Insurance Act
Part 2 of 2 · provisions 201–301
This Act sets up a legal framework for prudential regulation and supervision of insurance business in South Africa and for microinsurance.
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- Act 18 of 2017
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Statute overview
About this statute
This Act sets up a legal framework for prudential regulation and supervision of insurance business in South Africa and for microinsurance. This excerpt appears to be a heading section for word definitions and general interpretation, but it does not include the actual definitional text. This section heading relates to claims against branches of foreign reinsurers or Lloyd’s underwriters, and to insurance groups and insurer notification when becoming part of a group of companies. Section heading listing designation of an insurance group, licensing of a controlling company, board responsibility, transparent insurance group structure, and chapter headings on key persons and significant owners. This section concerns approval of the appointment of certain key persons.
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Provisions of Insurance Act
Showing 101 of 301
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PART 2 OF 2
- 19 Verify source ↗
Artikel 72 word gewysig—
AI-assisted research summary: Article 72 is amended to allow regulations about prescribed services, limits on who may perform them, related control and risk-management requirements, and notice or approval with the Authority before certain arrangements are made or ended.
19. Artikel 72 word gewysig— (a) deur in subartikel (1) paragraaf (b) deur die volgende paragraaf te vervang: ‘‘(b) wat dienste voorskryf wat ’n onafhanklike tussenganger of enige ander persoon ten behoewe van ’n versekeraar kan verrig wat aan die regulasies onderhewig is en wat vereistes uiteensit wat op sodanige dienste van toepassing is;’’; (b) deur in subartikel (1) die volgende paragrawe na paragraaf (b) in te voeg: ‘‘(bA) wat klasse persone daarvan verbied of beperk om enige diens ooreen- komstig paragraaf (b) voorgeskryf, te verrig; (bB) wat vereistes vir beheer, risikobestuur, interne beheermaatreëls en bedryfsvermoë voorskryf met betrekking tot ’n diens ooreenkomstig paragraaf (b) voorgeskryf; (bC) wat vereistes voorskryf met betrekking tot kennisgewing aan of goedkeuring deur die Owerheid voordat ’n reëling ten opsigte van enige diens ooreenkomstig paragraaf (b) voorgeskryf, gesluit of beëindig word; This gazette is also available free online at www.gpwonline.co.za - 138 Verify source ↗
No. 41388
AI-assisted research summary: This section amends the Insurance Act to allow rules to be made about service arrangements, premium handling, and the offering or accepting of consideration in relation to long-term insurance services.
138 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 136 No. and year of Act Short title Extent of amendment or repeal (bD) into or terminating an arrangement in respect of any service prescribed in accordance with para- graph (b); prescribing require- ments, limitations or prohibitions in respect of any agreement relating to any service prescribed in accordance with para- graph (b);’’; (c) by the substitution in subsection (1) for paragraph (c) of the follow- ing paragraph: ‘‘(c) prescribing different or additional requirements for the receipt or retention of, or dealing with money in respect of premiums;’’; (d) by the substitution in subsection (1) for paragraph (d) of the follow- ing paragraph: ‘‘(d) (i) prohibiting or limiting the consideration which may be offered or provided; and (ii) prescribing the timing, manner and conditions under which consider- ation may be offered or provided, by or on behalf of a long-term in- surer to an independent intermedi- ary or any other person, for render- ing services prescribed in accordance with paragraph (b), or to any other person associated in business with or related within the second degree of consanguinity or affinity to the independent interme- diary or other person who has ren- dered or is to render such ser- vices;’’; (e) the substitution in subsection (1) for paragraph (e) with the follow- ing paragraph: ‘‘(e) (i) prohibiting consider- ation that may be ac- cepted; and (ii) prescribing the timing, manner and conditions under which consider- ation may be accepted, by an independent intermediary or other person for rendering services prescribed in accordance with paragraph (b), or by any other This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 139 Versekeringswet, 2017 Wet No. 18 van 2017 137 No. en jaar van Wet Kort titel Omvang van wysiging of herroeping (bD) wat vereistes, beperkings of verbiedinge voorskryf ten opsigte van enige ooreenkoms rakende enige diens ooreenkomstig paragraaf (b) voorge- skryf;’’; (c) deur in subartikel (1) paragraaf (c) deur die volgende paragraaf te vervang: ‘‘(c) wat verskillende of bykomende vereistes voorskryf vir die ontvangs of behoud van, of hantering van geld ten opsigte van premies;’’; (d) deur in subartikel (1) paragraaf (d) deur die volgende paragraaf te vervang: ‘‘(d) (i) wat die vergoeding wat aangebied of verskaf kan word verbied of beperk; en (ii) wat die tydsberekening, wyse en omstandighede waaronder vergoeding aangebied of verskaf kan word, voorskryf, deur of namens ’n langtermyn- versekeraar of aan ’n onafhanklike tussenganger of enige ander persoon, vir die lewering van dienste voorgeskryf ooreenkomstig paragraaf (b), of aan enige ander persoon wat sake-betrekkinge het of binne die tweede graad van bloed- of aanverwantskap verwant is aan die onafhanklike tussenganger of ander persoon wat sodanige dienste gelewer het of moet lewer;’’; (e) deur in subartikel (1) paragraaf (e) deur die volgende paragraaf te vervang: ‘‘(e) (i) wat die vergoeding wat aangebied of verskaf kan word verbied of beperk; en (ii) wat die tydsberekening, wyse en omstandighede waaronder vergoeding aangebied of voorsien kan word, voorskryf, deur ’n onafhanklike tussenganger of enige ander persoon, vir die lewering van dienste voorgeskryf ooreenkomstig paragraaf (b), of aan enige ander persoon wat sake- betrekkinge het of binne die tweede graad van bloed- of aanverwantskap verwant is aan die onafhanklike tussenganger of ander persoon wat sodanige dienste gelewer het of moet lewer;’’; This gazette is also available free online at www.gpwonline.co.za - 140 Verify source ↗
No. 41388
AI-assisted research summary: This section amends the Insurance Act to let the Authority prescribe matters set out in the Regulations.
140 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 138 No. and year of Act Short title Extent of amendment or repeal person associated in business with or related within the second degree of consanguinity or affinity to the independent intermediary or other person who has rendered or is to render such services;’’; (f) by the substitution in subsection (1)(gA) in subparagraph (v) of ’’.’’ with ’’; and’’; (g) by the insertion in subsection (1)(gA) after subparagraph (v) of the following subparagraph: ‘‘(vi) governance, risk manage- ment, internal controls, oversight and operational ability’’; and (h) by the insertion in subsection (2) after paragraph (b) of the follow- ing paragraph: ‘‘(bA) empower the Authority to prescribe matters specified in the Regula- tions; and’’. - 20 Verify source ↗
The amendment of the Arrange-
AI-assisted research summary: This section amends the arrangement of sections by deleting references to repealed sections, renaming section 8 and Part IV, and inserting section 47A.
20. The amendment of the Arrange- ment of Sections— (a) by the deletion of all references to sections that are repealed by this Act; (b) by the substitution of section 8 with the following: ‘‘8. Prohibition on perfor- mance of certain acts, by cer- tain persons’’; (c) by the substitution of Part IV with the following: ‘‘PART IV RETURNS TO AUTHORITY’’; and (d) by inserting after ‘‘47. Receipt for premium paid in cash, and va- lidity of policy’’ the following: ‘‘47A. Collection of premi- ums by intermediaries’’. - 21 Verify source ↗
The substitution for the long title
AI-assisted research summary: The Act’s long title is replaced with a new title describing a legal framework for regulating long-term insurers’ conduct and supervision, and related activities.
21. The substitution for the long title of the Act of the following: ‘‘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 practi- cable, with international stan- dards for insurance regulation and supervision; for the control of certain activities of long-term in- surers and intermediaries; and for matters connected therewith.’’. This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 141 Versekeringswet, 2017 Wet No. 18 van 2017 139 No. en jaar van Wet Kort titel Omvang van wysiging of herroeping (f) deur in subartikel (1)(gA) in subparagraaf (v) ‘‘.’’ te vervang deur ‘‘; en’’; (g) deur in subartikel (1)(gA) na subparagraaf (v) die volgende subparagraaf in te voeg: ‘‘(vi) beheer, risikobestuur, interne beheermaatreëls, toesig en bedryfsvermoë;’’; en (h) deur in subartikel (2) die volgende paragraaf na paragraaf (b) in te voeg: ‘‘(bA) die Owerheid magtig om aangeleenthede in die Regulasies gespesifiseer, voor te skryf; en’’. - 20 Verify source ↗
Die Indeling van Artikels word
AI-assisted research summary: This section changes the article structure by deleting references to repealed articles, replacing subsection 8 and Part IV, and inserting a new section 47A.
20. Die Indeling van Artikels word gewysig— (a) deur alle verwysings na artikels wat deur hierdie Wet herroep word, te skrap; (b) deur subartikel 8 deur die volgende te vervang: ‘‘8. Verbod op verrigting van sekere handelinge deur sekere persone’’; en (c) deur Deel IV deur die volgende te vervang: ‘‘DEEL IV OPGAWES AAN OWERHEID’’; en (d) deur na ‘‘47. Kwitansie vir premie in kontant betaal, en geldigheid van polis’’ die volgende in te voeg: ‘‘47A. Invordering van premies deur tussengangers’’. - 21 Verify source ↗
Deur die lang titel van die Wet
AI-assisted research summary: This section replaces the Act’s long title with a new one about regulating long-term insurers, intermediaries, and related matters.
21. Deur die lang titel van die Wet deur die volgende te vervang: ‘‘Om voorsiening te maak vir ’n regsraamwerk vir die reëling van die dryf van besigheidstoesig oor langtermynversekeraars in die Republiek, wat sover prakties moontlik, in ooreenstemming is met internasionale standaarde vir versekeringsreëling en -toesig; vir die beheer van sekere aktiwiteite van langtermynversekeraars en tussengangers; en vir aangeleenthede wat daarmee in verband staan.’’. This gazette is also available free online at www.gpwonline.co.za - 142 Verify source ↗
No. 41388
AI-assisted research summary: This entry lists an amendment or repeal item relating to the Short-term Insurance Act.
142 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 140 No. and year of Act Short title Extent of amendment or repeal 53 of 1998 Short-term Insurance Act - 1 Verify source ↗
The substitution of all references
AI-assisted research summary: This section substitutes every reference in the Act to “Registrar” with “Authority”.
1. The substitution of all references in this Act to ‘‘Registrar’’ with ‘‘Au- thority’’. - 2 Verify source ↗
The substitution for section 1 of
AI-assisted research summary: This section replaces section 1 with definitions used in the Act, including “accident and health policy,” “Authority,” and “conduct standard.”
2. The substitution for section 1 of the following section: ‘‘Definitions 1. (1) In this Act, unless the con- text otherwise indicates— ‘‘accident and health policy’’ means a contract in terms of which a person, in return for a premium, undertakes to provide policy ben- efits if a disability, health or death event contemplated in the contract as a risk event occurs, and includes a reinsurance policy in respect of such a contract— (a) excluding any contract— (i) that provides for the conduct of the business of a medical scheme referred to in section 1 (1) of the Medical Schemes Act; or (ii) of which the policyholder is a medical scheme registered under the Medical Schemes Act and which contract— (aa) relates to a particular member of the scheme or to the beneficiaries of such member; and (bb) is entered into by the medical scheme to fund in whole or in part its liability to the member or the benefi- ciaries of the member referred to in subpara- graph (aa) in terms of its rules; but (b) specifically including, despite paragraph (a) (i), any category of contracts identified by the Minister by regulation under section 70 (2A) as an accident and health policy; ‘‘Authority’’ means the Financial Sector Conduct Authority estab- lished by the Financial Sector Regu- lation Act; ‘‘conduct standard’’ has the same meaning ascribed to it in terms of section 1(1) of the Financial Sector Regulation Act; This gazette is also available free online at www.gpwonline.co.za Versekeringswet, 2017 Wet No. 18 van 2017 GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 143 No. en jaar van Wet 53 van 1998 Kort titel Korttermyn- versekeringswet 141 Omvang van wysiging of herroeping
Part
part its liability to the
- 1 Verify source ↗
Alle verwysings in hierdie Wet na
AI-assisted research summary: Any reference in this Act to “Registrar” must be read as “Authority”.
1. Alle verwysings in hierdie Wet na ‘‘Registrateur’’ word deur ‘‘Owerheid’’ vervang. - 2 Verify source ↗
Artikel 1 word deur die volgende
AI-assisted research summary: This provision replaces Article 1 with new definitions for terms used in the Act.
2. Artikel 1 word deur die volgende artikel vervang: ‘‘Woordomskrywing 1. (1) In hierdie Wet, tensy die samehang anders aandui, beteken— ‘aanspreeklikheidspolis’ ’n kontrak ingevolge waarvan ’n persoon, in ruil vir ’n premie, onderneem om polisvoordele te verskaf indien ’n gebeurtenis in die kontrak as ’n risiko beoog met betrekking tot die oploop van ’n aanspreeklikheid, behalwe as deel van ’n polis wat betrekking het op ’n risiko meer bepaald in ’n ander woordomskrywing in hierdie artikel beoog, plaasvind; en ook ’n herversekeringspolis ten opsigte van so ’n polis; ‘amptelike webwerf’ ’n webwerf van die Owerheid; ‘dienste as tussenganger’ soos in die regulasies voorgeskryf; ‘eiendomspolis’ ’n kontrak ingevolge waarvan ’n persoon, in ruil vir ’n premie, onderneem om polisvoordele te verskaf indien ’n gebeurtenis, in die kontrak as ’n risiko beoog, behalwe ’n risiko meer bepaald in ’n ander woordomskrywing in hierdie artikel beoog, met betrekking tot die gebruik, eienaarskap, verlies van of skade aan roerende of onroerende eiendom, plaasvind; en ook ’n herversekeringspolis ten opsigte van so ’n polis; ‘gedragstandaard’ ’n ‘conduct stan- dard’ soos in artikel 1(1) van die ‘Financial Sector Regulation Act’ omskryf; ‘gelisensieerde versekeraar’— (a) ’n voorheen geregistreerde versekeraar soos omskryf in Item 1 van Bylae 3 tot die Versekeringswet waaraan kragtens artikel 23 van die Versekeringswet ’n lisensie toegestaan is binne die tydperk in item 6.2(2) van die Bylae 3 tot die Versekeringswet bedoel; of This gazette is also available free online at www.gpwonline.co.za - 144 Verify source ↗
No. 41388
AI-assisted research summary: This section defines insurance-related terms used in the Act.
