Founding Affidavit and Annexures

Provisionsof the existing PersonalAccidentRegulations ("PAR") 6 of 8 2.Background ThePARare issued in termsof theMasterRegulationsand regulate thePersonalAccidentBenefitsprovidedby the Trustprovidedby theTrust (a) 3.Commencement ThePAR shall commenceon1 April2021and replaces the PARspreviously issuedby theTrust 4., 6.and 7.Determination ofpersonal accidentbenefit TheTrust shalldetermine thepermanentdisabilities, the baseamount foreachabilityand theminimumand maximumamountpayable foreach claim. ThePersonalAccidentBenefit shallbedeterminedasat the DateofAccident as the aggregateof theBaseAmount for eachPermanentDisability incurred inanAccidentmultiplied by thePercentageof BaseAmount,providedalways thata PersonalAccidentBenefitpayable toan Insured Life in respectofanAccident shallnotbe less than theMinimum AmountPayablenorexceed theMaximumAmountPayable. (b) Minimumandmaximumamountspayable Member (100%) - MinimumR1,350 andMaximumR27,000; Dependant14 yearsorolder (100%) - MinimumR1,350 and MaximumR27,000; Dependantbetween6 and13 yearsold (48.15%) - Minimum R650andMaximumR13,000; Dependantbetween1 and5 yearsold (35.19%) - Minimum R475andMaximumR9,500;and Dependantbetweendateofbirthand less than1 yearsold (19.26%) - MinimumR260andMaximumR5,200. TheTrustmay, inwriting,notify theMember that the Insured Life shallbeexaminedbyadoctor selectedbyandat thecostof theTrust to independentlydetermine the cause and/orextentof thepurportedPermanent Disability incurred in theAccident. 5.and 7.PaymentofPersonal AccidentBenefits TheTrust shallpayabenefitamount toaMember (andonly aMember inGoodStanding) in respectofPermanent Disability incurred in respectof an Insured LifebyAccident where thedateofAccident isonorafter the CommencementDate. The liabilityof theTrust shallbe limited topaymentof the onePersonalAccidentBenefit in respectof Permanent Disabilities incurredbyan Insured Life inanAccident regardlessof thenumberofClaimsmade. Personal information © Notdealtwith in thePAR. Cover (d) Cessationof covernotdealtwith in thePAR. Premiums Determinationof Contributionsnotdealtwith in thePAR. Assured Lives Includesa (i)Member inGoodStanding; (ii)aDependent whopredeceasesaMember inGoodStanding; Nomination ofaBeneficiary Notdealtwith in thePAR. Policy documents Review of Changes to the Personal Accident Benefits of the Kganya Benefits Fund Trust *To the extentanydifferencesbetween theprovisionsof the existing PersonalAccidentRegulationsand theproposedPukwanayaKganyaContractshavebeen identified thatdonotadverselyaffect the rightsof the members to theKganyaBenefitsFund Trust, such changeshavebeen marked inorange in the corresponding cellsbelow. **To theextentany differencesbetween theprovisionsof theexisting Personal AccidentRegulationsand theproposedPukwanayaKganyaContractshavebeen identified thatdoadverselyaffect the rightsof the members to theKganyaBenefitsFund Trust, such changeshavebeenmarked in red in the corresponding cellsbelow. ***Material differencesor changes indicated in red shading shallbeaccompanied by a letter referencing the material differenceor change in the leftmost column of the tableand the corresponding letter referencing suchmaterial difference or changewillbeaccompaniedbyanexplanation for the material differenceor change. ****Capitalised termsused in this comparison shallhave the meaning ascribed to them in the documents considered in this comparison,unless indicatedotherwise R27,000 -Permanent and totalquadriplegia; R27,000 -Permanent and totalquadriplegiaor total lossof twoormore limbsatorabove thewristorankle; R27,000 -Permanent and total lossof speech; R27,000 -Permanent and total lossofhearing inbothears; R13,500 -Permanent and total lossofhear inoneear; R6,750 - Partial lossof hearing inoneear (a lossofat least 50%); R27,000 -Permanent and total lossof sight inbotheves; R13,500 -Permanent and total lossof sight inoneeye; R6,750 - Partial lossof sight inoneeye (a lossof at least 50%); R27,000 - Lossor lossof useof limbatorabove thewristor ankle; R18,900 -Complete lossof four fingersonahand (lossof at least twophalanges); R10,800 -Complete lossof three fingersonahand (lossofat least twophalanges); R6,750 - Complete lossof two fingersonahand (lossof at least twophalanges); R8,100 - Complete lossof thumb (lossofbothphalanges) or lossof useof thumb R4,050 - Partial lossof thumb (at leastonephalange); R8,100 - Complete lossof four toeson foot (lossof two phalangesoneach toe);and R1,350 - Complete lossof a toeonany foot (at leastone phalynx) (foreach toe). Part1 - 3.1,3.2.and3.3and9.1.Premiums Part1 -3.1.,3.2.and3.3. - TheTrustprocuredaccess to thisPukwana yaKganyaContract forall Members (other thanChurchOfficialswhoareMembers)who satisfy the requirements forMembership to the Trust. TheTrust (as thepremiumpayer)merelypays thepremiumsonbehalf of the policyholders toSDM,whichpremium ismadepursuant to thevested rightof aMemberagainst theTrust for thepaymentof suchPremium.TheTrustwill notpaypremiums if thePolicyholder (asMember) fails topay their MembershipContribution to theTrustpursuant to theirMembership. Part1 -9.1. Premiumsarepaid in termsofa separatepremiumpaymentagreement. Premiumsarepaidonly if thepolicyholder isaMember,andwithout limitation to this requirement,pays its MembershipContribution. If the MembershipContributionsarenotpaid, theTrustwillnot beobliged topay thepremiumswillnotbepaiduntilMembershipContributionsarepaidagain. Premiumsmustbepaid in fullandareduemonthly inadvance. In theevent thatanyof theabove conditionsarenotmet, theTrust shallnot beobliged,and shallno longerpay, thePremiums toSDM in respectof the Policyholder,until such timeas thePolicyholder resumespaymentof his/her MembershipContributions to theTrust,asprovided for in theMaster Regulations, readwith theBasicBenefitsRegulations. Paymentof Premiums shallatall timesbemade inaccordancewith,and subject to, the termsof thePremiumPaymentAgreement,whichPremium PaymentAgreement canbemadeavailableon request inwriting. Paymentof thePremiumsby theTrustdoesnotentitle theTrust toany rights in termsof thePYKContractnorentitle it toanyBenefits. Part1 - 9.2.Premiums SDM shallbeentitled to reviewand change thepremiumsat leastonanannualbasis in linewith thePolicyholderProtectionRules, subject toanyApplicable Laws. SDM shall review thePremiumsatany time if thereare reasonableactuarialgrounds to do so,orwhere the review is required in the interestof thePolicyholder. SDM reserves the right to reviewand change thePremiumatany timeupon the occurrenceof anyof the followingevents: (i) theMembershipContributions change; and/or (ii) the claims ratioexceeds80% in respectofallPolicyholders SDM shall, following theoutcomeof the review,beentitled tochange thePremium witheffect from thedateas specifiedby the Insurer,bygiving31 (thirtyone)daysprior writtennotice to thePolicyholder, subject atall times to theApplicableLaws. Part1 - 6.1.5 and 12.1and 12.2Assured Lives Part1 -6.1.5 - Forpurposesof theDreadDisease andPersonalAccidentPolicyand in respectof the PersonalAccidentBenefits, thePolicyholderandall DependentChildrenas indicated in thePayment ReceiptBooklet, in respectofwhomSDMwill provide cover in termsof thePYKContract. Part1 - 12.1 and12.2 - ADependant shallbe the followingpersons indicatedon thePaymentReceiptBooklet as DependantChildren: (i)a childborn to the Policyholder; (ii) a legallyadopted childof the Policyholder; (iii)a childadoptedby customby the Policyholder (provided that bothnaturalparentsare deceased). Thisdoeshowever,exclude (i)a childwho survives thepolicyholderand isnot aPaid-upDependent; (ii) a childofaDependantChildof thePolicyholder (i.e. grandchildren);and (iii) childrenover theageof 25 (unless this child ispermanentlydependenton the Policyholderby virtueof mental illnessorphysical disabilitywhichoccurredwhilst thepersonqualified asaDependantandprovided thatat leastone Premiumwaspaidby theTrust in respectof the Policyholderprior to thedate the childwould otherwisecease toqualifyasaDependantChildand thereafterPremiumswerepaid in respectof the Policyholder ineachensuingMonth). Part1 - 12.3 to 12.5 Part1 -12.3 - New-born childrenborn to the Policyholderand children adoptedby thePolicyholder mustbe indicated in the PaymentReceiptBooklet within6 Monthsafter thedate of birthoradoptionas the case maybe. Part1 -12.4 - A childof a Policyholder (who is the father) shallnotbeaDependentChild of thePolicyholderunless (i) thenaturalmother isdeceased or isnotaMemberof theZCC, or (ii) thePolicyholder is the legalguardianof sucha child. Part1 -12.5 - ThePolicyholder shallprovideall such documentaryandother evidence,asmaybe required by SDM from time to time, to establishwhethera child qualifiesasaDependent Child forpurposesof thePYK Contract. Part3 - 11.Nominationof Beneficiary This isnot dealt with in the PYKContract Part1 - 5.Policy documents ThePYKContract