Founding Affidavit and Annexures

Provisionsof theexistingPersonalAccidentBenefitRegulations ("PAR")and theThariYaBarutiRegulations ("TYBR") 8of11 2.Background ThePARandTYBRare issued in termsof theMasterRegulationsand regulate thePersonalAccidentBenefitsprovidedby theTrustprovided by theTrust (a) 3.Commencement ThePARandTYBR shall commenceon1April2021 and replaces the PARspreviously issuedby theTrust 4., 6.and7.Determinationofpersonalaccidentbenefitand4. DeterminationofAdditionalPersonalAccidentBenefit (TYBR) TheTrust shalldetermine thepermanentdisabilities, thebaseamount foreachabilityand theminimumandmaximumamountpayable for each claim. ThePersonalAccidentBenefit shallbedeterminedasat theDateof Accidentas the theaggregateof theBaseAmount foreachPermanent Disability incurred inanAccidentmultipliedby thePercentageofBase Amount,providedalways thataPersonalAccidentBenefitpayable to an Insured Life in respectofanAccident shallnotbe less than the MinimumAmountPayablenorexceed theMaximumAmountPayable. TheTrust shalldetermine theAdditionalPersonalAccidentBenefit payable from time to time. (b) Minimumandmaximumamountspayable Member (100%) -MinimumR1,350+50%of thePersonalAccident BenefitandMaximumR27,000+50%of thePersonalAccidentBenefit; Dependant14 yearsorolder (100%) -MinimumR1,350andMaximum R27,000 ; Dependantbetween6 and13 yearsold (48.15%) -MinimumR650 and MaximumR13,000; Dependantbetween1 and5 yearsold (35.19%) -MinimumR475 and MaximumR9,500;and Dependantbetweendateofbirthand less than1 yearsold (19.26%) - MinimumR260andMaximumR5,200. TheTrustmay, inwriting,notify theMember that the Insured Life shall beexaminedbyadoctor selectedbyandat thecostof theTrust to independentlydetermine thecauseand/orextentof thepurported PermanentDisability incurred in theAccident. 5.and7.PaymentofPersonalAccidentBenefitsand5.Paymentof CommitteeMember, YouthCommitteeandMoriaStaffMember Benefits TheTrust shallpayabenefitamount toaMember (andonlyaMember inGoodStanding) in respectofPermanentDisability incurred in respect ofan Insured LifebyAccidentwhere thedateofAccident isonorafter theCommencementDate. The liabilityof theTrust shallbe limited topaymentof theonePersonal AccidentBenefit in respectofPermanentDisabilities incurredbyan Insured Life inanAccident regardlessof thenumberofClaimsmade. 5 (TYBR).TheTrustundertakes toprovide to theCommitteeMember, Personal information Notdealtwith in thePAR. (c) Cover Cessationofcovernotdealtwith in thePAR. (d) Premiums DeterminationofContributionsnotdealtwith in thePAR. Assured Lives Includesa (i)Member inGoodStanding; (ii)aDependentwho predeceasesaMember inGoodStanding; NominationofaBeneficiary Notdealtwith in thePAR. Policydocuments Notdealtwith in thePAR. Part1 -8.2.and8.3 - PaymentofBenefits Part1 -8.2. - Inorder toqualify for paymentof the Benefits, the Premiumsand AdditionalPremiums mustbepaid in respectof the Policies, subjectatall times to theWaiting Periods thatmaybe applicable. Part1 -8.3 -SDM shallnotallowany deductions from the benefitpayable. Part3 -9.and10.Paymentof Benefits SDM shallnotpayanyPersonal AccidentBenefits if thePolicyholder dies (whetherasa resultof the Insured Eventorany causewhatsoever)prior to thedateonwhich theclaim fora PersonalAccidentBenefitand AdditionalPersonalAccidentBenefits is submitted. In theevent that the Insureracceptsa claim forPersonalAccidentBenefits and theAdditionalPersonalAccident Benefits,and thePolicyholderdies, the Insurer shallmakepaymentof the PersonalAccidentBenefitsand AdditionalPersonalAccidentBenefits to theBeneficiary in termsof theThari