144 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 142 No. and year of Act Short title Extent of amendment or repeal ‘‘death event’’ means the event of the life of a person or an unborn having ended; ‘‘disability event’’ means the event of the functional ability of the mind or body of a person or an unborn becoming impaired; ‘‘engineering policy’’ means a con- tract in terms of which a person, in return for a premium, undertakes to provide policy benefits if an event contemplated in the contract as a risk relating to— (a) the possession, use or ownership of machinery or equipment, other than a motor vehicle, in the carrying on of a business; (b) the erection of buildings or other structures or the undertak- ing of other works; or (c) the installation of machinery or equipment, occurs; and includes a reinsurance policy in respect of such a policy; ‘‘Financial Sector Regulation Act’’ means the Financial Sector Regula- tion Act, 2017; ‘‘guarantee policy’’ means a con- tract in terms of which a person, other than a bank, in return for a premium, undertakes to provide policy benefits if an event, contem- plated in the policy as a risk relating to the failure of a person to dis- charge an obligation, occurs; and includes a reinsurance policy in re- spect of such a policy; ‘‘health event’’ means an event relating to the health of the mind or body of a person or an unborn; ‘‘independent intermediary’’ has the meaning as prescribed in the regulations; ‘‘Insurance Act’’ means the Insur- ance Act, 2017; ‘‘joint standard’’ has the same meaning ascribed to it in terms of section 1(1) of the Financial Sector Regulation Act; ‘‘liability policy’’ means a contract in terms of which a person, in return for a premium, undertakes to pro- vide policy benefits if an event, con- templated in the contract as a risk relating to the incurring of a liabil- ity, otherwise than as part of a This gazette is also available free online at www.gpwonline.co.za Versekeringswet, 2017 Wet No. 18 van 2017 GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 145 No. en jaar van Wet Kort titel 143 Omvang van wysiging of herroeping (b) iemand wat kragtens artikel 23 of 24 van die Versekeringswet gelisensieer is na die tydperk waarop daardie Wet in werking getree het; ‘gemengde polis’ kontrak ingevolge waarvan ’n persoon, in ruil vir ’n premie, onderneem om polisvoordele te verskaf indien ’n gebeurtenis, in die kontrak as ’n risiko beoog met betrekking tot enige aangeleentheid wat nie andersins in hierdie artikel omskryf is nie, plaasvind; en ook ’n herversekeringspolis ten opsigte van so ’n polis; ‘geregistreerde versekeraar’— (a) ’n voorheen geregistreerde versekeraar soos omskryf in item 1 van Bylae 3 by die Versekeringswet vir die tydperk tussen die datum waarop die Versekeringswet in werking getree het en die goedkeuring of afwysing van die voorheen geregistreerde versekeraar se lisensieaansoek bedoel in item 6(2) van Bylae 3 tot die Versekeringswet; (b) vir ’n tydperk van 18 maande na die inwerkingtredingsdatum van die Versekeringswet soos bedoel in item 11 van Bylae 3 by die Versekeringswet, Lloyd’s of ’n Lloyd’s-onderskrywer; ‘gesamentlike standaard’ ‘joint standard’ soos omskryf in artikel 1(1) van die ‘Financial Sector Regulation Act’; ‘gesondheidsgebeurtenis’ ’n gebeurtenis wat betrekking het op die gesondheid van die gees of liggaam van ’n persoon of ’n ongeborene; ‘Financial Sector Regulation Act’ die ‘Financial Sector Regulation Act’, 2017; ‘hierdie Wet’ ook enige regulasie uitgevaardig of aangeleentheid kragtens hierdie Wet voorgeskryf; ‘ingenieurspolis’ ’n kontrak ingevolge waarvan ’n persoon, in ruil vir ’n premie, onderneem om polisvoordele te voorsien in die geval van ’n gebeurtenis in die kontrak beoog as ’n risiko met betrekking tot— (a) die besit, gebruik of eienaarskap van masjinerie of toerusting, behalwe ’n motorvoertuig, in die bedryf van ’n besigheid; This gazette is also available free online at www.gpwonline.co.za - 146 Verify source ↗
No. 41388
AI-assisted research summary: This section defines insurance terms such as licensed insurer, Minister, policy benefits, and various policy categories.
146 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 144 No. and year of Act Short title Extent of amendment or repeal policy relating to a risk more spe- cifically contemplated in another definition in this section, occurs; and includes a reinsurance policy in re- spect of such a policy; ‘‘licensed insurer’’ means— (a) a previously registered insurer as defined in item 1 of Schedule 3 to the Insurance Act who has been granted a licence under section 23 of the Insurance Act within the period referred to in item 6.2(2) of Schedule 3 to the Insurance Act; or (b) a person who has been licensed under section 23 or 24 of the Insurance Act on or after the date on which that Act com- menced; ‘‘long-term insurer’’ has the mean- ing assigned to it in the Long-term Insurance Act, 1998; ‘‘Medical Schemes Act’’ means the Medical Schemes Act, 1998 (Act No. 131 of 1998); ‘‘Minister’’ means the Cabinet member responsible for finance; ‘‘miscellaneous policy’’ means a contract in terms of which a person, in return for a premium, undertakes to provide policy benefits if an event, contemplated in the contract as a risk relating to any matter not otherwise defined in this section, occurs; and includes a reinsurance policy in respect of such a policy; ‘‘motor policy’’ means a contract in terms of which a person, in return for a premium, undertakes to pro- vide policy benefits if an event, con- templated in the contract as a risk relating to the possession, use or ownership of a motor vehicle, oc- curs; and includes a reinsurance policy in respect of such a policy; ‘‘official website’’ means a website of the Authority; ‘‘personal lines business’’ means short-term insurance business in respect of which the policyholder is a natural person; ‘‘policy benefits’’ means— (a) in respect of a registered in- surer, one or more sums of money, other than an annuity, or services or other benefits; This gazette is also available free online at www.gpwonline.co.za Versekeringswet, 2017 Wet No. 18 van 2017 GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 147 No. en jaar van Wet Kort titel 145 Omvang van wysiging of herroeping (b) die oprigting van geboue of ander strukture of die onderneming van ander werke; of (c) die installering van masjinerie of toerusting, plaasvind; en ook ’n herversekerings- polis ten opsigte van so ’n polis; ‘korttermynherversekeringspolis’— (a) ten opsigte van ’n geregistreerde versekeraar, ’n versekeringspolis ten opsigte van ’n korttermyn- polis; (b) ten opsigte van ’n gelisensieerde versekeraar, ’n nielewens- versekeringspolis geskryf kragtens die herversekeringsklas van nielewensversekerings- besigheid soos in Tabel 1 van Bylae 2 by die Versekeringswet uiteengesit; ‘korttermynpolis’— (a) ten opsigte van ’n geregistreerde versekeraar, ’n ingenieurspolis, garansiepolis, aanspreeklikheids- polis, gemengde polis, motor- polis, ongevalle- en gesondheids- polis, eiendomspolis of vervoerpolis of ’n kontrak wat uit ’n kombinasie van enige van daardie polisse bestaan; en ook ’n kontrak waarby so ’n kontrak hernieu of gewysig word; (b) ten opsigte van ’n gelisensieerde versekeraar, ’n nielewens- versekeringspolis soos in artikel 1 van die Versekeringswet omskryf; ‘korttermynversekeraar’ ’n geregistreerde versekeraar of ’n gelisensieerde versekeraar; ‘korttermynversekeringsbesigheid’— (a) ten opsigte van ’n geregistreerde versekeraar, die besigheid om polisvoordele te verskaf of te onderneem om dit te verskaf kragtens korttermynpolisse; (b) ten opsigte van ’n gelisensieerde versekeraar, nielewens- versekeringsbesigheid soos omskryf in artikel 1 van die Versekeringswet; ‘langtermynversekeraar’ dit wat in die Versekeringswet, 2017, daaraan toegeskryf is; ‘Minister’ die Kabinetslid verantwoordelik vir finansies; This gazette is also available free online at www.gpwonline.co.za - 148 Verify source ↗
No. 41388
AI-assisted research summary: This section defines insurance terms such as policyholder, premium, registered insurer, property policy, motor policy, and accident and health policy.
148 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 146 No. and year of Act Short title Extent of amendment or repeal (b) in respect of a licensed insurer, benefits to which a person is contractually entitled to under a non-life insurance policy arising from an insurer’s insurance obli- gations; ‘‘policyholder’’ in respect of a— (a) registered insurer, means the person entitled to be provided with the policy benefits under a short-term policy; (b) licensed insurer has the meaning assigned to in the Insurance Act; ‘‘premium’’ in respect of a— (a) registered insurer, means the consideration given or to be given in return for an undertak- ing to provide policy benefits; (b) licensed insurer has the meaning assigned to in the Insurance Act; ‘‘property policy’’ means a contract in terms of which a person, in return for a premium, undertakes to pro- vide policy benefits if an event, con- templated in the contract as a risk other than a risk more specifically contemplated in another definition in this section relating to the use, ownership, loss of or damage to movable or immovable property occurs; and includes a reinsurance policy in respect of such a policy; ‘‘Register’’ means the Financial Sector Information Register referred to in section 256 of the Financial Sector Regulation Act; ‘‘registered insurer’’ means (a) a previously registered insurer as defined in item 1 of Schedule 3 to the Insurance Act for the period between the date on which the Insurance Act com- menced and the previously reg- istered insurer’s licence applica- tion referred to in item 6(2) of Schedule 3 to the Insurance Act has been granted or not granted; or (b) for a period of 18 months after the effective date of the Insur- ance Act as referred to in item 11 of Schedule 3 of the Insur- ance Act, Lloyd’s or a Lloyd’s underwriter; This gazette is also available free online at www.gpwonline.co.za Versekeringswet, 2017 Wet No. 18 van 2017 GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 149 No. en jaar van Wet Kort titel 147 Omvang van wysiging of herroeping ‘motorpolis’ ’n kontrak ingevolge waarvan ’n persoon, in ruil vir ’n premie, onderneem om polisvoordele te verskaf indien ’n gebeurtenis, in die kontrak as ’n risiko beoog met betrekking tot die besit, gebruik of eienaarskap van ’n motorvoertuig, plaasvind; en ook ’n herversekerings- polis ten opsigte van so ’n polis; ‘onafhanklike tussenganger’ soos in die regulasies voorgeskryf; ‘ongeborene’ ’n menslike fetus na bevrugting maar nog nie gebore nie; ‘ongeskiktheidsgebeurtenis’ die gebeurtenis waartydens die funksionele vermoë van die verstand of liggaam van ’n persoon of ’n ongeborene ingekort word; ‘ongevalle- en gesondheidspolis’ ’n kontrak ingevolge waarvan ’n persoon, in ruil vir ’n premie, onderneem om polisvoordele te verskaf indien ’n ongeskiktheids- gebeurtenis, gesondheidsgebeurtenis of sterftegebeurtenis in die kontrak as ’n risikogebeurtenis beoog, plaasvind, en ook ’n herversekeringspolis ten opsigte van sodanige kontrak— (a) behalwe ’n kontrak— (i) wat vir die dryf van die besigheid van ’n mediese skema bedoel in artikel 1(1) van die Wet op Mediese Skemas voorsiening maak; of (ii) waarvan die polishouer ’n mediese skema geregistreer kragtens die Wet op Mediese Skemas is en welke kontrak— (aa) met ’n bepaalde lid van die skema verband hou of met die begunstigdes van daardie lid; en (bb) deur die mediese fonds afgesluit word om die mediese fonds se verpligting aan die lid in subparagraaf (aa) bedoel ingevolge die fonds se reëls ten volle of gedeeltelik te finansier; maar (b) spesifiek ook, ongeag paragraaf (a)(i), enige kategorie kontrakte deur die Minister by regulasie kragtens artikel 70(2A) geïdentifiseer as ’n ongevalle- en gesondheidspolis; This gazette is also available free online at www.gpwonline.co.za
Part
Schedule 3 to the Insurance Act
- 150 Verify source ↗
No. 41388
AI-assisted research summary: This section defines a number of insurance-related terms used in the Act.
150 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 148 No. and year of Act Short title Extent of amendment or repeal ‘‘regulation’’ means a regulation under section 70; ‘‘repealed Act’’ means the Insur- ance Act, 1943 (Act No. 27 of 1943); ‘‘representative’’ has the meaning as prescribed in the regulations; ‘‘risk’’ means a possibility that a particular event may occur during the period for which a short-term policy is operative; ‘‘services as intermediary’’ has the meaning as prescribed in the regula- tions; ‘‘short-term insurance business’’ means— (a) in respect of a registered insurer, the business of providing or undertaking to provide policy benefits under short-term poli- cies; (b) in respect of a licensed insurer, non-life insurance business as defined in section 1 of the Insur- ance Act; ‘‘short-term insurer’’ means a reg- istered insurer or a licensed insurer; ‘‘short-term policy’’ means— (a) in respect of a registered insurer, an engineering policy, guarantee policy, liability policy, miscella- neous policy, motor policy, acci- dent and health policy, property policy or transportation policy or a contract comprising a com- bination of any of those poli- cies; and includes a contract whereby any such contract is renewed or varied; (b) in respect of a licensed insurer, a non-life insurance policy as defined in section 1 of the Insurance Act; ‘‘short-term reinsurance policy’’ means— (a) in respect of a registered insurer, a reinsurance policy in respect of a short-term policy; (b) in respect of a licensed insurer, a non-life insurance policy writ- ten under the reinsurance class of non-life insurance business as set out in Table 1 of Schedule 2 of the Insurance Act; This gazette is also available free online at www.gpwonline.co.za Versekeringswet, 2017 Wet No. 18 van 2017 GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 151 No. en jaar van Wet Kort titel 149 Omvang van wysiging of herroeping ‘Owerheid’ die Gedragsowerheid vir die Finansiële Sektor ingestel deur die ‘Financial Sector Regulation Act’; ‘persoonlike lyne-besigheid’ korttermynversekeringsbesigheid ten opsigte waarvan die polishouer ’n natuurlike persoon is; ‘polishouer’— (a) ten opsigte van ’n geregistreerde versekeraar, die persoon wat daarop geregtig is om van die polisvoordele kragtens ’n korttermynpolis te ontvang; (b) ten opsigte van ’n gelisensieerde versekeraar, dit wat in die Versekeringswet daaraan toegeskryf is; ‘polisvoordele’— (a) ten opsigte van ’n geregistreerde versekeraar, een of meer somme geld, behalwe ’n annuïteit, of dienste of ander voordele; (b) ten opsigte van ’n gelisensieerde versekeraar, voordele waarop ’n persoon kontraktueel geregtig is kragtens ’n nielewens- versekeringspolis na aanleiding van ’n versekeraar se versekeringsverpligtinge; ‘premie’— (a) ten opsigte van ’n geregistreerde versekeraar, vergoeding wat gegee word of gegee staan te word in ruil vir ’n onderneming om polisvoordele te verskaf; (b) ten opsigte van ’n gelisensieerde versekeraar, dit wat in die Versekeringswet daaraan toegeskryf is; ‘Register’ die Inligtingsregister vir die Finansiële Sektor bedoel in artikel 256 van die ‘Financial Sector Regulation Act’; ‘risiko’ ’n moontlikheid dat ’n besondere gebeurtenis gedurende die tydperk waartydens ’n korttermyn- polis van krag is, mag plaasvind; ‘sterftegebeurtenis’ die gebeurtenis waarby die lewe van ’n persoon of ’n ongeborene geëindig het; ‘Tribunaal’ die Tribunaal vir Finansiële Dienste ingestel ingevolge artikel 219 van die ‘Financial Sector Regulation Act’; This gazette is also available free online at www.gpwonline.co.za - 152 Verify source ↗
No. 41388
AI-assisted research summary: This section defines several terms used in the Act and says how some references must be read.
