• Embed Doc
  • Copy Link
  • Readcast
  • Collections
  • CommentGo Back
Download
 
2
No.
19270
GGVERNM
 
3NT
GAZETTE.
23
SEPTEMBER 1998
Act
N(I. 52,
1998[.GNG-TERM
 
INSLIRAN
 
CE
ACT,
1998
(English
 
te.rt
 
signed
 
by
the
Acting
 
P~esidetzt.
 
)
(A.wented
 
to
15 September 
1998.)
ACT
To
provide for
the
registration of long-term
insurer;;
for the control of certainactivities of long-term insurers and intermediaries; and for matters connectedtherewith.
B
E IT ENACTED by the Parliament
of
the
Rtpublic
 
of
South Africa,
x
follows:-
ARRANGEMENT OF SECTIONS
Introductory provisions
Sectim
1.
Definitions
Part I
Administration of Act
2.
3.4.5.
6.
7.8.
9.
10.
11.
12.
13.14.15.16.17.
18.
19.
20.
Registrar of Long-term InsuranceGeneral provisions concerning RegistrarSpecial provisions concerning Registrar and
his
or her powersAnnual reportAdvisory Committee on Long-term
Insurunce
5
1 ()
Part 11
Registration of long-term
ins~,
rers
15
Registration required in order
to
carry on
Iong-[erm
insurance businessProhibition on use of certain words, or
perfonm;
nce
of
certain acts, by certain
persons
Application for registrationConditions of registration
20
Variation of registration conditionsRegistrar may under certain circumstances pro
libit
long-term insurers fromcarrying
cm
businessTermination
of
registrationReregistration of long-term insurers as
compan’
es
25
Part 111
Business and administration of 
long-hrm
insurers
Limitation on businessHead
oflice
and public
otlicer
Financial yearNotification of certain appointments and terminations
Auditor
Statutory actuary
30
 
4
N{).
1927fI
GOVERNM
 
xvi-
GAZETTE,
23
 
SEtTEMBER
I
998
Act
No.
52,
1998
LONG-TERM
[NSURAN
CE ACT, 1998
21.
Appointment of auditor or statutory actuary by Registrar
22.
Removal
of’
appointees who are not fit and
pro[er
23.
Audit committee
24.
Preference shares, debentures, share capital
ant
share warrants
25.
Registration of shares in name of nominee
5
26.
Limitation
on
control and certain
shareholding
or other interest in long-term
insurers
27.
Furnishing of information concerning shareholders
28.
EtTect
of registration
of
shares contrary to Act
Part IVFinancial arrangements
29.
Maintenance of financially
sound
condition
30.
Assets
31.
Kinds and spread of assets
32.
Deeming provisions concerning assets
33.
Liabilities
34.
Prohibitions concerning assets and certain liabilities
35.
Failure to maintain financially sound condition
36.
Returns to Registrar
Part V
20
Compromise, arrangement, amalgamation, demu
tualisation
and transfer
10
Is
37.
38.
39.
40.
41.42.
43.44.45.46.47.
48.49.50.51.52.53.54.55.
Court approval required for compromise, arrangement, amalgamation,demutualisation or transferApplication to CourtConditions of approvalApproved transaction
Part VI
Judicial management and winding-up of h ng-term insurers
Judicial managementWinding-up by Court
Voluntary winding-up
Part VII
Business practice, policies and policyholder protection
Bf(siness
practice
Free choice in certain circumstancesProhibition on inducementsPolicy to be actuarially soundReceipt for premium paid in cash, and validity
l~f
policySummary, inspection and copy
of
policyLimitation on remuneration to intermediariesUndesirable business practice
Policies
Policy suspended until payment of first
premiun
 
I
Failure to pay premiumsOption for payment of policy benefits in moneyLimitation on provisions of certain policiesLimitation on policy benefits in event of death
cf
unborn or of certain minors
25
30
35
40
45
of 00

Leave a Comment

You must be to leave a comment.
Submit
Characters: ...
You must be to leave a comment.
Submit
Characters: ...