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South
Africa
NATIONAL LEGISLATION OVERVIEWS
NATIONAL LEGISLATION OVERVIEWS
Insurance Amendment Act, No. 17
of 2003
Long title
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.
Table of contents
Legislation Text Access Point
Long title
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.
Table of contents
| SECTION | TITLE |
| 1. | Amendment of Arrangement of Sections of Act 52 of 1998 |
| 2. | Amendment of section 1 of Act 52 of 1998 |
| 3. | Amendment of section 4 of Act 52 of 1998 |
| 4. | Amendment of section 8 of Act 52 of 1998 |
| 5. | Amendment of section 10 of Act 52 of 1998 |
| 6. | Insertion of section 15A in Act 52 of 1998 |
| 7. | Substitution of section 18 of Act 52 of 1998 |
| 8. | Amendment of section 24 of Act 52 of 1998 |
| 9. | Amendment of section 26 of Act 52 of 1998 |
| 10. | Amendment of section 29 of Act 52 of 1998 |
| 11. | Amendment of section 30 of Act 52 of 1998 |
| 12. | Amendment of section 31 of Act 52 of 1998 |
| 13. | Amendment of section 33 of Act 52 of 1998 |
| 14. | Amendment of section 34 of Act 52 of 1998 |
| 15. | Amendment of section 36 of Act 52 of 1998 |
| 16. | Amendment of section 39 of Act 52 of 1998 |
| 17. | Amendment of section 44 of Act 52 of 1998 |
| 18. | Amendment of section 47 of Act 52 of 1998 |
| 19. | Amendment of section 59 of Act 52 of 1998 |
| 20. | Substitution of certain expression in Afrikaans text of Act 52 of 1998 |
| 21. | Amendment of Schedule 1 to Act 52 of 1998 |
| 22. | Repeal of Schedule 2 to Act 52 of 1998 |
| 23. | Substitution of Schedule 3 to Act 52 of 1998 |
| 24. | Amendment of Arrangement of Sections of Act 53 of 1998 |
| 25. | Amendment of section 1 of Act 53 of 1998 |
| 26. | Amendment of section 4 of Act 53 of 1998 |
| 27. | Amendment of section 8 of Act 53 of 1998 |
| 28. | Insertion of section 15A in Act 53 of 1998 |
| 29. | Amendment of section 17 of Act 53 of 1998 |
| 30. | Substitution of section 18 of Act 53 of 1998 |
| 31. | Amendment of section 23 of Act 53 of 1998 |
| 32. | Amendment of section 25 of Act 53 of 1998 |
| 33. | Amendment of section 33 of Act 53 of 1998 |
| 34. | Amendment of section 47 of Act 53 of 1998 |
| 35. | Amendment of section 53 of Act 53 of 1998 |
| 36. | Amendment of Schedule 1 to Act 53 of 1998 |
| 37. | Amendment of Schedule 2 to Act 53 of 1998 |
| 38. | Amendment of Schedule 3 to Act 53 of 1998 |
| 39.. | Substitution of certain expression in Afrikaans text of Act 53 of 1998 |
| 40. | Repeal of Act 49 of 1998 |
| 41. | Short title and commencement |
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