yaBarutiFuneralPolicy, inaddition to any claimspayable in termsof the FuneralPolicy. NoWaitingPeriod isappliedby the Insurer in respectof thePersonal AccidentBenefitsandAdditional PersonalAccidentBenefits in termsof thisThariyaBarutiDreadDiseaseand PersonalAccidentPolicy. Part1 -4.and15.Personal information Thepolicyholdershaveconsented to theirpersonal informationbeing sharedwithSDM (or itsdulyappointed administrator)by theTrust (or itsduly appointedadministrator)and forSDM to share such informationwitha third party thatassistsSDM inproviding the Benefits. TheMember (asPolicyholder)willnot be required tocomplete separate documents for insurancepurposes. TheMemberagrees that the information completedby theMember aspartofMembership,maybeused by the Insurer forpurposesof thisTYB Pukwana yaKganyaContract SDMwillonly retain such information foras long as it isneededandwillatall times complywith the relevantdata protection legislation. Part3 -13.Cover Cover shall ceasewhen: (i) theTYBContract is cancelled; (ii) the Policyholder ceases tobe amemberof theTrust; (iii)upondeathof the Policyholder;or (iv) the Trust fails topaya premiumandadditional premoum foranAssured Lifeasa resultof the Policyholder's failure to payhis/herMonthly Membership Contribution, subjectat all times to the ForgivenessRules. Part1 -5.Policydocuments TheTYBContractand the PolicySchedulewill formpart of theMembershipTerms andConditionsBooklet, despite it constitutinga separateagreementbetween thePolicyholderandSDM. Allnoticesanddisclosures to bedistributedby the Insurer in termsof theApplicable Laws shallbe suppliedby the Insureror itsdulyappointed administrator,beingKganya InsuranceAdministrators, to thePolicyholder through the ChurchBranchesaffiliated with theZCC,or suchother meansof communicationas maybeappropriate in the circumstances. Part1 -3.1,3.2,3.3and3.4and9.1.Premiums Part1 -3.1.,3.2.3.3.and3.4. -TheTrust (as thepremiumpayer)merelypays thepremiumsonbehalfof thepolicyholders toSDM,whichpremium ismade pursuant to thevested rightofaMemberagainst theTrust for thepaymentof suchPremiumandAdditionalPremium.TheTrustwillnotpaypremiums if the Policyholder (asMember) fails topay theirMembershipContribution to the Trustpursuant to theirMembership. Part1 -9.1. PremiumsandAdditionalPremiumsarepaid in termsofa separatepremium paymentagreement.Premiums andAdditionalPremiumsarepaidonly if the policyholder isaMember thatpays its MembershipContribution. If the MembershipContributionsarenotpaid, theTrustwillnotbeobliged topay the premiumsandadditionalpremiumswillnotbepaiduntilMembership Contributionsarepaidagain. Premiumsaredueandpayable in full,andareduemonthly inadvance. In theevent thatanyof theaboveconditionsarenotmet, theTrust shallnotbe obliged,and shallno longerpay, theAdditionalPremiumsandPremiums to SDM in respectof thePolicyholder,until such timeas thePolicyholder resumes paymentofhis/herMembershipContributions to theTrust,asprovided for in theMasterRegulations, readwith theEnhancedBenefitsRegulations. PaymentofPremiumsand theAdditionalPremiums shallatall timesbemade inaccordancewith,and subject to, the termsof thePremiumPayment Agreement,whichPremiumPaymentAgreement canbemadeavailableon request. Paymentof thePremiumsby theTrustdoesnotentitle theTrust toany rights in termsof theTYBContractnorentitle it toanyBenefits. Part1 -9.2.Premiums SDM shallbeentitled to reviewand change the premiumsat leastonanannualbasis in linewith thePolicyholderProtectionRules, subject toany ApplicableLaws. SDM shall review thePremiumsand theAdditional Premiumsatany time if thereare