This
contains UNCERTIFIED COPY for information/reference. For authentic
copy, please refer to certified copy only. In case
of any
mistake,
please bring it to our notice.
| LegalB's Resources for Africa |
South
Africa
NATIONAL LEGISLATION OVERVIEWS
NATIONAL LEGISLATION OVERVIEWS
Long-term Insurance Act,
No. 52
of 1998
Long title
To provide for a legal framework for the regulation of conduct of business supervision of long-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 long-term insurers and intermediaries; and for matters connected therewith.
[...substituted by Act 2017_018_072_20180118 Sch1 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 long-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 long-term insurers and intermediaries; and for matters connected therewith.
[...substituted by Act 2017_018_072_20180118 Sch1 by way of unmarked omission and unmarked insertion]
Table of contents
| SECTION | TITLE |
| ARRANGEMENT OF SECTIONS | |
| Introduction | |
| 1. | Definitions |
| 1A. | Relationship between Act and Financial Sector Regulation Act [...inserted by Act 2017_009_290_20170822 Sch4] |
| 1B. | Regulatory instruments [...inserted by Act 2017_009_290_20170822 Sch4] |
| PART I. ADMINISTRATION OF ACT | |
| 2. | Exercise of powers and performance of duties by Authority [...Title substituted by Act 2013_045_068_20140116 - was entitled "Registrar of Long-term Insurance"] [...Title substituted by Act 2017_009_290_20170822 Sch4 - was entitled "Registrar and Deputy Registrar of Long-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 Authority and his or her powers"] |
| 5. | ... [...repealed by Act 2017_009_290_20170822 Sch4 - was entitled "Annual report"] |
| 6. | ... [...repealed by Act 2013_045_071_20140116 - was entitled "Advisory Committee on Long-term Insurance"] |
| PART II. REGISTRATION OF LONG-TERM INSURERS | |
| 7. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Registration required in order to carry on long-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 long-term insurers from carrying on business"] [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Authority may under certain circumstances prohibit long-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 long-term insurers as companies"] |
| PART III. BUSINESS AND ADMINISTRATION OF LONG-TERM INSURERS | |
| 15. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Limitation on business"] |
| 15A. | ... [...inserted by Act 2003_017_006_20030723] [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Reinsurers carrying on reinsurance business only, authorised to provide policy benefits under fund 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"] |
| 18. | ... [...Title amended by Act 2003_017_007_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"] |
| 20. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Statutory actuary"] |
| 21. | ... [...Title amended by Act 2017_018_072_20180118 Sch1 - was entitled "Appointment of auditor or statutory actuary by Registrar"] [...Title amended and then repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Appointment of auditor or statutory actuary by Authority"] |
| 22. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Removal of appointees who are not fit and proper"] |
| 23. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Audit committee"] |
| 24. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Preference shares, debentures, share capital and share warrants"] |
| 25. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Registration of shares in name of nominee"] |
| 26. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Limitation on control and certain shareholding or other interest in long-term insurers"] |
| 27. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Furnishing of information concerning shareholders"] |
| 28. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Effect of registration of shares contrary to Act"] |
| PART
IV. RETURNS TO AUTHORITY [...Title
substituted by Act 2017_018_072_20180118 Sch1 by way of unmarked
omission and unmarked insertion - was entitled "PART IV. FINANCIAL
ARRANGEMENTS"] |
|
| 29. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Maintenance of financially sound condition"] |
| 30. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Assets"] |
| 31. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Kinds and spread of assets"] |
| 32. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Deeming provisions concerning assets"] |
| 33. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Liabilities"] |
| 34. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Prohibitions concerning assets and certain liabilities"] |
| 35. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Failure to maintain financially sound condition"] |
| 36. | Returns to Authority [...Title amended by Act 2017_018_072_20180118 Sch1 - was entitled "Returns to Registrar"] |
| PART V. COMPROMISE, ARRANGEMENT, AMALGAMATION, DEMUTUALISATION AND TRANSFER | |
| 37. | ... [...Title amended by Act 2013_045_086(a)_20140116 - was entitled "Court approval required for compromise, arrangement, amalgamation, demutualisation or transfer"] [...Title amended by Act 2017_018_072_20180118 Sch1 - was entitled "Registrar approval required for compromise, arrangement, amalgamation, demutualisation or transfer"] [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Authority approval required for compromise, arrangement, amalgamation, demutualisation or transfer"] |
| 38. | ... [Title amended by Act 2013_045_087(a)_20140116 - was entitled "Application to Court"] [...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"] |
| 39. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Conditions of approval"] |