152 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 150 No. and year of Act Short title Extent of amendment or repeal ‘‘this Act’’ includes any regulation made, or matter prescribed under this Act; ‘‘transportation policy’’ means a contract in terms of which a person, in return for a premium, undertakes to provide policy benefits if an event, contemplated in the contract as a risk relating to the possession, use or ownership of a vessel, aircraft or other craft or for the conveyance of persons or goods by air, space, land or water, or to the storage, treatment or handling of goods so conveyed or to be so conveyed, oc- curs; and includes a reinsurance policy in respect of such a policy; ‘‘Tribunal’’ means the Financial Services Tribunal established in terms of section 219 of the Financial Sector Regulation Act; ‘‘unborn’’ means a human foetus conceived but not born. (2) For the purposes of entering into a short-term policy the life of an unborn shall be deemed to begin at conception. (3) Unless the context otherwise indicates, words and expressions not defined in subsection (1) have the same meaning ascribed to them in terms of the Financial Sector Regu- lation Act or Insurance Act. (4) A reference to statutory actu- ary in this Act must be construed as a reference to the head of the actu- arial control function appointed by a short-term insurer in accordance with the Insurance Act.’’. - 3 Verify source ↗
The amendment of section 1A—
AI-assisted research summary: This section amends section 1A by deleting subsection (1) and setting out new definitions and interpretive rules.
3. The amendment of section 1A— (a) by the deletion of subsection (1); This gazette is also available free online at www.gpwonline.co.za Versekeringswet, 2017 Wet No. 18 van 2017 GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 153 No. en jaar van Wet Kort titel 151 Omvang van wysiging of herroeping ‘vervoerpolis’ ’n kontrak ingevolge waarvan ’n persoon, in ruil vir ’n premie, onderneem om polisvoordele te verskaf indien ’n gebeurtenis in die kontrak as ’n risiko beoog met betrekking tot die besit, gebruik of eienaarskap van ’n vaartuig, vliegtuig of ander tuig of vir die vervoer van persone of goedere deur die lug, deur die ruimte, op land of in water, of die berging, behandeling of hantering van goedere aldus vervoer of wat aldus vervoer staan te word, plaasvind; en ook ’n herversekeringspolis ten opsigte van so ’n polis;’ ‘Versekeringswet’ die Versekerings- wet, 2017; ‘verteenwoordiger’ soos in die regulasies voorgeskryf; ‘waarborgpolis’ ’n kontrak ingevolge waarvan ’n persoon, wat nie ’n bank is nie, in ruil vir ’n premie onderneem om polisvoordele te voorsien in die geval van ’n gebeurtenis, in die polis beoog as ’n risiko met betrekking tot ’n persoon se versuim om ’n verpligting na te kom; en ook ’n herversekeringspolis ten opsigte van so ’n polis; en ‘Wet op Mediese Skemas’ die Wet op Mediese Skemas, 1998 (Wet No. 131 van 1998).’’. (2) Vir die afsluiting van ’n kort- termynpolis word die lewe van ’n ongeborene geag by bevrugting te begin het. (3) Tensy die samehang anders aandui, het woorde en uitdrukkings wat nie in subartikel omskryf is nie, die betekenis wat ingevolge die ‘‘Financial Sector Regulation Act’’ daaraan toegeskryf word. (4) ’n Verwysing na ’n statutêre aktuaris in hierdie Wet moet uitgelê word ’n verwysing na die hoof van die aktuariële beheerfunksie aangestel deur ’n korttermynversekeraar ooreenkomstig die Versekeringswet te wees.’’. - 3 Verify source ↗
Artikel 1A word gewysig—
AI-assisted research summary: This provision amends Artikel 1A by deleting subsection (1).
3. Artikel 1A word gewysig— (a) deur subartikel (1) te skrap; This gazette is also available free online at www.gpwonline.co.za - 154 Verify source ↗
No. 41388
AI-assisted research summary: This section says that, unless the Act says otherwise, references to something being “prescribed” mean prescribed in a conduct standard or joint standard, and references to something being “determined” mean the Authority determines it in writing and registers it.
154 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 152 No. and year of Act Short title Extent of amendment or repeal (b) by the substitution for subsection (4) of the following subsection: ‘‘(4) Unless expressly pro- vided otherwise in this Act, or this Act requires a matter to be prescribed by regulation, a ref- erence in this Act to a matter being— (a) prescribed must be read as a reference to the matter be- ing prescribed in a conduct standard or a joint standard; or (b) determined must be read as a reference to the Authority determining the matter in writing and registering the determination in the Regis- ter.’’; and (c) by the substitution for subsection (7) of the following subsection: ‘‘(7) The reference in section 3(3) to an appeal to the board of appeal established by section 26 of the Financial Services Board Act must be read as a reference to a reconsideration of the deci- sion by the Tribunal in terms of the Financial Sector Regulation Act.’’. - 4 Verify source ↗
The whole of sections 2(2), 2(3),
AI-assisted research summary: This provision repeals the listed sections and schedules.
4. The whole of sections 2(2), 2(3), 4(5), 4(7), 7, 8(1), 9 – 34, 36 – 42, 46, 47, 51, 53, 54, 65, 67 – 69, and 70(2A), and Schedules 1 – 3 are hereby repealed. - 5 Verify source ↗
The whole of sections 56 to 63
AI-assisted research summary: Sections 56 to 63 and Schedule 3 are repealed 18 months after the effective date of the Insurance Act.
5. The whole of sections 56 to 63 and Schedule 3 are hereby repealed 18 months after the effective date of the Insurance Act. - 6 Verify source ↗
The amendment of section 3—
AI-assisted research summary: This section amends section 3 by changing a fee-related inspection rule and by updating references to prescribed matters and appeals.
6. The amendment of section 3— (a) by the substitution in subsection (2)(b) for subparagraph (i) of the following subparagraph: ‘‘(i) the fees determined under the Financial Sector Regu- lation Act; and’’; and (b) by the substitution for subsection (4) of the following subsection: ‘‘(4) A person may, upon pay- ment of any fees determined under the Financial Sector Regulation Act, inspect only This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 155 Versekeringswet, 2017 Wet No. 18 van 2017 153 No. en jaar van Wet Kort titel Omvang van wysiging of herroeping (b) deur subartikel (4) deur die volgende subartikel te vervang: ‘‘(4) Tensy uitdruklik anders in hierdie Wet bepaal, of tensy hierdie Wet vereis dat ’n aangeleentheid by regulasie voorgeskryf word, moet ’n verwysing in hierdie Wet na ’n aangeleentheid— (a) wat voorgeskryf word, gelees word as ’n verwysing daarna dat die aangeleentheid in ’n gedragstandaard of gesamentlike standaard voorgeskryf word; of (b) wat bepaal word, gelees word as ’n verwysing daarna dat die Owerheid die aangeleentheid skriftelik bepaal en die bepaling in die Register registreer.’’; en (c) deur subartikel (7) deur die volgende subartikel te vervang: ‘‘(7) Die verwysing in artikels 3(3) na ’n appèl tot die appèlraad ingestel by artikel 26 van die Wet op die Raad op Finansiële Dienste, moet gelees word as ’n verwysing na ’n heroorweging van die besluit deur die Tribunaal ingevolge die ‘Financial Sector Regulation Act’.’’. - 4 Verify source ↗
Artikels 2(2), 2(3), 4(5), 4(7), 7,
AI-assisted research summary: This provision completely repeals the listed articles and schedules.
4. Artikels 2(2), 2(3), 4(5), 4(7), 7, 8(1), 9 – 34, 36 – 42, 46, 47, 51, 53, 54, 65, 67 – 69 en 70(2A) en Bylaes 1 – 3 word hierby heeltemal herroep. - 5 Verify source ↗
Artikels 56 tot 63 en Bylae 3 word
AI-assisted research summary: Articles 56 to 63 and Schedule 3 are completely repealed, effective 18 months after the Insurance Act starts.
5. Artikels 56 tot 63 en Bylae 3 word hierby heeltemal herroep met ingang van 18 maande na die inwerking- tredingsdatum van die Versekerings- wet.’’. - 6 Verify source ↗
Artikel 3 word gewysig—
AI-assisted research summary: Article 3 is amended, and a person may inspect only on payment of fees set under the Financial Sector Regulation Act.
6. Artikel 3 word gewysig— (a) deur in subartikel (2)(b) sub- paragraaf (i) deur die volgende subparagraaf te vervang: ‘‘(i) die gelde kragtens die ‘Financial Sector Regulation Act’ bepaal; en’’; en (b) deur subartikel (4) deur die volgende subartikel te vervang: ‘‘(4) ’n Persoon kan, teen betaling van enige gelde kragtens die ‘Financial Sector Regulation Act’ bepaal, insae hê in alleenlik This gazette is also available free online at www.gpwonline.co.za - 156 Verify source ↗
No. 41388
AI-assisted research summary: The Authority may identify certain documents by notice on its official website, and those documents can be held under the Act for a short-term insurer or intermediary.
156 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 154 No. and year of Act Short title Extent of amendment or repeal those documents determined by the Authority by notice on the official website, which are held by the Authority under this Act in relation to a short-term in- surer or an intermediary or, obtain a copy of or extract from any such document.’’. - 7 Verify source ↗
The amendment of section 8—
AI-assisted research summary: This provision amends section 8 to update the heading and rules about when short-term insurers and Lloyd’s underwriters may act under short-term policies, and when the Authority may exempt short-term reinsurance policies by notice in the Gazette.
7. The amendment of section 8— (a) by the substitution of the heading of the section for the following heading: ‘‘Prohibition on performance of certain acts, by certain per- sons’’; (b) by the substitution in subsection (2) for paragraph (a) of the follow- ing paragraph: ‘‘(a) short-term insurers, ex- cluding Lloyd’s and Lloyd’s underwriters, are the only underwriters in terms of the short-term policy concerned;’’; (c) by the substitution in subsection (2) for paragraph (b) of the follow- ing paragraph: ‘‘(b) such person or another person has entered into a written agreement as re- ferred to in section 48A(1) with Lloyd’s underwriters for the performance of the function referred to in sec- tion 48A(1)(a) in relation to the short-term policy concerned, and Lloyd’s underwriters are the only underwriters in terms of the short-term policy con- cerned; or’’; (d) by the deletion in subsection (2) of paragraph (c); and (e) by the substitution for subsection (4) of the following subsection: ‘‘(4) Subsections (2) and (3) shall not apply in the case of a short-term reinsurance policy unless and to the extent that the Authority so determines by no- tice in the Gazette.’’. - 8 Verify source ↗
The substitution of the heading of
AI-assisted research summary: The heading of Part IV is replaced with “RETURNS TO AUTHORITY”.
8. The substitution of the heading of Part IV for the following: ‘‘RETURNS TO AUTHORITY’’. This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 157 Versekeringswet, 2017 Wet No. 18 van 2017 155 No. en jaar van Wet Kort titel Omvang van wysiging of herroeping dié dokumente deur die Owerheid by kennisgewing op die amptelike webwerf bepaal, wat kragtens hierdie Wet deur die Owerheid gehou word met betrekking tot ’n korttermynversekeraar of ’n tussenganger of ’n afskrif van of uittreksel uit enige sodanige dokument kry.’’.
Part
Part IV for the following:
- 7 Verify source ↗
Artikel 8 word gewysig—
AI-assisted research summary: This provision amends Article 8 to update the rules on who may act as underwriters for certain short-term policies and when the Authority can exempt short-term reinsurance policies by Gazette notice.
7. Artikel 8 word gewysig— (a) deur die opskrif deur die volgende opskrif te vervang: ‘‘Verbod van verrigting van sekere handelinge, deur sekere persone’’; (b) deur in subartikel (2) paragraaf (a) deur die volgende paragraaf te vervang: ‘‘(a) korttermynversekeraars, met uitsondering van Lloyd’s en Lloyd’s-onderskrywers, die enigste onderskrywers ingevolge die betrokke korttermynpolis is;’’; (c) deur in subartikel (2) paragraaf (b) deur die volgende paragraaf te vervang: ‘‘(b) so ’n persoon of ander persoon ’n skriftelike ooreenkoms soos bedoel in artikel 48A(1) met Lloyd’s- onderskrywers aangegaan het vir die verrigting van die werksaamheid in artikel 48A(1)(a) bedoel met betrekking tot die betrokke korttermynpolis en Lloyd’s- onderskrywers is die enigste onderskrywers ingevolge die betrokke korttermynpolis; of’’; (d) deur paragraaf (c) in subartikel (2) te skrap; en (e) deur subartikel (4) deur die volgende subartikel te vervang: ‘‘(4) Subartikels (2) en (3) is nie van toepassing nie in die geval van ’n korttermyn- herversekeringspolis tensy en in die mate wat die Owerheid aldus by kennisgewing in die Staatskoerant bepaal.’’. - 8 Verify source ↗
Deur die opskrif van Deel IV deur
AI-assisted research summary: This section replaces the heading of Part IV with “OPGAWES AAN OWERHEID”.