reasonably actuarialgrounds todo so,orwhere the review is required in the interestof thePolicyholder. SDM reserves the right to reviewand change the PremiumandAdditionalPremiumsatany time upon theoccurrenceofanyof the following events: (i) theMembershipContributions change; and/or (ii) theclaims ratioexceeds80% in respect ofallPolicyholders. SDM shall, following theoutcomeof the review,be entitled tochange thePremiumand theAdditional Premiumwitheffect from thedateas specifiedby the Insurer,bygiving31 (thirtyone)daysprior writtennotice to thePolicyholder, subjectatall times to theApplicable Laws. Part1 -6.1.10and12Assured Lives Part1 -6.1.10 -Forpurposesof theThariyaBaruti DreadDiseaseandPersonalAccidentPolicy (i) the Policyholder, (ii) all childrenof thePolicyholderwho qualifyasDependentChildren,andPaid-up Dependants,whoare indicated in thePayment ReceiptBooklet;and iii)Stillbirths in respectof the Policyholder, in respectofwhomSDMwillprovide cover in termsof theThariyaBarutiFuneralPolicy Part1 - 12 ADependant shallbe the followingpersons indicatedon thePaymentReceiptBookletas DependantChildren: (i)a childborn to the Policyholder; (ii)a legallyadopted childof the Policyholder; (iii)a childadoptedby customby the Policyholder (provided thatbothnaturalparentsare deceased). Thisdoeshowever,exclude (i)a childwho survives thepolicyholderand isnotaPaid-upDependent; (ii) a childofaDependantChildof thePolicyholder (i.e. grandchildren);and (iii) childrenover theageof25 (unless this child ispermanentlydependanton the Policyholderbyvirtueofmental illnessorphysical disabilitywhichoccurredwhilst thepersonqualified asaDependantandprovided thatat leastone Premiumwaspaidby theTrust in respectof the Policyholderprior to thedate thechildwould otherwise cease toqualifyasaDependantChildand thereafterPremiumswerepaid in respectof the Policyholder ineachensuingMonth). Part1 -12 -New-born childrenborn to the Policyholderand childrenadoptedby thePolicyholdermustbe indicated in thePaymentReceiptBookletwithin 6 Monthsafter thedateofbirthor adoptionas thecasemaybe. A childofaPolicyholder (who is the father) shallnotbeaDependent Childof thePolicyholderunless (i) thenaturalmother isdeceasedor is notaMemberof theZCC,or (ii) the Policyholder is the legalguardianof sucha child. ThePolicyholder shallprovideall suchdocumentaryandother evidence,asmaybe requiredby SDM from time to time, toestablish whethera childqualifiesasa DependentChild forpurposesof the TYBContract. Part3 -11. Nominationof Beneficiary This isnotdealt with in theTYB Contract Part1 - 2.and3.Background / Introduction TheTYBContract is issuedbySanlamDevelopment Markets Limited ("SDM").TheTYBContract comprises (i) theThari yaBarutiFuneralPolicy;and (ii) theThariya BarutiDreadDiseaseandPersonalAccidentPolicy. TheT&Csas setout Part IandPart IV,apply to theTYB FuneralPolicy,and theTYBDreadDiseaseandPersonal AccidentPolicy in respectofallMemberswhoacquired membership to theKganyaBenefitsFundTrustbefore the EffectiveDate ("ExistingMember"). In respectof such ExistingMembers, the termsand conditionsas setout in thisPart IandPart IVmustbe readwith– theTYB Funeral Policy contained inPart II;and theTYB DreadDiseaseand PersonalAccidentPolicy contained inPart III. TheprovisionsofPart IVdonotapply tonewMembers. Part1 - Introduction 3.1TheTrustprocuredaccess to thisTYBContract forall ChurchOfficialswhoareMemberswho satisfy the requirements forMembership to theTrust. 