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NATIONAL LEGISLATION OVERVIEWS
NATIONAL LEGISLATION OVERVIEWS
Short-term Insurance Act,
No. 53
of 1998
Long title
To provide for a legal framework for the regulation of conduct of business supervision of short-term insurers in the Republic, that is consistent, to the extent practicable, with international standards for insurance regulation and supervision; for the control of certain activities of short-term insurers and intermediaries; and for matters connected therewith.
[...amended by Act 2017_018_072_20180118 Scvh1 by way of unmarked omission and unmarked insertion]
Table of contents
Legislation Text Access Point
Long title
To provide for a legal framework for the regulation of conduct of business supervision of short-term insurers in the Republic, that is consistent, to the extent practicable, with international standards for insurance regulation and supervision; for the control of certain activities of short-term insurers and intermediaries; and for matters connected therewith.
[...amended by Act 2017_018_072_20180118 Scvh1 by way of unmarked omission and unmarked insertion]
Table of contents
| SECTION | TITLE |
| ARRANGEMENT OF SECTIONS | |
| Introductory provisions | |
| 1. | Definitions |
| 1A. | Relationship between Act and Financial Sector Regulation Act [...inserted by Act 2017_009_290_20170822] |
| 1B. | Regulatory instruments [...inserted by Act 2017_009_290_20170822] |
| PART I. ADMINISTRATION OF ACT | |
| 2. | Exercise of powers and performance of duties by Authority [...Title amended by Act 2017_009_290_20170822 - was entitled "Registrar [ and Deputy Registrar ] of Short-term Insurance"] |
| 3. | General provisions concerning Authority [...Title amended by Act 2017_018_072_20180118 Sch1 - was entitled "General provisions concerning Registrar"] |
| 4. | Special provisions concerning Authority and his or her powers [...Title amended by Act 2017_018_072_20180118 Sch1 - was entitled "Special provisions concerning Registrar and his or her powers"] |
| 5. | ... [...repealed by Act 2017_009_290_20170822 - was entitled "Annual report"] |
| 6. | [...repealed by Act 2013_045_113_20140116 - was entitled "Advisory Committee on Short-term Insurance"] |
| PART II. REGISTRATION OF SHORT-TERM INSURERS | |
| 7. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Registration required in order to carry on short-term insurance business"] |
| 8. | Prohibition on performance of certain acts, by certain persons [...Title amended by Act 2017_018_072_20180118 Sch1 - was entitled "Prohibition on use of’ certain words, or performance of certain acts, by certain persons"] |
| 9. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Application for registration"] |
| 10. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Conditions of registration"] |
| 11. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Variation of registration conditions"] |
| 12. | ... [...Title amended by Act 2017_018_072_20180118 Sch1 - was entitled "Registrar may under certain circumstances prohibit short-term insurers from carrying on business"] [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Authority may under certain circumstances prohibit short-term insurers from carrying on business"] |
| 13. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Termination of registration"] |
| 14. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Deregistration of short-term insurers as companies"] |
| Part III. BUSINESS AND ADMINISTRATION OF SHORT-TERM INSURERS | |
| 15. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Limitation on business"] |
| 15A. | ... [...inserted by Act 2003_017_028] [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Reinsurers carrying on reinsurance business only, authorised to enter into certain short-term policies directly"] |
| 16. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Head office and public officer"] |
| 17. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Financial year and name"] |
| 18. | ... [...Title amended by Act 2003_017_030_20030723 - was entitled “Notification of certain appointments and terminations”] [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Notification of certain appointments, terminations and resignations"] |
| 19. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Auditor"] |
| 19A. | ... [...inserted by Act 2008_027_033_20081105] [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Statutory actuary"] |
| 20. | ... [...Title amended by Act 2008_017-034_20081105 - was entitled "Appointment of auditor by Registrar"] [...Title amended by Act 2017_018_072_20180118 Sch1 - was entitled "Appointment of auditor or statutory actuary by Registrar"] [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Appointment of auditor or statutory actuary by Authority"] |
| 21. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Removal of appointees who are not fit and proper"] |
| 22. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Audit committee"] |
| 23. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Preference shares, debentures, share capital and share warrants"] |
| 24. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Registration of shares in name of nominee"] |
| 25. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Limitation on control and certain shareholding or other interest in short-term insurers"] |
| 26. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Furnishing of information concerning shareholders"] |
| 27. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Effect of registration of shares contrary to Act"] |
| PART IV. RETURNS TO AUTHORITY [...Title amended by Act 2017_018_072_20180118 Sch1 - was entitled "FINANCIAL ARRANGEMENTS"] | |
| 28. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Maintenance of financially sound condition"] |
| 29. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Assets"] |
| 30. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Kinds and spread of assets"] |
| 31. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Deeming provisions concerning assets"] |
| 32. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Liabilities"] |
