Files
| Attachment | Size |
|---|---|
| 315781200.pdf | 1.48 MB |
27 of 2008
The Insurance Laws Amendment Act 27 of 2008 aims:
- to amend the Long-term Insurance Act, 1998, so as:
- to substitute certain definitions;
- to amend certain definitions;
- to delete certain definitions;
- to insert certain definitions;
- to substitute obsolete references;
- to further regulate the special provisions concerning the powers of the Registrar of Long-term Insurance;
- to further regulate the appointment of and reporting by an auditor;
- to further regulate reporting by a statutory actuary, and to make further provision in respect of the attendance of meetings by a statutory actuary;
- to further regulate the audit committee;
- to regulate certain acts in respect of providing financial assistance to purchase shares;
- to further regulate the maintenance of a financially sound condition;
- to further regulate the holding of assets;
- to make provision in respect of the kinds and spread of assets;
- to Further regulate investment in derivatives;
- to provide for reports by experts on returns;
- to further regulate the awarding of bonuses or similar benefits to policyholders;
- to further regulate remuneration to intermediaries and to regulate binder agreements;
- to further regulate limitations on the provisions of certain policies;
- to further regulate the option for payment of assistance benefits in money;
- to further regulate the special provisions concerning long-term insurers that are not public companies;
- to amend the power of the Minister to make regulations; and
- to amend Schedules 1 and 3 to the Act;
- to amend the Short-term Insurance Act, 1998, so as:
- to substitute certain definitions;
- to amend certain definitions;
- to delete a definition;
- to insert certain definitions;
- to substitute obsolete references;
- to further regulate the special provisions concerning the powers of and reporting by the Registrar of Short-term insurance;
- to further regulate the conditions of registration;
- to further regulate the appointment of and reporting by an auditor;
- to make provision in respect of the appointment and removal of and reporting by a statutory actuary;
- to further regulate the audit committee;
- to regulate certain acts in respect of providing financial assistance to purchase shares;
- to make provision in respect of the maintenance of a financially sound condition;
- to further regulate the holding of assets;
- to make provision in respect of the kinds and spread of assets;
- to amend the arrangements regarding liabilities;
- to further regulate investment in derivatives;
- to provide for reports by experts on returns;
- to amend and further regulate remuneration to intermediaries and binder agreements;
- to make textual alterations;
- to further regulate the special provisions concerning short-term insurers that are not public companies;
- to amend the power of the Minister to make regulations;
- to amend Schedules 1,2 and 3 to the Act; and
- to provide for matters connected therewith.
Commencement
- 15 December 2008, except Sections 1(f); 17, 18, 27(a), 39, 40, 41(a), 42, 43, 45, 46, 54 and 55 (Gazette 31726 of 15 December 2008)
- 28 February 2010, Sections 39, 40, 41(a), 42, 43, 54 and 55 (Gazette 32993 of 1 March 2010)
- 1 January 2012, Sections 17, 18, 45 and 46 (Gazette 34878 of 23 December 2011)
- 1 April 2017, Sections 1(f) and 27(a) (Gazette 40749 of 30 March 2017)