8. Deur die opskrif van Deel IV deur die volgende opskrif te vervang: ‘‘OPGAWES AAN OWERHEID’’. This gazette is also available free online at www.gpwonline.co.za - 158 Verify source ↗
No. 41388
AI-assisted research summary: This text is only a section heading/table header and does not state a rule.
158 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 156 No. and year of Act Short title Extent of amendment or repeal - 9 Verify source ↗
The amendment of section 35—
AI-assisted research summary: This section amends section 35 so the Authority may set certain matters by notice on its official website and may act by notice if a return is incomplete or incorrect.
9. The amendment of section 35— (a) by the substitution in subsection (1) of the words following para- graph (c) of the following words: ‘‘determined by the Authority by notice on the official website, either generally or in relation to a particular insurer.’’; and (b) by the substitution in subsection (2) for the words preceding para- graph (a) of the following words: ‘‘If the Authority is satisfied that a return furnished to it in terms of subsection (1) is in- complete or incorrect, it may, by notice—’’. - 10 Verify source ↗
The substitution for section 44
AI-assisted research summary: No person may give or offer valuable consideration to induce someone to enter into, continue, vary, or cancel a short-term policy, unless the rules under section 55 are followed.
10. The substitution for section 44 of the following section: ‘‘Prohibition on inducements 44. (1) Unless done in accordance with the rules prescribed under sec- tion 55, no person shall provide, or offer to provide, directly or indi- rectly, any valuable consideration as an inducement to a person to enter into, continue, vary or cancel a short-term policy. (2) Subsection (1) shall not apply in the case of a short-term reinsurance policy unless and to the extent that the Authority so deter- mines by notice in the Gazette.’’. - 11 Verify source ↗
The substitution for section 45
AI-assisted research summary: Independent intermediaries may not handle premiums for short-term policies unless authorised by the relevant short-term insurer as prescribed by regulation.
11. The substitution for section 45 of the following section: ‘‘Collection of premiums by intermediaries 45. (1) No independent intermedi- ary shall receive, hold or in any other manner deal with premiums payable under a short-term policy entered into or to be entered into with a short-term insurer and no such short-term insurer shall permit such independent intermediary to so receive, hold or in any other manner deal with such premiums— (a) unless authorised to do so by the short-term insurer concerned as prescribed by regulation; and This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 159 Versekeringswet, 2017 Wet No. 18 van 2017 157 No. en jaar van Wet Kort titel Omvang van wysiging of herroeping - 9 Verify source ↗
Artikel 35 word gewysig—
AI-assisted research summary: This provision amends Article 35 so that the Authority may determine certain matters by notice on its official website, including generally or for a particular insurer, and may give notice if a return is incomplete or incorrect.
9. Artikel 35 word gewysig— (a) deur in subartikel (1) die woorde wat op paragraaf (c) volg deur die volgende woorde te vervang: ‘‘deur die Owerheid bepaal by kennisgewing op die amptelike webwerf, hetsy in die algemeen of met betrekking tot ’n besondere versekeraar.’’; en (b) deur in subartikel (2) die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘Indien die Owerheid tevrede is dat ’n opgawe ingevolge subartikel (1) aan die Owerheid verstrek, onvolledig of nie korrek is nie, kan die Owerheid, by kennisgewing—’’. - 10 Verify source ↗
Deur artikel 44 deur die volgende
AI-assisted research summary: No person may offer or give money or anything of value to induce someone to take out, keep, change, or cancel a short-term policy, unless the rules under article 55 allow it.
10. Deur artikel 44 deur die volgende artikel te vervang: ‘‘Verbod op aanmoediging 44. (1) Tensy dit volgens die reëls kragtens artikel 55 gemaak, gedoen word, mag geen persoon regstreeks of onregstreeks enige geldwaardige teenprestasie verskaf, of aanbied om te verskaf, as ’n aanmoediging aan ’n ander persoon om ’n korttermynpolis, behalwe ’n korttermynherverseke- ringspolis, af te sluit, van krag te hou, te wysig of te kanselleer nie. (2) Subartikel (1) is nie van toepassing in die geval van ’n korttermynpolis nie tensy en tot die mate wat die Owerheid by kennis- gewing in die Staatskoerant aldus voorskryf.’’. - 11 Verify source ↗
Artikel 45 word deur die volgende
AI-assisted research summary: An independent intermediary may not receive, hold, or otherwise deal with certain premiums unless authorised by the relevant short-term insurer as prescribed by regulation.
11. Artikel 45 word deur die volgende artikel vervang: ‘‘Invordering van premies deur tussengangers 45. (1) Geen onafhanklike tussen- ganger mag premies betaalbaar kragtens ’n korttermynpolis, behalwe ’n korttermynherversekeringspolis wat met ’n korttermynversekeraar afgesluit is of staan te word, ontvang, hou of op enige ander wyse daarmee handel nie en geen sodanige kort- termynversekeraar mag sodanige onafhanklike tussenganger toelaat om aldus sodanige premies te ontvang, te hou of op enige ander wyse daarmee te handel nie— (a) tensy deur die betrokke kort- termynversekeraar gemagtig om aldus te doen soos by regulasie voorgeskryf; en This gazette is also available free online at www.gpwonline.co.za - 160 Verify source ↗
No. 41388
AI-assisted research summary: Subsection (1) does not apply to a short-term reinsurance policy unless the Authority decides otherwise by notice in the Gazette.
160 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 158 No. and year of Act Short title Extent of amendment or repeal (b) otherwise than in accordance with the regulations. (2) Subsection (1) shall not apply in the case of a short-term reinsurance policy unless and to the extent that the Authority so deter- mines by notice in the Gazette.’’. - 12 Verify source ↗
The substitution for section 48
AI-assisted research summary: This section substitutes section 48 with a new section headed “Limitation of remuneration.”
12. The substitution for section 48 of the following section: ‘‘Limitation of remuneration - 48 Verify source ↗
No consideration shall be—
AI-assisted research summary: A short-term insurer, or someone acting for one, must not offer or provide consideration to an independent intermediary or other person, and an independent intermediary or other person must not accept it, except for commission or remuneration allowed by the regulations.
48. No consideration shall be— (a) offered or provided by a short- term insurer or a person on be- half of a short-term insurer to an independent intermediary or any other person; or (b) accepted by an independent in- termediary or other person, for rendering services referred to in the regulations, other than commis- sion or remuneration contemplated in the regulations and otherwise than in accordance with the regula- tions.’’. - 13 Verify source ↗
The amendment of section
AI-assisted research summary: A short-term insurer may let another person act for it on policy matters only under a written agreement and subject to any regulatory limits.
13. The amendment of section 48A— (a) by the substitution of all refer- ences in this section to ‘‘short-term insurer or a Lloyd’s underwriter’’ with ‘‘short-term insurer’’; (b) by the substitution for subsection (1) of the following subsection: ‘‘(1) A short-term insurer may, in terms of a written agree- ment only, and in accordance with any requirements, limita- tions or prohibitions that may be prescribed by regulation, allow another person to do any one or more of the following on behalf of that insurer: (a) Enter into, vary or renew a short-term policy on behalf of that insurer; (b) determine the wording of a short-term policy; (c) determine premiums under a short-term policy; (d) determine the value of policy benefits under a short-term policy; (e) settle claims under a short- term policy.’’; and This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 161 Versekeringswet, 2017 Wet No. 18 van 2017 159 No. en jaar van Wet Kort titel Omvang van wysiging of herroeping (b) anders as ooreenkomstig die regulasies. (2) Subartikel (1) is nie van toepassing nie in die geval van ’n korttermynherversekeringspolis tensy en tot die mate wat die Owerheid by kennisgewing in die Staatskoerant aldus voorskryf.’’. - 12 Verify source ↗
Artikel 48 word deur die volgende
AI-assisted research summary: Article 48 is replaced by a new article titled “Limitation on compensation.”
12. Artikel 48 word deur die volgende artikel vervang: ‘‘Beperking op vergoeding - 48 Verify source ↗
Geen teenprestasie word—
AI-assisted research summary: A short-term insurer may not offer or provide compensation for certain regulated services, and an independent intermediary may not accept it, except for commission or compensation allowed by the regulations.
48. Geen teenprestasie word— (a) deur ’n korttermynversekeraar of enige persoon namens sodanige versekeraar aangebied of verskaf aan ’n onafhanklike tussenganger of enige ander persoon; of (b) deur ’n onafhanklike tussen- ganger of enige ander persoon aanvaar, vir die lewer van dienste in die regulasies beoog nie, behalwe kommissie of teenprestasie beoog in die regulasies en vir dienste as tussenganger gelewer andersins as ooreenkomstig die regulasies nie.’’. - 13 Verify source ↗
Artikel 48A word gewysig—
AI-assisted research summary: Article 48A is amended so that a short-term insurer or Lloyd’s underwriter may, by written agreement and subject to regulations, let another person do certain policy-related tasks on its behalf.
13. Artikel 48A word gewysig— (a) deur alle verwysings in hierdie artikel na ‘‘korttermynversekeraar of Lloyd’s-onderskrywer’’ deur ‘‘korttermynversekeraar’’ te vervang; (b) deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) ’n Korttermynversekeraar of ’n Lloyd’s-onderskrywer kan, slegs ingevolge ’n skriftelike ooreenkoms, en ooreenkomstig enige vereistes, beperkings of verbiedinge wat by regulasie voorgeskryf word, ’n ander persoon toelaat om enige een of meer van die volgende namens daardie versekeraar te doen: (a) Namens daardie versekeraar of Lloyd’s-onderskrywer ’n korttermynpolis, behalwe ’n korttermynherversekeringspolis, afsluit, wysig of hernu; (b) die bewoording van ’n korttermynpolis bepaal; (c) premies kragtens ’n korttermynpolis bepaal; (d) die waarde van polisvoordele kragtens ’n korttermynpolis bepaal; (e) eise kragtens ’n korttermyn- polis afhandel.’’; en This gazette is also available free online at www.gpwonline.co.za - 162 Verify source ↗
No. 41388
AI-assisted research summary: Subsection (1) does not apply to a short-term reinsurance policy unless the Authority determines otherwise by notice in the Gazette.
162 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 160 No. and year of Act Short title Extent of amendment or repeal (c) the insertion after subsection (1) of the following subsection: ‘‘(1A) Subsection (1) shall not apply in the case of a short- term reinsurance policy unless and to the extent that the Au- thority so determines by notice in the Gazette.’’. - 14 Verify source ↗
The substitution of section 50
AI-assisted research summary: This section substitutes section 50 with a new section about limiting policy benefits when an unborn child or certain minors die.
14. The substitution of section 50 for the following section: ‘‘Limitation on policy benefits in event of death of unborn or of certain minors - 50 Verify source ↗
A short-term insurer shall not
AI-assisted research summary: A short-term insurer must not provide certain policy benefits that exceed the stated death-benefit limits for an unborn child or a minor.
50. A short-term insurer shall not undertake to provide, or provide, policy benefits, in terms of— (a) in respect of a registered insurer, an accident and health policy; or (b) in respect of a licensed insurer, a non-life policy written under the accident and health class of non-life insurance business as set out in Table 2 of Schedule 2 of the Insurance Act, in the event of the death of an un- born, or of a minor before that mi- nor attains the age of 14 years, the value of which, on its own or when added to the value of policy benefits which to its knowledge are to be provided in that event by a short- term insurer or a long-term insurer or a friendly society in terms of any policy, exceeds, in the event of the death— (c) of that unborn, or of that minor before he or she attains the age of six years, R20 000; or (d) of that minor after he or she attains the age of six years but before he or she attains the age of 14 years, R50 000, or such other amount prescribed by the Minister.’’. - 15 Verify source ↗
The amendment of section 55—
AI-assisted research summary: The Authority may, by notice in the Gazette, decide how much subsection (1) applies to short-term reinsurance policies.
15. The amendment of section 55— (a) by the substitution in subsection (1) for paragraph (a) of the follow- ing paragraph: ‘‘(a) prescribe rules not incon- sistent with this Act, aimed at ensuring for the purpose of policyholder protection that policies are This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 163 Versekeringswet, 2017 Wet No. 18 van 2017 161 No. en jaar van Wet Kort titel Omvang van wysiging of herroeping (c) deur die volgende subartikel na subartikel (1) in te voeg: ‘‘(1A) Subartikel (1) is nie van toepassing nie in die geval van ’n korttermynherversekeringspolis tensy en tot die mate wat die Owerheid by kennisgewing in die Staatskoerant bepaal.’’. - 14 Verify source ↗
Artikel 50 word deur die volgende
AI-assisted research summary: A short-term insurer may not provide policy benefits for the death of an unborn child or certain minors, subject to stated age-based benefit caps.
14. Artikel 50 word deur die volgende artikel vervang: ‘‘Beperking op polisvoordele in geval van afsterwe van ongeborene of van sekere minderjariges 50. ’n Korttermynversekeraar mag nie onderneem om polisvoordele te verskaf, of polisvoordele verskaf— (a) ten opsigte van ’n geregistreerde versekeraar, ’n ongevalle- en gesondheidspolis; of (b) ten opsigte van ’n gelisensieerde versekeraar, ’n nielewens- versekeringspolis geskryf kragtens die ongevalle- en gesondheidsklas van nielewensversekeringsbesigheid soos in Tabel 2 van Bylae 2 uiteengesit, in die geval van die afsterwe van ’n ongeborene, of van ’n minderjarige voordat daardie minderjarige die ouderdom van 14 jaar bereik nie, waarvan die waarde opsigselfstaande of wanneer saamgevoeg by die waarde van polisvoordele wat tot sy kennis in daardie geval deur ’n korttermynversekeraar of ’n langtermynversekeraar of ’n onderlinge hulpvereniging ingevolge enige polis verskaf staan te word, in die geval van die afsterwe— (a) van daardie ongeborene, of van daardie minderjarige voordat hy of sy die ouderdom van ses jaar bereik, R20 000; of (b) van daardie minderjarige nadat hy of sy die ouderdom van ses jaar bereik, maar voordat hy of sy die ouderdom van 14 jaar bereik, R50 000, oorskry nie of die ander bedrag deur die Minister voorgeskryf.’’. - 15 Verify source ↗
Artikel 55 word gewysig—
AI-assisted research summary: This provision amends Article 55 by replacing wording in subsection (1)(a) with new text about making rules that are not inconsistent with the Act.