3.2TheChurchOfficialsasMembersareentitled, in addition to theFuneralBenefitsand theDreadDiseaseand PersonalAccidentBenefits, to theAdditionalFuneral Benefitsand theAdditionalPersonalAccidentBenefits, againstpaymentof theAdditionalPremiumspayableby theTrustas setout in thisTYBContract. 3.5TheThariyaBarutiFuneralPolicyand theThariya BarutiDreadDiseaseandPersonalAccidentPolicy constitute two separateanddivisible insurancepolicies, whichareofferedaspartofaMember'sMembership to theTrust in termsof thisTYBContract Part1 -7.2.Commencement Subject to theprovisionsofof Part IVas it relates to insurance cover forExistingMembers, insurancecommenceswith the amendment to theTrustDeed, providingMembers withaccess to theTYBContractasa vested right,buton thedate the Memberaccepts theoffer for insurancecoverpursuant to: (i) thepaymentof the initial MembershipContribution,or (ii) completionof theMPP Form,andpurchasing a MembershipBook. Part1 -8.1, and8.4 Determinationof benefit SDM shalldetermine theBenefitspayable. SDM shallatall times beentitled toamend theBenefits,bywayof 31days'writtennotice to thepolicyholder. Part1 -3.7,6.1.65and6.1.66andPart 3 -8.4.andAnnexeD.Determination ofpersonalaccidentbenefit Part1 -3.5 -PersonalAccidentBenefits shallatall times complywith the FinancialSectorCharter, to theextent applicable. Part1 -6.1.65 and6.1.66 -Payable upon theoccurrenceofaPermanent DisabilityofanAssured Life. Part3 -8.4 -SDMmay, inwriting, notify thePolicyholder thatan examination is requiredby the Insurer byaMedicalPractitioner selectedby andat thecostof the Insurer to independentlydetermine thecause and/orextentof thepurported PermanentDisability. AnnexeD -Thebaseamountsand the minimumandmaximumamounts payable in termsof theTYBContract areequal to50%of thecurrentbenefit in thePAR.However theseareonly in respectofPolicyholdersandNOT dependants. Part1 -6.1.40 ,6.1.65and 6.1.66 andPart3 -8.2.and8.3 PaymentofBenefits Part1 -6.1.65 and6.1.66 - Payableupon theoccurrenceof aPermanentDisabilityofan Assured Life. Part3 -8.2. -ThePersonal AccidentBenefitsare calculated as theaggregateof theBase AmountperPermanent Disability incurred inanAccident multipliedby thedesignated percentageof theBaseAmount perAssured Life, subjectatall times to theminimum PermanentDisabilityAmount and themaximumPermanent DisabilityAmount . Part3 -8.3. -SDM shallonlypay 1 claim forPersonalAccident Benefits in respectofPermanent Disabilities incurredbyan Assured Lifepursuant toan Accident, irrespectiveof the numberof claimsmade . Reasons formaterialdifferences a)The reason for this specific change isdue to the fact thatdue to thepromulgationof the InsuranceAct18of2017, thepersonalaccidentbenefits couldno longerbeprovidedundergroup insurancepolicies in thecurrent schemeandmust ratherbeprovided through individual insurancepolicies issued toeachmember.Therefore,whereas thePARs constitute the regulationsdetailing the trustbenefits,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 insurermustdetermine the insurancebenefitpayable,unless ithasentered intoabinderagreement (asprescribed)withanotherperson toperform thisexact functionasabinderholder.Note that the relationshipagreement requires continued cooperationbetweenSDM, theTrust, theZCC andKIA. c)The reason for this change is toensure complianceby theTrustandSDMwith theProtectionofPersonal InformationAct4of2013but to furtherallowSDM toprovide theBenefitsunder the structureof thenew scheme. d) Under thePARs,aMember'saccess tovested trustbenefitsagainst theTrustwasdependenton suchMembersqualifyingasMembers in termsof theTrustand furtherqualifying for trustbenefits in termsof the relevantbenefit regulations,which includedqualifying asaMember 