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South Africa
NATIONAL LEGISLATION OVERVIEWS
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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

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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