15. Artikel 55 word gewysig— (a) deur in subartikel (1) paragraaf (a) deur die volgende paragraaf te vervang: ‘‘(a) reëls maak wat nie met hierdie Wet onbestaanbaar is nie wat daarop gemik is This gazette is also available free online at www.gpwonline.co.za - 164 Verify source ↗
No. 41388
AI-assisted research summary: This amendment expands the matters that regulations may cover for short-term insurance policies and insurers, including disclosure, wording, advertisements, claims and complaints handling, policy benefits, misrepresentation, and contract validity.
164 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 162 No. and year of Act Short title Extent of amendment or repeal entered into, executed and enforced in accordance with sound insurance prin- ciples and practice in the interests of the parties and in the public interest gen- erally;’’; (b) by the substitution in subsection (2) for paragraph (b) of the follow- ing paragraph: ‘‘(b) that the policy and particu- lar information in relation to a policy shall be made known in a particular man- ner to prospective policy- holder or policyholder, and what the legal conse- quences shall be if that is not done;’’; (c) by the substitution in subsection (2) for paragraph (e) of the follow- ing paragraph: ‘‘(e) for standardised wording, definitions or provisions that must be or may not be included in policies;’’; (d) by the insertion in subsection (2) after paragraph (e) of the follow- ing paragraphs: ‘‘(f) for principles and require- ments relating to any ad- vertisement, brochure or similar communication which relates to the busi- ness of a short-term in- surer, or to a short-term policy; for principles and require- ments relating to claims handling, complaints han- dling and dispute resolu- tion applicable to short- term insurers; for principles and require- ments relating to the man- ner and form in which policy benefits must be provided; for principles and require- ments relating to misrepre- sentation in relation to a short-term policy; for requirements relating to the validity of a contract under a short-term policy; (g) (h) (i) (j) This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 165 Versekeringswet, 2017 Wet No. 18 van 2017 163 No. en jaar van Wet Kort titel Omvang van wysiging of herroeping om, vir die doel van polishouerbeskerming, te verseker dat polisse afge- sluit, verlei en afgedwing word ooreenkomstig gesonde versekerings- beginsels en -praktyk in die belang van die partye en in die openbare belang oor die algemeen;’’; (b) deur in subartikel (2) paragraaf (b) deur die volgende paragraaf te vervang: ‘‘(b) dat die polis en besondere inligting met betrekking tot ’n polis op ’n besondere wyse aan ’n voorgenome polishouer of polishouer bekend gemaak moet word, en wat die regsgevolge is indien dit nie gedoen word nie;’’; (c) deur in subartikel (2) paragraaf (e) deur die volgende paragraaf te vervang: ‘‘(e) vir gestandaardiseerde bewoording, omskrywings of bepalings wat in polisse ingesluit moet word;’’; (d) deur in subartikel (2) die volgende paragrawe na paragraaf (e) in te voeg: ‘‘(f) vir beginsels en vereistes met betrekking tot enige advertensie, brosjure of soortgelyke kommunikasie wat met die besigheid van ’n korttermynversekeraar, of met ’n korttermynpolis, verband hou; (g) vir beginsels en vereistes met betrekking tot die hantering van eise, die hantering van klagtes en geskilbeslegting van toepassing op korttermyn- versekeraars; (h) vir beginsels en vereistes met betrekking tot die wyse en vorm waarop polisvoordele voorsien moet word; vir beginsels en vereistes met betrekking tot wanvoorstelling in verband met ’n korttermynpolis; vir vereistes met betrekking tot die geldigheid van ’n kontrak kragtens ’n korttermynpolis; (i) (j) This gazette is also available free online at www.gpwonline.co.za - 166 Verify source ↗
No. 41388
AI-assisted research summary: Rules under subsection (2) may apply generally, be limited to certain policies or insurers, or differentiate between categories of insurers, policies, contracts, and services. Older ministerial rules are treated as prescribed under this section and stay valid until the Authority repeals or amends them.
166 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 164 No. and year of Act Short title Extent of amendment or repeal (k) (l) (m) (n) (o) for principles and require- ments relating to non-pay- ment of premiums and grace periods in relation to a short-term policy, and related disclosures to poli- cyholders; for principles and require- ments relating to insurance product design and ongo- ing review of insurance product performance to ensure the fair treatment of policyholders; for principles and require- ments relating to a short- term insurer’s dealings with intermediaries; for principles and require- ments relating to data man- agement in order to appro- priately identify, assess, measure and manage the conduct of business risks associated with its insur- ance business to ensure the fair treatment of policy- holders; and for principles and require- ments relating to the termi- nation of policies.’’; (e) by the substitution for subsection (3) of the following subsection: ‘‘(3) Rules referred to in sub- section (2) may— (a) apply generally; (b) be limited in application to a particular kind or type of policies, short-term insurers or short-term insurance business; or (c) differentiate between differ- ent kinds of insurers, poli- cies, contracts and ser- vices.’’; and (f) by the substitution for subsection (5) of the following subsection: ‘‘(5) Any rule promulgated by the Minister prior to the com- mencement of the Financial Ser- vices Laws General Amendment Act, 2013, must be regarded as having been prescribed under this section, and remains valid and enforceable until repealed or amended by the Authority.’’. This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 167 Versekeringswet, 2017 Wet No. 18 van 2017 165 No. en jaar van Wet Kort titel Omvang van wysiging of herroeping (k) (l) vir beginsels en vereistes met betrekking tot niebetaling van premies en grasietydperke in verband met ’n korttermynpolisse, en verwante bekendmakings aan polishouers; vir beginsels en vereistes met betrekking tot versekeringsprodukontwerp en voortgesette hersiening van versekeringsprodukprestasie om te verseker dat polishouers billik behandel word; (m) vir beginsels en vereistes in verband met ’n korttermyn- versekeraar se transaksies met tussengangers; (n) vir beginsels en vereistes met betrekking tot data- bestuur ten einde die dryf van besigheidsrisiko’s wat met sy versekerings- besigheid gepaard gaan om te verseker dat polishouers billik behandel word; en (o) vir beginsels en vereistes in verband met die beëindiging van polisse.’’; (e) deur subartikel (3) deur die volgende subartikel te vervang: ‘‘(3) Reëls in subartikel (2) bedoel mag— (a) in die algemeen van toe- passing wees; of (b) in toepassing beperk wees tot ’n bepaalde soort of tipe polisse, korttermyn- versekeraars of korttermyn- versekeringsbesigheid; of (c) onderskeid tref tussen verskillende soorte versekeraars, polisse, kontrakte en dienste.’’; en (f) deur subartikel (5) deur die volgende subartikel te vervang: ‘‘(5) Enige reël deur die Minister uitgevaardig voor die inwerkingtreding van die Algemene Wysigingswet op Wette op Finansiële Dienste, 2013, moet geag word kragtens hierdie artikel gemaak te wees en bly geldig en afdwingbaar totdat die Registrateur dit herroep of wysig.’’. This gazette is also available free online at www.gpwonline.co.za - 168 Verify source ↗
No. 41388
AI-assisted research summary: Section 168 is a table heading for an amendment/repeal entry in the Insurance Act, 2017.
168 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 166 No. and year of Act Short title Extent of amendment or repeal - 16 Verify source ↗
The substitution for section 64
AI-assisted research summary: A person other than a short-term insurer commits an offence if they breach specified sections or give false information, and may be fined or imprisoned.
16. The substitution for section 64 of the following section: ‘‘Offences by persons other than short-term insurers 64. (1) A person, other than a short-term insurer, who— (a) contravenes or fails to comply with a provision of section 43(1), 44, 45 or 48; (b) furnishes false information in relation to an application for approval under a provision of this Act, shall be guilty of an offence and liable on conviction to a fine not exceeding R5 million or to impris- onment for a period not exceeding five years, or to both such fine and such imprisonment. (2) A person, other than a short- term insurer, who contravenes or fails to comply with a provision of section 8(2) shall be guilty of an offence and liable on conviction to a fine not exceeding R10 million or to imprisonment for a period not ex- ceeding 10 years, or to both such fine and such imprisonment.’’. - 17 Verify source ↗
The insertion of section 66 of
AI-assisted research summary: A person who does not give the Authority a required return, information, or document on time can be fined up to R5 000 per day until the failure stops, unless the Authority waives the penalty for good cause.
17. The insertion of section 66 of the following section: ‘‘Penalty for failure to furnish the Authority with returns etc. 66. (1) (a) A person who fails to furnish the Authority with a return, information or document, as pro- vided by this Act, within a specified period or the period determined by the Authority by notice on the offi- cial website, or any extension thereof, shall, irrespective of any criminal proceedings instituted against the person under this Act, be liable to a penalty not exceeding R5 000 for every day during which the failure continues, unless the Au- thority, on good cause shown, waives the penalty or any part thereof. This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 169 Versekeringswet, 2017 Wet No. 18 van 2017 167 No. en jaar van Wet Kort titel Omvang van wysiging of herroeping - 16 Verify source ↗
Artikel 64 word deur die volgende
AI-assisted research summary: This provision replaces Article 64 and creates offences for non-short-term insurers who disobey certain notices, orders, or requests, give false information in an approval application, or fail to comply with section 8(2).
16. Artikel 64 word deur die volgende artikel te vervang: ‘‘Misdrywe deur ander persone as korttermynversekeraars 64. (1) ’n Ander persoon as ’n korttermynversekeraar wat— (a) ’n bepaling van ’n kennisgewing, lasgewing of versoek in artikel 43(1), 44, 45 of 48 bedoel, oortree of versuim om daaraan te voldoen; (b) vals inligting verstrek met betrekking tot ’n aansoek om goedkeuring kragtens ’n bepaling van hierdie Wet, is aan ’n misdryf skuldig en by skuldigbevinding strafbaar met ’n boete van hoogstens R5 miljoen of tot gevangenisstraf vir ’n tydperk van hoogstens vyf jaar of met daardie boete sowel as daardie gevangenis- straf. (2) ’n Ander persoon as ’n kort- termynversekeraar wat ’n bepaling van artikel 8(2) oortree of versuim om daaraan te voldoen, is aan ’n misdryf skuldig en by skuldig- bevinding strafbaar met ’n boete van hoogstens R10 miljoen of gevange- nisstraf vir ’n tydperk van hoogstens 10 jaar, of met daardie boete sowel as daardie gevangenisstraf.’’. - 17 Verify source ↗
Artikel 66 word deur die volgende
AI-assisted research summary: A person who does not submit a required return, information, or document on time to the Authority can be fined up to R5,000 for each day the failure continues, unless the Authority waives the fine for good cause.
17. Artikel 66 word deur die volgende artikel vervang: ‘‘Straf vir versuim om opgawes ens aan Registrateur te verstrek 66. (1) (a) ’n Persoon wat versuim om ’n opgawe, inligting of dokument, soos by hierdie Wet bepaal, binne die voorgeskrewe of bepaalde tydperk of enige verlenging daarvan, aan die Owerheid te verstrek, is, ongeag enige strafregtelike vervolging teen die persoon kragtens hierdie Wet ingestel, strafbaar met ’n boete van hoogstens R5 000 vir elke dag waartydens die versuim voortduur, tensy die Owerheid, om goeie rede aangevoer, van daardie boete of van enige gedeelte daarvan afstand doen. This gazette is also available free online at www.gpwonline.co.za - 170 Verify source ↗
No. 41388
AI-assisted research summary: The Authority must adjust the amount annually, impose any penalty by notice, give the person a reasonable chance to be heard, and may recover the penalty as a debt.
170 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 168 No. and year of Act Short title Extent of amendment or repeal (b) The amount referred to in paragraph (a) must be adjusted by the Authority annually in order to reflect the Consumer Price Index, as published by Statistics South Africa. (2) A penalty contemplated in subsection (1) shall be imposed by notice by the Authority on the per- son concerned, and such imposition shall be preceded by the procedures determined by the Authority by no- tice on the official website to afford such person a reasonable opportu- nity to be heard, and shall take ef- fect on a date specified in such no- tice of the Authority which may be a date prior to the date of the notice. (3) A penalty so imposed shall constitute a debt due to the Author- ity and shall be recoverable by ac- tion by the Authority in any court having jurisdiction.’’. - 18 Verify source ↗
The amendment of section 70—
AI-assisted research summary: The Minister may make regulations about certain services performed for an insurer, including requirements and limits on who may perform them.
18. The amendment of section 70— (a) by the insertion of the subsection number ‘‘(1)’’ before the words ‘‘The Minister may make regu- lations not inconsistent with this Act—’’; (b) by the substitution in subsection (1) for paragraph (b) of the follow- ing paragraph: ‘‘(b) prescribing services per- formed by an independent intermediary or any other person on behalf of an insurer that are subject to the regulations, and setting out requirements that ap- ply to such services;’’; (c) by the insertion in subsection (1) after paragraph (b) of the follow- ing paragraphs: (bB) ‘‘(bA) prohibiting or limiting classes of persons from performing any service prescribed in accordance with paragraph (b); prescribing governance, risk management, inter- nal controls, oversight and operational ability requirements in relation to a service prescribed in accordance with para- graph (b); This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 171 Versekeringswet, 2017 Wet No. 18 van 2017 169 No. en jaar van Wet Kort titel Omvang van wysiging of herroeping (b) Die bedrag in paragraaf (a) bedoel moet jaarliks deur die Owerheid aangepas word ten einde die Verbruikersprysindeks, soos deur Statistiek Suid-Afrika gepubliseer, te weerspieël. (2) ’n Boete in subartikel (1) beoog, word by kennisgewing deur die Owerheid aan die betrokke persoon opgelê en so ’n oplegging word voorafgegaan deur die prosedures deur die Owerheid by kennisgewing op die amptelike webwerf voorgeskryf om aan so ’n persoon ’n redelike geleentheid te gun om aangehoor te word en tree in werking op ’n datum in so ’n kennisgewing van die Owerheid vermeld wat ’n datum voor die datum van die kennisgewing kan wees. (3) ’n Boete aldus opgelê, maak ’n skuld aan die Owerheid verskuldig, uit en is by aksie deur die Owerheid invorderbaar in enige hof wat regsbevoegdheid het.’’. - 18 Verify source ↗
Artikel 70 word gewysig—
AI-assisted research summary: The Minister may make regulations that are consistent with the Act and may set service-related requirements and limits on who may perform certain services.