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 trustbenefitswhichwillbecome insurancebenefitsunder individual policiespursuant to theamended insurance scheme, the termsof thepolicywillneed to complywith thePolicyholderProtectionRulesand the terminationprovisions in thePYKContract (inaddition to the requirementsgivingeffect topreviousgroundsof terminationofvested rights),nowmakesprovision for thatalignmentHowever, it shouldbenoted that the instances inwhich coverwill ceaseare similar to thoseprovided forunder theexisting trust regimeand further that thepolicywillnever lapsedespite thecessationofcover (i.e. cover canbe reinstatedonce the relevant requirementsaremet). It iskey tonotehere thatSDM isnowentitled to terminate the policywhere theTrustwasnotpreviouslyable todo so.This ishowever, standardwording for insurancepoliciesand such cancellation is (due to recent case law) still subject to itbeing in linewithpublicpolicy. *To theextentanydifferencesbetween theprovisionsof theexistingPersonalAccidentRegulationsand theproposedThariyaBarutiPukwanayaKganyaContractshavebeen identified thatdonotadverselyaffect the rightsof themembers to theKganyaBenefitsFundTrust, such changeshavebeenmarked inorange in the corresponding cellsbelow. **To theextentanydifferencesbetween theprovisionsof theexistingPersonalAccidentRegulationsand theproposedThari yaBarutiPukwanayaKganyaContractshavebeen identified thatdoadverselyaffect the rightsof themembers to theKganyaBenefitsFundTrust, such changeshavebeenmarked in red in the corresponding cellsbelow. ***Materialdifferencesor changes indicated in red shading shallbeaccompaniedbya letter referencing thematerialdifferenceor change in the leftmost columnof the tableand the corresponding letter referencing suchmaterialdifferenceor changewillbeaccompaniedbyanexplanation for thematerialdifferenceor change. ****Capitalised termsused in this comparison shallhave themeaningascribed to them in thedocuments considered in this comparison,unless indicatedotherwise R27,000+50%of thePersonalAccidentBenefit -Permanentand total quadriplegia; R27,000+50%of thePersonalAccidentBenefit -Permanentand total quadriplegiaor total lossof twoormore limbsatorabove thewristor ankle; R27,000+50%of thePersonalAccidentBenefit - Permanentand total lossof speech; R27,000+50%of thePersonalAccidentBenefit -Permanentand total lossofhearing inbothears; R13,500+50%of thePersonalAccidentBenefit -Permanentand total lossofhear inoneear; R6,750+50%of thePersonalAccidentBenefit -Partial lossofhearing inoneear (a lossofat least50%); R27,000+50%of thePersonalAccidentBenefit -Permanentand total lossof sight inbotheves; R13,500+50%of thePersonalAccidentBenefit -Permanentand total lossof sight inoneeye; R6,750+50%of thePersonalAccidentBenefit -Partial lossof sight in oneeye (a lossofat least50%); R27,000+50%of thePersonalAccidentBenefit - Lossor lossofuseof limbatorabove thewristorankle; R18,900+50%of thePersonalAccidentBenefit -Complete lossof four fingersonahand (lossofat least twophalanges); R10,800+50%of thePersonalAccidentBenefit -Complete lossof three fingersonahand (lossofat least twophalanges); R6,750+50%of thePersonalAccidentBenefit -Complete lossof two fingersonahand (lossofat least twophalanges); R8,100+50%of thePersonalAccidentBenefit -Complete lossof thumb (lossofbothphalanges)or lossofuseof thumb R4,050+50%of thePersonalAccidentBenefit -Partial lossof thumb (at leastonephalange); Provisionsof theThariYaBarutiPukwanaYaKganyaContract ("TYB Contract") Review of Changes to the Personal Accident Benefits of the Kganya Benefits Fund Trust