MiWay Complaints - Additional Excesses

I recently learnt that MiWay charges an additional excess on claims of R500.00
Should you miss two consecutive premium debits then MiWay automatically levies this penalty against any future claims.
South Africa has just lost 3million jobs due to the national lockdown. If MiWay has a 1% stake in that number then 30k people are potentially affected by this.
30k X R500 = R15m. So whilst struggling to keep the lights on and feeding your family, MiWay makes R15m off of those same clients? Remember this a penalty on top of your bank charges!
CONCERN
Is MiWay an insurance company or a bank? Who/What governs these penalties?
Why does insurance companies have so much latitude in charging additional excess?
Can they simply update T&Cs and send an email and we must deal?
This cannot be right ............!

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