18. Artikel 70 word gewysig— (a) deur die subartikel nommer ‘‘(1)’’ in te voeg voor die die woorde: ‘‘Die Minister kan regulasies uitvaardig wat nie met hierdie Wet strydig is nie—’’; (b) deur in subartikel (1) paragraaf (b) deur die volgende paragraaf te vervang: ‘‘(b) wat dienste voorskryf wat deur ’n onafhanklike tussenganger of enige ander persoon namens ’n versekeraar verrig kan word wat aan die regulasies onderhewig is, en wat vereistes uiteensit wat op sodanige dienste van toepassing is;’’; (c) deur in subartikel (1) die volgende paragrawe na paragraaf (b) in te voeg: ‘‘(bA) wat sekere klasse persone daarvan verbied of beperk om enige diens beskryf ooreenkomstig paragraaf (b) te verrig; (bB) wat vereistes voorskryf vir beheer, risikobestuur, interne beheermaatreëls, toesig en bedryfsvermoë met betrekking tot ’n diens ooreenkomstig paragraaf (b) voorgeskryf; This gazette is also available free online at www.gpwonline.co.za - 172 Verify source ↗
No. 41388
AI-assisted research summary: This section amends insurance rules to let regulations require notification or approval before certain service arrangements, set limits or bans on related agreements, set periods for issuing policies, and control when and how consideration may be offered or accepted.
172 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 170 No. and year of Act Short title Extent of amendment or repeal (bC) (bD) prescribing requirements relating to notification to or approval by the Au- thority before entering into or terminating an arrangement in respect of any service prescribed in accordance with para- graph (b); prescribing requirements, limitations or prohibi- tions in respect of any agreement relating to any service prescribed in accordance with para- graph (b);’’; (d) by the substitution in subsection (1) for paragraph (c) of the follow- ing paragraph: ‘‘(c) prescribing periods within which policies and amended policies are to be issued;’’; (e) by the substitution in subsection (1) for paragraph (e) of the follow- ing paragraph: ‘‘(e) (i) prohibiting or limiting the consideration which may be offered or provided; and (ii) prescribing the timing, manner and conditions under which consider- ation may be offered or provided, by or on behalf of a short-term insurer to an independent interme- diary or any other person, for ren- dering services prescribed in ac- cordance with paragraph (b), or to any other person associated in business with or related within the second degree of consanguinity or affinity to the independent interme- diary or other person who has ren- dered or is to render such ser- vices;’’; (f) by the substitution in subsection (1) for paragraph (f) of the follow- ing paragraph: ‘‘(f) (i) prohibiting consider- ation that may be ac- cepted; and This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 173 Versekeringswet, 2017 Wet No. 18 van 2017 171 No. en jaar van Wet Kort titel Omvang van wysiging of herroeping (bC) wat vereistes voorskryf met betrekking tot kennis- gewing aan of goed- keuring deur die Owerheid voordat ’n reëling ten opsigte van enige diens ooreenkomstig paragraaf (b) voorgeskryf, aange- gaan of beëindig word; (bD) wat vereistes, beperkings of verbiedinge voorskryf ten opsigte van enige ooreenkoms met betrekking tot enige diens ooreenkomstig paragraaf (b) voorgeskryf;’’; (d) deur in subartikel (1) paragraaf (c) deur die volgende paragraaf te vervang: ‘‘(c) wat tydperke voorskryf waarbinne polisse en gewysigde polisse uitgereik moet word;’’; (e) deur in subartikel (1) paragraaf (e) deur die volgende paragraaf te vervang: ‘‘(e) (i) wat die teenprestasie wat aangebied of verskaf kan word, verbied of beperk; en (ii) wat die tydsberekening, wyse en omstandighede voorskryf waaronder teenprestasie aangebied of verskaf kan word, deur of namens ’n korttermyn- versekeraar of ’n Lloyd’s-onder- skrywer aan enige persoon vir dienste as tussenganger gelewer, of aan ’n ander persoon wat sakebetrekkinge het met of binne die tweede graad van bloed- of aanverwantskap verwant is aan ’n persoon wat sodanige dienste gelewer het of moet lewer;’’; (f) deur in subartikel (1) paragraaf (f) deur die volgende paragraaf te vervang: ‘‘(f) (i) wat teenprestasie wat aanvaar kan word verbied; en This gazette is also available free online at www.gpwonline.co.za - 174 Verify source ↗
No. 41388
AI-assisted research summary: This section amends the Insurance Act to allow rules about when consideration may be accepted and about related service arrangements and controls.
174 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 172 No. and year of Act Short title Extent of amendment or repeal (ii) prescribing the timing, manner and conditions under which consider- ation may be accepted, by an independent intermediary or other person for rendering services prescribed in accordance with paragraph (b), or by any other per- son associated in business with or related within the second degree of consanguinity or affinity to the independent intermediary or other person who has rendered or is to render such services;’’; (g) by the insertion in subsection (1) after paragraph (f) of the following paragraphs: ‘‘(fA) prescribing different classes of persons to whom consideration con- templated in paragraphs (e) and (f) may be offered or provided, for such services rendered or to be rendered;’’; (h) by the substitution in subsection (1)(gA) for subparagraph (iii) of the following subparagraph: ‘‘(iii) any consideration that may be offered or pro- vided from, by or on be- half of a short-term in- surer to a person that enters into an agreement contemplated in section 48A(1) with a short-term insurer;’’; (i) by the substitution in subsection (1)(gA) for subparagraph (v) of the following subparagraph: ‘‘(v) the circumstances under which a person who has entered into an agreement contemplated in section 48A(1) may render ser- vices in respect of a policy not referred to that person by the relevant insurer or an independent intermedi- ary, and’’; (j) by the insertion in subsection (1)(gA) after subparagraph (v) of the following subparagraph: ‘‘(vi) governance, risk manage- ment, internal controls, oversight and operational ability;’’; and This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 175 Versekeringswet, 2017 Wet No. 18 van 2017 173 No. en jaar van Wet Kort titel Omvang van wysiging of herroeping (ii) wat die tydsberekening, wyse en omstandighede voorskryf waaronder teenprestasie aanvaar kan word, deur ’n onafhanklike tussenganger of ander persoon vir dienste gelewer ooreenkomstig paragraaf (b) voorge- skryf, of aan ’n ander persoon wat sake-betrekkinge het met of binne die tweede graad van bloed- of aan- verwantskap verwant is aan die onafhanklike tussenganger of ander persoon wat sodanige dienste gelewer het of moet lewer;’’; (g) deur in subartikel (1) die volgende paragraaf na paragraaf (f) in te voeg: ‘‘(fA) wat verskillende klasse persone aan wie teen- prestasie in paragrawe (e) en (f) beoog aangebied of verskaf kan word, vir sodanige dienste wat gelewer is of gelewer moet word;’’; (h) deur in subartikel (1)(gA) sub- paragraaf (iii) deur die volgende subparagraaf te vervang: ‘‘(iii) enige teenprestasie wat aangebied of verskaf word van, deur of namens ’n korttermynversekeraar of Lloyd’s-onderskrywer aan ’n persoon wat ’n ooreenkoms beoog in artikel 48A(1) met ’n korttermynversekeraar aangaan;’’; (i) deur in subartikel (1)(gA) sub- paragraaf (v) deur die volgende subparagraaf te vervang: ‘‘(v) die omstandighede waar- onder ’n persoon wat ’n ooreenkoms beoog in artikel 48A(1) aangegaan het, dienste kan lewer ten opsigte van ’n polis wat nie deur die betrokke versekeraar of ’n onafhanklike tussenganger na daardie persoon verwys is nie; en’’; (j) deur in subartikel (1)(gA) die volgende subparagraaf na subparagraaf (v) in te voeg: ‘‘(vi) beheer, risikobestuur, interne beheermaatreëls, toesig en operasionele vermoë;’’; en This gazette is also available free online at www.gpwonline.co.za - 176 Verify source ↗
No. 41388
AI-assisted research summary: This section amends the Act to let the Authority prescribe certain matters in the Regulations.
176 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 174 No. and year of Act Short title Extent of amendment or repeal (k) by the insertion in subsection (2) after paragraph (b) of the follow- ing paragraph: ‘‘(bA) empower the Authority to prescribe certain mat- ters as specified in the Regulations; and’’. - 19 Verify source ↗
The amendment of the Arrange-
AI-assisted research summary: This section amends the arrangement of sections by deleting references to repealed sections and substituting section 8 and Part IV with new headings.
19. The amendment of the Arrange- ment of Sections— (a) by the deletion of all references to sections that are repealed by this Act; (b) by the substitution of section 8 with the following: ‘‘8. Prohibition on perfor- mance of certain acts, by cer- tain persons’’; and (c) by the substitution of Part IV with the following: ‘‘PART IV RETURNS TO AUTHORITY’’. - 20 Verify source ↗
The substitution for the long title
AI-assisted research summary: This section substitutes the Act’s long title and allows the Authority to prescribe certain matters in the regulations.
20. The substitution for the long title of the Act of the following: ‘‘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 practi- cable, with international stan- dards for insurance regulation and supervision; for the control of certain activities of short-term insurers and intermediaries; and for matters connected therewith.’’. This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 177 Versekeringswet, 2017 Wet No. 18 van 2017 175 No. en jaar van Wet Kort titel Omvang van wysiging of herroeping (k) deur in subartikel (2) die volgende paragraaf na paragraaf (b) in te voeg: ‘‘(bA) die Owerheid magtig om sekere aangeleenthede voor te skryf soos in die regulasies gespesifiseer; en’’. - 19 Verify source ↗
Die Indeling van Artikels word
AI-assisted research summary: This provision changes the arrangement of articles by deleting references to repealed articles and replacing section 8 and Part IV with new headings.
19. Die Indeling van Artikels word gewysig— (a) deur al die verwysings na artikels wat deur hierdie Wet herroep word, te skrap; (b) deur artikel 8 deur die volgende te vervang: ‘‘8. Verbod op verrigting van sekere handelinge deur sekere persone’’; en (c) deur Deel IV deur die volgende te vervang: ‘‘DEEL IV OPGAWES AAN OWERHEID’’. - 20 Verify source ↗
Deur die lang titel van die Wet
AI-assisted research summary: This section replaces the Act’s long title with a new description of its purpose.
20. Deur die lang titel van die Wet deur die volgende te vervang: ‘‘Om voorsiening te maak vir ’n regsraamwerk vir die reëling van besigheidstoesig oor korttermyn- versekeraars in die Republiek wat, sover moontlik, in ooreenstemming is met internasionale standaarde vir versekeringsreëling en toesig; vir die registrasie van korttermyn- versekeraars; vir die beheer van sekere aktiwiteite van korttermyn- versekeraars en tussengangers; en vir aangeleenthede wat daarmee in verband staan.’’. This gazette is also available free online at www.gpwonline.co.za - 178 Verify source ↗
No. 41388
AI-assisted research summary: This provision defines terms used for insurance policy classes and sub-classes.
