Insurance Amendment Act 17 of 2003

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17 of 2003

The Insurance Amendment Act 17 of 2003 intends:

  • to amend the Long-term Insurance Act, 1998, so as:
    • to insert certain definitions and substitute a definition;
    • to further regulate advertising material relating to long-term policies, changes to a long-term insurer's name and conditions of registration;
    • to make new provision regarding the business of reinsurers;
    • to make new provision in respect of notifications of certain appointments, terminations and resignations, certain acts by a long-term insurer in respect of own shares, references to associates of persons holding interests in long-term insurers, maintenance of financially sound conditions and in respect of certain deeming provisions relating to assets of a long-term insurer;
    • to correct incorrect references;
    • to provide for further prohibitions concerning assets;
    • to effect textual corrections;
    • to provide for the exemption from the conditions in place for a certain conditional transaction;
    • to further regulate the issuing of receipts in respect of premium payments;
    • to make further provision in respect of failure to disclose material information by policyholders;
    • to further regulate the holding of assets in the Republic by long-term insurers and the valuation of liabilities of long-term insurers;
    • to repeal Schedule 2 to the said Act; and to refine the requirements in Schedule 3 for the calculation of the values of assets, liabilities and capital adequacy requirement;
  • to amend the Short-term Insurance Act, 1998, so as:
    • to substitute certain definitions;
    • to further regulate advertising material relating to short-term policies;
    • to prohibit certain references in short-term policies to funerals;
    • to make new provision regarding the business of reinsurers, changes to a short-term insurer's name, notification of certain appointments, terminations and resignations, certain acts by a short-term insurer in respect of own shares and references to associates of persons holding interests in short-term insurers;
    • to provide for further prohibitions concerning assets;
    • to provide for the furnishing of free policy copies to policyholders;
    • to make further provision in respect of failure to disclose material information by policyholders;
    • to further regulate the holding of assets in the Republic by short-term insurers and the calculation of the value of the assets of a short-term insurer; and
    • to repeal a certain Act; and
  • to provide for matters connected therewith.

Commencement

1 August 2003 (Gazette 25290 of 31 July 2003)

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