continue to apply certain sub-limitations.

Please note that the R150,000 aggregated limitation per insured person per annum will not result in a reduction of premiums as premiums are determined by claims experience and not by benefits. During the last three years Ambledown has only paid 32 claims with a benefit that exceeded R150,000.

Communication:

We will update all brochures, Policies and communication material to ensure compliance.

New Products:

Please note that all new products are subject to approval and will have a four to six weeks delay for us to work with the insurer to get the product details to the FSB. New products are any new benefits that we do not currently offer new products do not include a variation in the mix of benefits we offer.

It is important to note that these changes apply to all Gap Product Service Providers. These changes must be in effect by 1 April 2017 on all new policies. All existing policies must comply by 1 January 2018.

If you have any queries please contact Fiona on 041 363 7333.

Document Links

DISCLAIMER: Please note that this information is for illustrative purposes only. Any claim is subject to the actual policy document and that the scheme rules and regulations will be binding at all times. While all reasonable care has been taken by Memp Financial Services (Pty) Ltd in compiling this extranet site, we have relied upon the accuracy and completeness of the information made available to us and subsequently cannot accept any liability for any errors or omissions herein. Any comparison on this site is a summary of the benefits only and does not replace the rules of the scheme.

Memp Financial Services (Pty) Ltd is a licensed financial services provider in terms of the Financial Advisory and Intermediary Services Act