178 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 176 SCHEDULE 2 CLASSES AND SUB-CLASSES In this Schedule— ‘‘beneficiary’’ means— (a) (b) in the case of an insurance policy other than a group insurance policy, the person stated in the insurance policy or a person nominated by the policyholder as the person in respect of whom the insurer should meet the insurance obligations; or in the case of a group insurance policy— (i) a member of the association or fund, or an employee; or (ii) a person nominated by the member referred to in subparagraph (i) in respect of whom the insurer should meet the insurance obligations, which person is not the association, fund or employer; ‘‘fully guaranteed’’ means where the total insurance obligations under an insurance policy payable at the end date of the insurance policy or, in respect of an annuity, at each annuity instalment, are at the start of the policy— (a) (b) stated in the insurance policy in Rand terms; or stated in or ascertainable from the insurance policy with reference to the growth rate used in calculating the policy’s investment value or, in the case of an annuity, each annuity installment, which growth rate is stated in the insurance policy as a fixed rate of return or stated return linked to inflation over the full term of the insurance policy; ‘‘fund’’ means— (a) in respect of life insurance business— (i) a friendly society as defined in section 1 of the Friendly Societies Act, 1956 (Act No. 25 of 1956); (ii) a pension fund organisation as defined in section 1 of the Pension Funds Act, 1956 (Act No. 24 of 1956); and (b) in respect of non-life insurance business, a medical scheme as defined in section 1 of the Medical Schemes Act, 1998 (Act No. 131 of 1998); ‘‘group’’ in respect of the classes of insurance business, relates to an insurance policy entered into with— (a) an autonomous association of persons united voluntarily to meet their common or shared economic and social needs and aspirations (other than obtaining insurance), which association is democratically-controlled; a fund, (b) an employer; or (c) where the association, employer or fund holds the insurance policy exclusively for the benefit of a beneficiary; ‘‘individual’’ in respect of the classes of insurance business, relates to an insurance policy entered into with a person (whether individually risk rated or underwritten on a group basis) and— includes— (a) (i) an insurance policy where a credit provider is the policyholder and the person in respect of whom the insurer should meet the insurance obligations, and the persons who are the lives insured under the policy are debtors of that credit provider; (ii) an insurance policy where an employer is the policyholder and the person in respect of whom the insurer should meet the insurance obligations, and the persons who are the lives insured under the policy are directors or employees of that employer; but (b) excludes— (i) a group insurance policy; and (ii) subject to (a)(i) and (ii), an insurance policy where the persons who are the life insureds under the policy are two or more persons without an insurable interest in each other; ‘‘inflation’’ means any rate of inflation published by Statistics South Africa, or any successor body, from time to time; This gazette is also available free online at www.gpwonline.co.za Versekeringswet, 2017 Wet No. 18 van 2017 GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 179 177 BYLAE 2 KLASSE EN SUBKLASSE In hierdie Bylae beteken— ‘‘begin van die polis’’ die datum waarop ’n versekeringspolis tussen ’n versekeraar en ’n polishouer gesluit word; ‘‘begunstigde’’— (a) in die geval van ’n versekeringspolis wat nie ’n groepversekeringspolis is nie— (i) die persoon in die versekeringspolis vermeld of ’n persoon deur die polishouer benoem as die persoon ten opsigte van wie die versekeraar versekerings- verbintenisse moet nakom; of (b) in die geval van ’n groepversekeringspolis— (i) ’n lid van die vereniging of fonds, of ’n werknemer; of (ii) ’n persoon benoem deur die lid in subparagraaf (i) bedoel ten opsigte van wie die versekeraar die versekeringsverbintenisse moet nakom, welke persoon nie die vereniging, fonds of werkgewer is nie; ‘‘beleggingswaarde’’ die waarde van ’n versekeringspolis bereken as die opgelope basiese premium en beleggingsopbrengs gestel in of bepaalbaar uit die versekerings- polis minus aftrekkings waarvoor spesifiek in die versekeringspolis voorsiening gemaak word; ‘‘enkelbedrag’’ ’n enkele gestelde bedrag geld; ‘‘fonds’’— (a) ten opsigte van lewensversekeringsbesigheid— (i) ’n onderlinge hulpvereniging soos omskryf in artikel 1 van die Wet op Onderlinge Hulpverenigings, 1956 (Wet No. 25 van 1956); (ii) ’n pensioenfondsorganisasie soos omskryf in artikel 1 van die Wet op Pensioenfondse, 1956 (Wet No. 24 van 1956); en (b) ten opsigte van nielewensversekeringsbesigheid, ’n mediese skema soos in artikel 1 van die Wet op Mediese Fondse, 1998 (Wet No. 131 van 1998), omskryf; ‘‘gedeeltelik gewaarborg’’ waar sommige, maar nie alle nie, versekeringsverbintenisse kragtens ’n versekeringspolis teen die einddatum van die versekeringspolis of, ten opsigte van ’n annuïteit, by elke annuïteitspaaiement, by aanvang van die versekerings- polis— (a) in die versekeringspolis gestel word nie minder te wees nie as ’n bedrag in Randterme; of in die versekeringspolis gestel of vasstelbaar daaruit nie minder te wees nie as ’n bedrag bereken met verwysing na ’n groeikoers gebruik in die berekening van die polis se beleggingswaarde of, in die geval van ’n annuïteitspaaiement, welke groeikoers in die versekeringspolis gestel is as ’n vaste opbrengskoers of gestelde opbrengs gekoppel aan inflasie oor die volle termyn van die versekeringspolis; (b) ‘‘gekoppel’’ waar die versekeringsverbintenisse kragtens ’n versekeringspolis— (a) nie ten volle gewaarborg is nie of gedeeltelik gewaarborg is; en (a) slegs bepaal word by verwysing na die waarde van sekere bates of kategorieë van bates wat in die versekeringspolis vermeld word en werklik deur of namens die versekeraar gehou word spesifiek vir die doel van die versekeringspolis, min die aftrekkings waarvoor spesifiek in die versekeringspolis voorsiening gemaak is; ‘‘groep ’’ ten opsigte van die klasse van versekeringsbesigheid, hou verband met ’n versekeringspolis afgesluit met— (a) ’n outonome vereniging van persone wat vrywillig verenig het om hul gemeenskaplike of gedeelde ekonomiese en maatskaplike behoeftes en aspirasies (behalwe om versekering te kry) te vervul, welke vereniging demokraties beheer word; ’n werkgewer; of ’n fonds, (b) (c) waar die vereniging, werkgewer of fonds die versekeringspolis eksklusief ten bate van ’n begunstigde hou; This gazette is also available free online at www.gpwonline.co.za
Part
SCHEDULE 2
- 180 Verify source ↗
No. 41388
AI-assisted research summary: This section defines several insurance terms used in the Act.
180 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 178 ‘‘investment value’’ means the value of an insurance policy calculated as the accumulated basic premium and investment return stated in or ascertainable from the insurance policy, less deductions specifically provided for in the insurance policy; ‘‘linked’’ means where the insurance obligations under an insurance policy are— (a) not fully guaranteed or partially guaranteed; and (b) determined solely by reference to the value of particular assets or categories of assets which are specified in the insurance policy and are actually held by or on behalf of the insurer specifically for the purposes of the insurance policy, less deductions specifically provided for in the insurance policy; ‘‘lump sum’’ means a single stated sum of money; ‘‘market related’’ means where the insurance obligations under an insurance policy are not partially guaranteed, fully guaranteed or linked; ‘‘partially guaranteed’’ means where some, but not all, the insurance obligations under an insurance policy at the end date of the insurance policy or, in respect of an annuity, at each annuity installment, are at the start of the insurance policy— (a) (b) stated in the insurance policy to be no less than an amount in Rand terms; or stated in or ascertainable from the insurance policy to be no less than an amount calculated with reference to a growth rate used in calculating the policy’s investment value or, in the case of an annuity, each annuity installment, which growth rate is stated in the insurance policy as a fixed rate of return or stated return linked to inflation over the full term of the insurance policy; ‘‘start of the policy’’ means the date on which an insurance policy is entered into between an insurer and a policyholder; ‘‘underwritten on a group basis’’ means where the risks covered under an insurance policy are rated based on the characteristics of a group of people together, as opposed to that of the individual or individuals to whom the policy relates. This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 181 Versekeringswet, 2017 Wet No. 18 van 2017 179 ‘‘individu’’ ten opsigte van die klasse van versekeringsbesigheid, hou verband met ’n versekeringspolis wat met ’n persoon gesluit is (hetsy met ’n individuele risiko-aanslag of op ’n groepbasis onderskryf) en— (a) sluit in— (i) ’n versekeringspolis waar ’n kredietverskaffer die polishouer is en die persoon ten opsigte van wie die versekeraar die versekeringsverbintenisse moet nakom en die persone wat die versekerde lewens kragtens die polis is, skuldenaars van daardie kredietverskaffer is; (ii) ’n versekeringspolis waar ’n werkgewer die polishouer is en die persoon ten opsigte van wie die versekeraar die versekeringsverbintenisse moet nakom en die persone wat die versekerde lewens kragtens die polis is, direkteure of werknemers van daardie werkgewer is; maar (b) sluit uit— (i) ’n groepversekeringspolis; en (ii) behoudens (a)(i) en (ii), ’n versekeringspolis waar die persone wat die versekerde lewens kragtens die polis is, twee of meer persone is sonder ’n versekerbare belang in mekaar; ‘‘inflasie’’ enige inflasiekoers van tyd tot tyd deur Statistieke Suid-Afrika, of enige opvolgliggaam, gepubliseer; ‘‘markverwant’’ waar die versekeringsverbintenisse kragtens ’n versekeringspolis nie gedeeltelik gewaarborg, ten volle gewaarborg of gekoppel is nie; ‘‘onderskryf op ’n groepbasis’’ waar die risiko’s kragtens ’n versekeringspolis gedek gewaardeer word gegrond op die kenmerke van ’n groep mense saam, teenoor dié van die individu(e) met wie die polis verband hou; en ‘‘ten volle gewaarborg’’ waar die totale versekeringsverbintenisse kragtens ’n versekeringspolis betaalbaar teen die einddatum van die versekeringspolis of, ten opsigte van ’n annuïteit, met elke annuïteitspaaiement, aan die begin van die polis— (a) (b) gestel word in of vasstelbaar is uit die versekeringspolis met verwysing na die groeikoers wat gebruik is by die berekening van die polis se beleggingswaarde of, in die geval van ’n annuïteit, elke annuïteitspaaiement, welke groeikoers in die versekeringspolis gestel word as ’n vaste opbrengskoers of gestelde opbrengs gekoppel aan inflasie oor die volle termyn van die versekeringspolis. in die versekeringspolis in terme van Rande gestel word; of This gazette is also available free online at www.gpwonline.co.za - 182 Verify source ↗
No. 41388
AI-assisted research summary: This table lists life insurance classes and sub-classes, with descriptions of what each type covers and when payments are made.
182 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 180 TABLE 1 CLASSES AND SUB-CLASSES OF INSURANCE BUSINESS LIFE INSURANCE CLASS SUB-CLASS DESCRIPTION 1. RISK a. Individual Death b. Individual Health Lump sum or, specified or deter- minable equal or unequal sums of money payable at specified inter- vals payable on the happening of a death event Lump sum or, specified or deter- minable equal or unequal sums of money payable at specified inter- vals payable on the happening of a health event, which sum is not linked to the costs or services regulated under the Medical Schemes Act, 1998 (Act No. 131 of 1998), but includes any kind, type or category of contract iden- tified by the Minister in regula- tions as an insurance policy that may be entered into under this class Individual Disability — lump sum Lump sum payable on the hap- pening of a disability event c. d. Individual Disability — recurring payment Specified or determinable equal or unequal sums of money pay- able at specified intervals payable on the happening of a disability event Lump sum or, specified or deter- minable equal or unequal sums of money payable at specified inter- vals payable to a beneficiary on the happening of a death event e. Group Death This gazette is also available free online at www.gpwonline.co.za Versekeringswet, 2017 Wet No. 18 van 2017 GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 183 181 TABEL 1 KLASSE EN SUBKLASSE VAN VERSEKERINGSBESIGHEID LEWENSVERSEKERING KLAS SUBKLAS BESKRYWING 1. RISIKO a. Individuele sterfte b. Individuele gesondheid c. d. Individuele ongeskiktheid — enkelbedrag Individuele ongeskiktheid — herhalende betaling e. Groepsterfte Enkelbedrag of, gespesifiseerde of vasstelbare gelyke of ongelyke bedrae geld betaalbaar teen vasgestelde tydstippe, betaalbaar by die voorkoms van ’n sterftegebeurtenis Enkelbedrag of gespesifiseerde of vasstelbare gelyke of ongelyke bedrae geld betaalbaar teen vasgestelde tydstippe, betaalbaar by die voorkoms van ’n gesondheidsgebeurtenis, welke som nie gekoppel is aan die kostes of dienste gereguleer kragtens die Wet op Mediese Skemas, 1998 (Wet No. 131 van 1998), nie, maar sluit enige soort, tipe of kategorie kontrak in wat deur die Minister in regulasies geïdentifiseer is as ’n versekeringspolis wat kragtens hierdie klas gesluit kan word Enkelbedrag betaalbaar by die voorkoms van ’n ongeskikt- heidsgebeurtenis Gespesifiseerde of vasstelbare gelyke of ongelyke bedrae geld betaalbaar teen vasgestelde tydstippe, betaalbaar by die voorkoms van ’n ongeskiktheids- gebeurtenis Enkelbedrag of, gespesifiseerde of vasstelbare gelyke of ongelyke bedrae betaalbaar teen vas- gestelde tydstippe; betaalbaar aan ’n begunstigde by die voorkoms van ’n sterftegebeurtenis This gazette is also available free online at www.gpwonline.co.za - 184 Verify source ↗
No. 41388
AI-assisted research summary: This section describes insurance class categories and what kinds of benefits or payments they cover.
184 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 182 CLASS SUB-CLASS DESCRIPTION f. Group Health g. h. Group Disability— lump sum Group Disability— recurring payment 2. FUND RISK a. Death b . Disability— lump sum Lump sum or, specified or deter- minable equal or unequal sums of money payable at specified inter- vals payable to a beneficiary on the happening of a health event, which sum is not linked to the costs or services regulated under the Medical Schemes Act, 1998 (Act No. 131 of 1998), but in- cludes any kind, type or category of contract identified by the Min- ister in regulations as an insur- ance policy that may be entered into under this class Lump sum payable to a benefi- ciary on the happening of a dis- ability event Specified or determinable equal or unequal sums of money pay- able at specified intervals to a beneficiary on the happening of a disability event Lump sum or, specified or deter- minable equal or unequal sums of money payable at specified inter- vals payable to a fund on the hap- pening of a death event relating to a member of the fund for the pur- pose of funding in whole or in part the obligation of a fund to provide benefits to its members in terms of its rules, other than a policy relating exclusively to a particular member of the fund or to the surviving spouse, children, dependents or nominees of a par- ticular member of the fund Lump sum payable to a fund on the happening of a disability event relating to a member of the fund for the purpose of funding in whole or in part the obligation of a fund to provide benefits to its members in terms of its rules, other than a policy relating exclu- sively to a particular member of the fund or to the surviving spouse, children, dependents or nominees of a particular member of the fund This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 185 Versekeringswet, 2017 Wet No. 18 van 2017 183 KLAS SUBKLAS BESKRYWING f. Groepgesondheid g. h. Groepongeskiktheid — enkelbedrag Groepongeskiktheid — herhalende betaling 2. FONDSRISIKO a. Sterfte b. Ongeskiktheid — enkelbedrag Enkelbedrag of, gespesifiseerde of vasstelbare gelyke of ongelyke bedrae geld teen vasgestelde tydstippe, aan ’n begunstigde betaalbaar by die voorkoms van ’n gesondheidsgebeurtenis, welke bedrag nie aan die kostes of dienste kragtens die Wet op Mediese Skemas, 1998 (Wet No. 131 van 1998), gekoppel is nie, maar sluit in enige soort, tipe of kategorie van kontrak deur die Minister in regulasies geïdenti- fiseer as ’n versekeringspolis wat kragtens hierdie klas afgesluit mag word Enkelbedrag aan ’n begunstigde betaalbaar by die voorkoms van ’n ongeskiktheidsgebeurtenis Gespesifiseerde of vasstelbare gelyke of ongelyke bedrae geld aan ’n begunstigde betaalbaar teen vasgestelde tydstippe by die voorkoms van ’n ongeskiktheidsgebeurtenis Enkelbedrag of, gespesifiseerde of vasstelbare gelyke of ongelyke bedrae geld aan ’n fonds betaalbaar teen vasgestelde tydstippe by die voorkoms van ’n sterftegebeurtenis wat verband hou met ’n lid van die fonds met die doel om in die geheel of gedeeltelik die verpligting van ’n fonds na te kom om voordele aan sy lede te voorsien ingevolge sy reëls, behalwe ’n polis wat eksklusief verband hou met ’n bepaalde lid van die fonds of met die oorlewende gade, kinders, afhanklikes of benoemdes van ’n bepaalde lid van die fonds Enkelbedrag betaalbaar aan ’n fonds by die voorkoms van ’n ongeskiktheidsgebeurtenis rakende ’n lid van die fonds met die doel om die verpligting van ’n fonds na te kom om voordele ingevolge sy reëls aan sy lede te voorsien, behalwe ’n polis rakende ’n bepaalde lid van die fonds of aan die oorlewende gade, kinders, afhanklikes of benoemdes van ’n sekere lid van die fonds This gazette is also available free online at www.gpwonline.co.za
Part
part the obligation of a fund to
- 186 Verify source ↗
No. 41388
AI-assisted research summary: This section describes insurance class categories, including disability recurring payment, credit life, and funeral cover, and notes that some funeral-related amounts may not exceed an amount set by the Prudential Authority.