and the PolicySchedulewill form partof theMembership TermsandConditions Booklet,despite it constitutinga separate agreementbetween the Member inhis/her capacity as PolicyholderandSDM. Allnoticesanddisclosures tobedistributedby the Insurer in termsof the ApplicableLaws shallbe suppliedby the Insureror its dulyappointed administrator,beingKganya InsuranceAdministrators, to thePolicyholder through the ChurchBranchesaffiliated with theZCC,or suchother meansof communicationas maybeappropriate in the circumstances. Reasons formaterialdifferences a)The reason for this specific change isdue to the fact thatdue to thepromulgationof the InsuranceAct18of 2017, thepersonalaccidentbenefits couldno longerbeprovidedundergroup insurancepolicies in the current schemeandmust ratherbeprovided through individual insurancepolicies issued toeachmember.Therefore,whereas thePARs constitute the regulationsdetailing the trust benefits,andwhich trustbenefitsareunderwritten in termsof separategrouppoliciesentered intobetween theTrustandSDMwith theTrustas thepolicyholderentitled to the insurancebenefits, thePYKContractprovides insurancebenefits to themembersaspolicyholders. b) The reason for this change isdue to the fact that the relevant insurance laws specifically require that the insurermust determine the insurancebenefitpayable,unless ithasentered intoabinderagreement (asprescribed)withanotherperson toperform thisexact functionasabinderholder.Note that the relationshipagreement requires continued cooperationbetweenSDM, theTrust, theZCCandKIA. c)The reason for this change is toensure complianceby theTrustandSDMwith theProtectionofPersonal InformationAct4 of2013 but to furtherallow SDM toprovide theBenefitsunder the structureof thenew scheme. d) Under thePARs,aMember'saccess tovested trustbenefitsagainst theTrustwas dependenton suchMembersqualifyingasMembers in termsof theTrustand furtherqualifying for trustbenefits in termsof the relevantbenefit regulations,which includedqualifyingasaMember inGoodStanding (determined,broadly speaking,with reference toperiodicand continuouspaymentof contributions).Therefore,access such thevested trustbenefitswould ceasewhere these requirementswerenotmet.The sameprinciples remainapplicable in respectof somevestedbenefits. In respectof thevested trustbenefits whichwillbecome insurancebenefitsunder individualpoliciespursuant to theamended insurance scheme, the termsof thepolicywillneed tocomplywith thePolicyholderProtectionRulesand the terminationprovisions in thePYKContract (inaddition to the requirements givingeffect toprevious groundsof terminationof vested rights),nowmakesprovision for thatalignmentHowever, it shouldbenoted that the instances inwhich coverwill ceaseare similar to thoseprovided forunder theexisting trust regimeand further that thepolicywillnever lapsedespite the cessationof cover (i.e. cover canbe reinstated once the relevant requirementsaremet). It is key tonotehere that SDM isnowentitled to terminate thepolicywhere theTrustwas notpreviouslyable todo so.This ishowever, standardwording for insurancepoliciesand such cancellation is (due to recent case law) still subject to it being in linewithpublicpolicy. Provisionsof the PukwanayaKganyaContract ("PYKContract") Notdealtwith in thePAR. Part1 - 2.and3.Background / Introduction ThePYKContract is issuedby Sanlam DevelopingMarkets Limited ("SDM"), constituting theFuneralPolicyand the DreadDiseaseandPersonalAccident Policyand regulates,amongstothers, the PersonalAccidentBenefitprovided in termsof theTrustDeed. The termsand conditionsas setout in thisPart IandPart IV,apply to the FuneralPolicy, and theDreadDisease andPersonalAccidentPolicy in respect of allMemberswhoacquired Membership to theKganyaBenefits Fund Trustbefore theEffectiveDate ("Existing Member"). In respectof suchExisting Members, the termsand conditionsas setout in thisPart IandPart IVmustbe readwith– theFuneralPolicy contained inPart II; and theDreadDiseaseandPersonal AccidentPolicy contained inPart III Theprovisionsof Part IVdonotapply to newMembers. Part1 - 1.1 and21.6 Background ThePYKContract isabindingpolicy contractbetweenSDMand the Policyholders,pursuant to their Membership. Part1 - 7.2. Commencement The scheme relating to thePYKContract commenceswith the amendment to the TrustDeed,providing Memberswithaccess to thePYKContractas vested right,but cover forAssured Lives, subject to the provisionsof clause6 of part IV insofaras it