| 40. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Approved transaction"] |
| PART VI. BUSINESS RESCUE AND WINDING-UP OF LONG-TERM INSURERS [ ...Title amended by Act 2013_045_090_20140116 - was entitled "JUDICIAL MANAGEMENT AND WINDING-UP OF LONG-TERM INSURERS"] | |
| 41. | ... [...Title amended by Act 2013_045_091_20140116 - was entitled "Judicial management"] [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Business rescue"] |
| 42. | ... [...Title amended by Act 2013_045_092_20140116 - was entitled "Winding-up by Court"] [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Winding-up"] |
| 43. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Voluntary winding-up"] |
| PART VII. BUSINESS PRACTICE, POLICIES AND POLICYHOLDER PROTECTION | |
| Business practice | |
| 44. | Free choice in certain circumstances |
| 45. | Prohibition on inducements |
| 46. | Policy to be actuarially sound |
| 47A. | Collection of premiums by intermediaries [...inserted by Act 2017_018_072_20180118 Sch1] |
| 47. | Receipt for premium paid in cash, and validity of policy |
| 48. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Summary, inspection and copy of policy"] |
| 49. | Limitation of remuneration [...Title amended by Act 2013_045_095_20140116 - was entitled "Limitation of remuneration to intermediaries"] |
| 49A. | Binder agreements [...inserted by Act 2008_027_018_20081105] |
| 50. | ... [...repealed by Act 2013_045_096_20140116 - was entitled "Undesirable business practice"] |
| Policies | |
| 51. | Policy suspended until payment of first premium |
| 52. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Failure to pay premiums"] |
| 53. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Option for payment of policy benefits in money"] |
| 54. | Limitation on provisions of certain policies |
| 55. | Limitation on policy benefits in event of death of unborn or of certain minors |
| 56. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Voidness of certain provisions of agreements relating to long-term policies"] |
| 57. | Life policy in relation to person rendering or liable to render military service |
| 58. | Long-term policies entered into by certain minors |
| 59. | ... [...Title amended by Act 2003_017_019_20030723 - was entitled “Misrepresentation”] [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Misrepresentation and failure to disclose material information"] |
| 60. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Validity of contracts"] |
| 61. | Prescription of certain debt |
| Policyholder protection | |
| 62. | Protection of policyholders |
| 63. | Protection of policy benefits under certain long-term policies |
| 64. | Selection for realisation of protected policies |
| 65. | Partial realisation of protected policies |
| PART VIII. OFFENCES AND PENALTIES | |
| 66. | Offences by persons other than long-term insurers |
| 67. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Offences by long-term insurers"] |
| 68. | ... [...repealed by Act 2017_009_290_20170822 Sch4 - was entitled "Penalty for failure to furnish Authority with returns etc"] |
| PART IX. TRANSITIONAL AND GENERAL PROVISIONS | |
| Transitional provisions | |
| 69. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Continued registration of existing insurers"] |
| 70. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Certain existing insurers to cease short-term insurance business or to separate it from long-term insurance business"] |
| General provisions | |
| 71. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "Special provisions concerning long-term insurers that are not public companies"] |
| 72. | Regulations |
| 73. | Repeal and amendment of laws |
| 74. | Savings |
| 75. | Interpretation of certain references in existing laws |
| 76. | Short title and commencement |
| Sch. 1. | ... [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "SCHEDULE 1. KINDS OF ASSETS (SECTION 31)"] |
| Sch. 2. | ... [...repealed by Act 2003_017_022_20030723 - was entitled “SCHEDULE 2. METHOD OF CALCULATION OF VALUE OF ASSETS AND LIABILITIES (SECTION 30 AND 31)”] |
| Sch. 3. | ... [...Title amended by Act 2003_017_023_20030723 - was entitled “SCHEDULE 3. FINANCIAL SOUNDNESS METHOD OF CALCULATION OF VALUE OF ASSETS AND LIABILITIES (SECTION 30”] [...repealed by Act 2017_018_072_20180118 Sch1 - was entitled "SCHEDULE 3. CALCULATION OF VALUES OF ASSETS, LIABILITIES AND CAPITAL ADEQUACY REQUIREMENT (SECTION 30 AND 31)"] |
| Sch. 4. | SCHEDULE 4. REPEAL AND AMENDMENT OF LAWS (SECTION 73) [s73] |
Legislation Text Access Point
| Versions [To check whether a version has commenced, and how it was commenced, please see the Timeline for the Act, and the Annotated Text for the version.] |
Access Official Gazette PDF | Request Subscription Fee | Subscriber Access |
| As unamended Act 1998_052_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 |
* LegalB refers to a "version" of an Act or its sections in the format "YYYY_NNN_SSS_YYYYMMDD", which refers to "YEAR OF ACT_ACT NUMBER_SECTION OF ACT_DATE OF GAZETTE", and where "DATE OF GAZETTE" refers to the "YEAR_MONTH_DAY" on the face of the Gazette in which either the Act was originally published or in which the amending, lapsing or repealing instrument was published. Where any segment of the reference string contains only zeros, it means that information is not relevant, not made available, or unavailable.
* Unbolded grey text in square brackets is additional information provided by LegalB.
* "..." indicates further information not provided by LegalB for purpose of brevity
* An Asterisk indicates uncertainty regarding information, and a double asterisk indicates information must be read in the light of our relevant Commentary.