Insurance Amendment Act 31 of 1997 [repealed]

Files
Attachment Size
a31-97.pdf 36.45 KB
31 of 1997

The repealed Insurance Amendment Act 31 of 1997 intended:

  • to amend the Insurance Act, 1943 [repealed in 1999], so as
  • to preclude any agent, broker or other person who is not a registered insurer, from receiving on behalf of an insurer any premiums relating to short-term insurance business unless expressly authorized thereto in writing by the insurer concerned;
  • to limit, to one per policy, the number of those that may be so authorized to receive such premiums from an insured who is a natural person;
  • to provide that the security to be furnished by any such agent, broker or person for any such premiums received on behalf of an insurer, be increased;
  • to provide for the protection of policyholders’ interests also in the case where they pay their premiums to any such agent, broker or other person who has failed to furnish such security; and
  • to provide for incidental matters.

Commencement

1 January 1998 (Gazette 18546 of 19 December 1997)

Share this page