relates to insurance cover forExisting Members,willonly commencewhen the Memberaccepts the offerof insuranceby SDMpursuant to: (i) thepaymentof the initialMembership Contribution,or (ii) completionof theMPP Form,andpurchasing aMembershipBook. Part1 - 8.1,and 8.4 Determinationof benefit SDM shall determine the Benefitspayable. SDM shallatall timesbeentitled toamend the Benefits,byway of 31days' writtennotice to thepolicyholder. Part1 - 3.6,6.1.61and 6.1.63 and Part3 - 8.4.and Annexe D.Determination ofpersonal accidentbenefit Part1 -3.6 - Personal AccidentBenefits shallatall times complywith the FinancialSectorCharter, to theextentapplicable. Part1 -6.1.61 and6.1.63 - Payableupon theoccurrence of aPermanent Disabilityof anAssured Life. Part3 -8.4 - SDMmay, in writing,notify the Policyholder thatan examination is requiredby the InsurerbyaMedical Practitioner selectedbyand at thecostof the Insurer to independentlydetermine the causeand/orextentof the purportedPermanent Disability. AnnexeD - Thebaseamounts and theminimumand maximumamountspayable in termsof thePYKContractare exactly the sameas it the currentlyPAR. Part1 - 6.1.61and 6.1.63 andPart 3 -8.2.and 8.3 Paymentof Benefits Part1 -6.1.63 and6.1.65 -Payable upon theoccurrenceof aPermanent Disabilityof anAssured Life. Part3 -8.2. - ThePersonalAccident Benefitsare calculatedas the aggregateof theBaseAmountper Permanent Disability incurred inan Accidentmultipliedby the designatedpercentagesof theBase AmountperAssured Life, subject atall times to theminimum DisabilityAmountand themaximum DisabilityAmount,asmaybe amended from time to time. Part3 -8.3. - SDM shallonlypay1 ClaimperPerimanentDisability Category in respectofPermanent Disabilities incurredbyanAssured Lifepursuant toanAccident, irrespectiveof thenumberof claims made . Part1 - 8.2.and 8.3 - Paymentof Benefits Part1 -8.2. - In order toqualify forpaymentof theBenefits, the Premiumsmust bepaid in respect of thePolicies, subjectatall times to the WaitingPeriods that maybe applicableand/or theprovisionsof Part IV in respect of Existing Members. Part1 -8.3 - SDM shallnotallow anydeductions from thebenefit payable. Part3 - 9.and10.PaymentofBenefits SDM shallnot payanyPersonalAccidentBenefits if the Assured Lifedies (whetherasa resultof the InsuredEvent orany causewhatsoever)prior to thedateonwhich the claim foraPersonalAccident Benefit is submitted. In theevent that the Insureracceptsa claim forPersonal AccidentBenefits in respectofDependantChild,and the Policyholderdies, the Insurer shallmakepayment of the PersonalAccidentBenefits to theBeneficiaryas contemplated in theFuneralPolicy, inaddition toany claimspayable in termsof theFuneralPolicy. In theevent that the Insureracceptsa claim forPersonal AccidentBenefits in respectofaPolicyholder,and the Policyholderdies, the Insurer shallmakepayment of the PersonalAccidentBenefits to theBeneficiary (as contemplated in theFuneralPolicy), inaddition toany claimspayable in termsof theFuneralPolicy. In theevent that the Insureracceptsa claim forPersonal AccidentBenefits in respectofaDependentChild,and the DependentChilddies, the Insurer shallmakepaymentof thePersonalAccidentBenefits to theBeneficiary (as contemplated in theFuneralPolicy), inaddition toany claimspayable in termsof theFuneralPolicy. NoWaitingPeriod isappliedby the Insurer in respectof the PersonalAccidentBenefits in termsof thisDreadDisease andPersonalAccidentPolicy. Part1 - 4.and15.Personal information Thepolicyholdershave consented to theirpersonal informationbeing sharedwith SDMby theTrust (or itsduly appointedadministrator)and forSDM (or itsdulyappointed administrator) to share such informationwitha thirdparty that assists SDM inproviding theBenefits. TheMember (asPolicyholder) willnotbe required to complete separatedocuments for insurancepurposes.The Memberagrees that the information completedby the Memberaspartof Membership,maybeusedby the Insurer forpurposesof this Pukwana yaKganyaContract SDMwillonly retain such information foras longas it is neededandwillatall times complywith the relevantdata protection legislation. Part3 - 13.Cover Cover shall cease when: (i) thePYK Contract is cancelled; (ii) the Policyholder ceases tobea memberof the Trust; (iii)upon deathof the Policyholder;or (iv) theTrust fails topayapremium foranAssured Lifeasa result of thePolicyholder's failure topay his/herMonthly Membership Contribution, subjectatall times to the ForgivenessRules.