The FSCA says inaccurate reports are being shared on social media platforms that Covid-19 vaccines are experimental medicine, causing fear, anxiety, and uncertainty.
The insurance industry regulator says reports that getting a Covid-19 vaccine will render life insurance policies “null-and-void” are rubbish.
The Financial Sector Conduct Authority (FSCA) says the misinformation is being shared on social media platforms by people who claim that the vaccines are experimental medicine that insurers don’t approve of. And this is causing fear, anxiety, and uncertainty in those who are still due for inoculation.
The FSCA says that taking a Covid-19 vaccine will not lead to the cancellation of a policy or the repudiation of a claim.
“The FSCA would further like to draw attention to the regulations issued in terms of the Disaster Management Act, 2002, clearly outlining that any person who publishes a statement, through any medium, including social media, with the intention to deceive any other person about Covid-19, is committing a criminal offence.”
Whether a person has been vaccinated or not also does not affect existing cover, new applications or ability to claim.
Insurers also previously told Fin24 that people who have been infected by the virus are currently treated the same as those who have not when they apply for new cover or submit claims.
READ | The novelty of Covid-19: Will it force insurers to hike prices or treat survivors differently?
The only way a Covid-19 infection will affect insurers’ underwriting processes is if a person who was hospitalised still has long-lasting complications.
Insurers said they might send them for additional tests and observation, but only if they are applying for new cover.
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