| 33. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Prohibitions concerning assets and certain liabilities"] |
| 34. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Failure to maintain financially sound condition"] |
| 35. | Returns to Authority [...Title amended by Act 2017_018_072_20180118 Sch1 - was entitled "Returns to Registrar"] |
| PART V. COMPROMISE, ARRANGEMENT, AMALGAMATION AND TRANSFER | |
| 36. | ... [...Title amended by Act 2017_018_072_20180118 Sch1 - was entitled "Approval of Registrar required for compromise, arrangement, amalgamation or transfer"] [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Approval of Authority required for compromise, arrangement, amalgamation or transfer"] |
| 37. | ... [...Title amended by Act 2017_018_072_20180118 Sch1 - was entitled "Application to Registrar"] [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Application to Authority"] |
| 38. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Conditions of approval"] |
| 39. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Approved transaction, and certain exemptions"] |
| PART VI. BUSINESS RESCUE AND WINDING-UP OF SHORT-TERM INSURERS [...was entitled "JUDICIAL MANAGEMENT AND WINDING-UP OF SHORT-TERM INSURERS"] | |
| 40. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Judicial management"] |
| 41. | ... [...Title amended by Act 2013_045_132(a)_20140116 - was entitled "Winding-up by Court"] [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Winding-up"] |
| 42. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Voluntary winding-up"] |
| Part VII. BUSINESS PRACTICE, POLICIES AND POLICYHOLDER PROTECTION | |
| Business practice | |
| 43. | Free choice in certain circumstances |
| 44. | Prohibition on inducements |
| 45. | Collection of premiums by intermediaries |
| 46. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Receipt for premium paid in cash"] |
| 47. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Copy of policy and inspection of policy records"] |
| 48. | [ Independent intermediaries: ] [ Limitation of ] remuneration [...Title amended by Act 2008_027_045_20081105 - was entitled "Intermediaries: remuneration and binder"] [...Title amended by Act 2013_045_135_20140116]** |
| 48A. | Binder agreements [...inserted by Act 2008_027_046_20081105] |
| 49. | [...repealed by Act 2013_045_136_20140116 - was entitled "Undesirable business practice"] |
| Policies | |
| 50. | Limitation on policy benefits in event of death of unborn or of certain minors |
| 51. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Voidness of certain provisions of agreements relating to short-term policies"] |
| 52. | Short-term policies entered into by certain minors |
| 53. | ... [...Title amended by Act 2003_017_035_20030723 - was entitled “Misrepresentation”] [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Misrepresentation and failure to disclose material information"] |
| 54. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Validity of contracts"] |
| Policyholder protection | |
| 55. | Protection of policyholders |
| PART VIII. PROVISIONS RELATING TO LLOYD'S | |
| 56. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "General"] |
| 57. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Appointment of Lloyd's representative"] |
| 58. | ... [...Title amended by Act 2017_018_072_20180118 Sch1 - was entitled "Returns to Registrar"] [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Returns to Authority"] |
| 59. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Claims against Lloyd's underwriters"] |
| 60. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Security to be furnished by or on behalf of Lloyd's underwriters"] |
| 61. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Payment of certain claims against Lloyd's underwriters"] |
| 62. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Imposition of prohibition on activities of Lloyd's underwriters"] |
| 63. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Application of other provisions of Act to Lloyd's"] |
| PART IX. OFFENCES AND PENALTIES | |
| 64. | Offences by persons other than short-term insurers |
| 65. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Offences by short-term insurers"] |
| 66. | Penalty for failure to furnish Authority with returns etc. [...Title amended by Act 2017_018_072_20180118 Sch1 - was entitled "Penalty for failure to furnish Registrar with returns etc."] |
| PART X. TRANSITIONAL AND GENERAL PROVISIONS | |
| Transitional provisions | |
| 67. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Continued registration of exiting insurers"] |
| 68. | ... [...repealed by Act 2017_009_290_20170822 - was entitled "Certain existing insurers to cease long-term insurance business or to separate it from short-term insurance business"] |
| General provisions | |
| 69. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Special provisions concerning short-term insurers that are not public companies"] |
| 70. | Regulations |
| 71. | Savings |
| 72. | Interpretation of certain references in existing laws |
| 73. | Short title and commencement |
| Sch. 1. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "SCHEDULE 1. (SECTION 29) KINDS OF ASSETS" [s29]] |
| Sch. 2 | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "SCHEDULE 2. (SECTION 29, 30 AND s32) METHOD OF CALCULATION OF VALUE OF ASSETS AND LIABILITIES" [s29; s30; s32]] |
| Sch. 3. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "SCHEDULE 3. (SECTION 60) LLOYD’S SECURITY" [s60]] |
Legislation Text Access Point
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| As unamended Act 1998_053_000_19980923 | EXT.LINK | REQ.INFO | LINK |
| As amended by Act 2003_017_000_20030723 . | N/A | REQ.INFO | LINK |
| As amended by Act 2005_034_000_20060315 . | N/A | REQ.INFO | LINK |
| As amended by Act 2008_022_000_20080930 . | N/A | REQ.INFO | LINK |
| As amended by Act 2008_027_000_20081105 . | N/A | REQ.INFO | LINK |
| As amended by Act 2013_045_000_20140116 . | N/A | REQ.INFO | LINK |
| As amended by Act 2017_009_000_20170822 . | N/A | REQ.INFO | LINK |
| As amended by Act 2017_018_000_20180118 . | N/A | REQ.INFO | LINK |
| As amended by ... | N/A | REQ.INFO | LINK |
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