186 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 184 CLASS SUB-CLASS DESCRIPTION c. Disability— recurring payment 3. CREDIT LIFE 4. FUNERAL a. Individual b. Group Specified or determinable equal or unequal sums of money pay- able to a fund at specified inter- vals payable on the happening of a disability event relating to a member of the fund for the pur- pose of funding in whole or in part the obligation of a fund to provide benefits to its members in terms of its rules, other than a policy relating exclusively to a particular member of the fund or to the surviving spouse, children, dependents or nominees of a par- ticular member of the fund Lump sum or, specified or deter- minable equal or unequal sums of money payable at specified inter- vals to satisfy all or part of a fi- nancial liability to a credit pro- vider— * on the happening of a death event, health event or a disabil- ity event; * in the event of unemployment, or other insurable risk that is likely to impair a person’s abil- ity to earn an income or meet credit obligations Lump sum or, specified or deter- minable equal or unequal sums of money payable at specified inter- vals not exceeding an amount prescribed by the Prudential Au- thority to cover cost associated with a funeral or the rendering of a service on the happening of a death event Lump sum or, specified or deter- minable equal or unequal sums of money payable at specified inter- vals not exceeding an amount prescribed by the Prudential Au- thority payable to a beneficiary to cover costs associated with a fu- neral or the rendering of a service on the happening of a death event This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 187 Versekeringswet, 2017 Wet No. 18 van 2017 185 KLAS SUBKLAS BESKRYWING c. Ongeskiktheid— herhalende betaling 3. KREDIETLEWE 4. BEGRAFNIS a. Individueel b. Groep Gespesifiseerde of vasstelbare gelyke of ongelyke bedrae geld aan ’n fonds betaalbaar teen vasgestelde tydstippe by die voorkoms van ’n ongeskiktheidsgebeurtenis rakende ’n lid van die fonds vir die doel om in die geheel of gedeeltelik die verpligting van ’n fonds na te kom om voordele aan sy lede te voorsien ingevolge sy reëls, behalwe ’n polis wat uitsluitlik verband hou met ’n bepaalde lid van die fonds of aan die oorlewende gade, kinders, afhanklikes of benoemdes van ’n bepaalde lid van die fonds Enkelbedrag of gespesifiseerde of vasstelbare gelyke of ongelyke bedrae geld betaalbaar teen vasgestelde tydstippe om die geheel of ’n gedeelte van ’n finansiële verpligting aan ’n kredietverskaffer tevrede te stel— * by die voorkoms van ’n sterftegebeurtenis, gesondheidsgebeurtenis of ’n ongeskiktheidsgebeurtenis; * in die geval van werkloosheid, of ander versekerbare risiko wat ’n persoon se vermoë om ’n inkomste te verdien of kredietverbintenisse na te kom, kan belemmer Enkelbedrag of, gespesifiseerde of vasstelbare gelyke of ongelyke bedrag betaalbaar teen vasgestelde tydstippe wat nie ’n deur die Voorsorgowerheid voorgeskrewe bedrag oorskry nie, om kostes vir ’n begrafnis of die lewering van ’n diens by die voorkoms van ’n sterftegebeurtenis, te dek Enkelbedrag of gespesifiseerde of vasstelbare gelyke of ongelyke bedrae geld betaalbaar aan ’n begunstigde teen vasgestelde tydstippe wat ’n bedrag deur die Voorsorgowerheid bepaal nie oorskry nie, om kostes te dek wat met ’n begrafnis of die lewering van ’n diens by die voorkoms van ’n sterftegebeurtenis, gepaard gaan. This gazette is also available free online at www.gpwonline.co.za - 188 Verify source ↗
No. 41388
AI-assisted research summary: This section lists descriptions of several insurance classes, including life annuities, individual investment, fund investment, income drawdown, and reinsurance.
188 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 186 CLASS SUB-CLASS DESCRIPTION 5. LIFE ANNUITIES a. Guaranteed (fully or partially) 6. INDIVIDUAL INVESTMENT 7. FUND INVESTMENT 8. INCOME DRAWDOWN b. Market related c. a. b. c. d. a. b. c. d. a. With Discretionary Participation features Guaranteed (fully or partially) Market related Linked With Discretionary Participation features Guaranteed (fully or partially) Market-related Linked With Discretionary Participation features Guaranteed (fully or partially) b. Market related c. Linked Specified or determinable equal or unequal sums of money pay- able at specified intervals from the start of the policy, or a fixed or determinable date— * for the remainder of the life of the policyholder; or * to one or more dependants or nominees after the death of the policyholder Lump sum or periodic payments payable— * on or from a fixed or determin- able date, whether payable as a result of a life event, disability event or death event of a person or not; or * at the request of the policy- holder Benefits provided for the purpose of funding in whole or in part the obligation of a fund to provide investment benefits to its mem- bers in terms of its rules, other than a policy relating exclusively to a particular member of the fund or to the surviving spouse, children, dependents or nominees of a particular member of the fund Specified or determinable equal or unequal sums of money pay- able at specified intervals from the start of the policy, or a fixed or determinable date linked to a life event until the value of the investment is exhausted; or a lump sum or specified or deter- minable equal or unequal sums of money payable at specified inter- vals equal to the remaining value of the investment to the estate, or one or more dependents or nomi- nees after the death of the policy- holder With Discretionary Participation features 9. REINSURANCE d. a. b. Proportional in respect of a class or sub-class referred to above Non-proportional in respect of a class or sub-class referred to above This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 189 Versekeringswet, 2017 Wet No. 18 van 2017 187 KLAS SUBKLAS BESKRYWING 5. LEWENS- ANNUÏTEITE 6. INDIVIDUELE BELEGGING 7. FONDS- BELEGGING 8. INKOMSTE ONTTREKKING a. b. c. a. b. c. d. a. b. c. d. a. Gewaarborg (ten volle of gedeeltelik) Markverwant Met kenmerke van diskresionêre deelname Gewaarborg (ten volle of gedeeltelik) Markverwant Gekoppel Met kenmerke van diskresionêre deelname Gewaarborg (ten volle of gedeeltelik) Markverwant Gekoppel Met kenmerke van diskresionêre deelname Gewaarborg (ten volle of gedeeltelik) b. Markverwant c. Gekoppel Met kenmerke van diskresionêre deelname d. a. b. 9. HER- VERSEKERING Gespesifiseerde of vasstelbare gelyke of ongelyke bedrae teen vasgestelde tydstippe vanaf die begin van die polis, of ’n vas- gestelde of vasstelbare datum— * vir die res van die polishouer se lewe; of * aan een of meer afhanklikes of benoemdes na die afsterwe van die polishouer betaalbaar Enkelbedrag of periodieke betalings betaalbaar— * op of vanaf ’n vasgestelde of vasstelbare datum, hetsy betaal- baar na aanleiding van ’n lewensgebeurtenis of sterfte- gebeurtenis van ’n persoon of nie; of * op versoek van die polishouer Voordele voorsien met die doel om ’n fonds se verbintenis om beleggingsvoordele volgens sy reëls aan sy lede te voorsien ten volle of gedeeltelik te dek, behalwe ’n polis wat uitsluitlik verband hou met ’n sekere lid van die fonds of met die oorlewende gade, kinders, afhanklikes of benoemdes van ’n sekere lid van die fonds Gespesifiseerde of vasstelbare gelyke of ongelyke bedrae geld betaalbaar teen vasgestelde tydstippe vanaf die begin van die polis, of ’n vasgestelde of vasstelbare datum gekoppel aan ’n lewensgebeurtenis totdat die waarde van die belegging uitgeput is; of ’n enkelbedrag of bepaalde of vasstelbare bedrae geld betaalbaar teen vasgestelde tydstippe gelyk aan die oorblywende waarde van die belegging aan die boedel, of een of meer afhanklikes of benoemdes na die afsterwe van die polishouer Proporsioneel ten opsigte van ’n klas of subklas hierbo genoem Nieproporsioneel ten opsigte van ’n klas of subklas hierbo genoem This gazette is also available free online at www.gpwonline.co.za - 190 Verify source ↗
No. 41388
AI-assisted research summary: This table lists the non-life insurance classes and what each class covers.
190 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 188 TABLE 2 CLASSES AND SUB-CLASSES OF INSURANCE BUSINESS NON-LIFE INSURANCE CLASS SUB-CLASS DESCRIPTION 1. MOTOR a. Personal lines b. Commercial lines 2. PROPERTY 3. AGRICULTURE 4. ENGINEERING 5. MARINE 6. AVIATION 7. TRANSPORT 8. RAIL 9. LEGAL EXPENSE a. b. a. b. a. b. a. b. a. b. a. b. Personal lines Commercial lines Personal lines Commercial lines Personal lines Commercial lines Personal lines Commercial lines Personal lines Commercial lines Personal lines Commercial lines Covers damage or loss resulting from the possession, use or own- ership of motor vehicles and other vehicles operating on land, ex- cluding railway rolling stock and warranty business Covers damage to or loss result- ing from the possession, use or ownership of property (other than classes 1 above and 3 to 8 below Covers damage or loss to crop, forestry, agricultural equipment, other agricultural activities and livestock Covers damage to or loss result- ing from the possession, use or ownership of machinery or equip- ment; the erection of buildings or other structure; the undertaking of other works; or the installation of machinery or equipment, and in- cludes loss of revenue Covers damage or loss resulting from the possession, use or own- ership of vessels used on or in a river, canal, dam, lake or sea Covers damage or loss resulting from the possession, use or own- ership of aircraft or spacecraft Covers damage or loss resulting from the conveyance, storage, treatment and handling of goods in transit, irrespective of the form of transport Covers damage or loss resulting from the possession, use or own- ership of railway rolling stock or related infrastructure Covers any legal expenses and costs of litigation This gazette is also available free online at www.gpwonline.co.za Versekeringswet, 2017 Wet No. 18 van 2017 GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 191 189 TABEL 2 KLASSE EN SUBKLASSE VAN VERSEKERINGSBESIGHEID NIELEWENSVERSEKERING KLAS SUBKLAS BESKRYWING 1. MOTOR a. Persoonlike reekse b. Kommersiële reekse 2. EIENDOM 3. LANDBOU 4. INGENIEURS- WESE 5. MARIENE 6. LUGVAART 7. VERVOER 8. SPOORWEG a. b. a. b. a. b. a. b. a. b. Persoonlike reekse Kommersiële reekse Persoonlike reekse Kommersiële reekse Persoonlike reekse Kommersiële reekse Persoonlike reekse Kommersiële reekse Persoonlike reekse Kommersiële reekse Dek skade of verlies na aanleiding van die besit, gebruik of eienaarskap van motorvoertuie en ander voertuie wat op land bedryf word, behalwe spoorwegvoertuie en waarborgbesigheid Dek skade of verlies na aanleiding van die besit, gebruik of eienaarskap van eiendom (behalwe klasse 1 hierbo en 3 tot 8 hieronder) Dek skade of verlies aan oes, bosbou-, landboutoerusting, ander landbouaktiwiteite en lewende hawe Dek skade of verlies na aanleiding van die besit, gebruik of eienaarskap van masjinerie of toerusting; die oprig van geboue of ander strukture; die onderneem van ander werke; of die installering van masjinerie of toerusting, en sluit verlies aan inkomste in Dek skade of verlies na aanleiding van die besit, gebruik of eienaarskap van vaartuie wat op of in ’n rivier, kanaal, dam, meer of see gebruik is Dek skade of verlies na aan- leiding van die besit, gebruik of eienaarskap van lugvaartuie of ruimtetuie Dek skade of verlies na aanleiding van die vervoer, berging, behandeling en hantering van goedere in transit, ongeag die vorm van die vervoer Dek skade of verlies na aanleiding van die besit, gebruik of eienaarskap van spoorwegvoertuie of verwante infrastruktuur 9. REGSKOSTE a. b. Persoonlike reekse Kommersiële reekse Dek enige regskoste en koste van litigasie This gazette is also available free online at www.gpwonline.co.za - 192 Verify source ↗
No. 41388
AI-assisted research summary: This provision lists insurance classes and subclasses, including various liability categories, consumer credit, and trade credit.
192 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 190 CLASS SUB-CLASS DESCRIPTION a. b. c. d. e. f. g. h. i. j. k. l. m. a. Directors and officers Employer liability Product liability (in- cluding product guar- antee and product re- call) Professional indemnity Public liability Aviation Engineering (including environmental impair- ment liability) Marine Motor Rail Transport Personal Other Personal lines b. Commercial lines 10. LIABILITY 11. CONSUMER CREDIT 12. TRADE CREDIT - 13 Verify source ↗
GUARANTEE
AI-assisted research summary: This section describes what the guarantee covers, including certain liabilities, credit-related losses, and losses from insolvency or failure to discharge an obligation.
13. GUARANTEE Covers liability to another person including liability provided for under the Compensation for Oc- cupational Injuries and Diseases Act, 1993 (Act No. 130 of 1993) Lump sum payable to satisfy all or part of a financial liability to a credit provider in the event of loss resulting from the possession, use, ownership or benefits of the goods or services supplied in terms of the credit agreement Covers loss resulting from the provision of export credit or agri- cultural credit or any other trade credit as a result of insolvency or any other event Covers loss resulting from- * insolvency; * the direct and indirect failure of a person to discharge an obliga- tion; * suretyship offered as part of normal business activities, other than a guarantee issued by a Bank registered under the Banks Act, 1990 This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 193 Versekeringswet, 2017 Wet No. 18 van 2017 191 KLAS SUBKLAS BESKRYWING a. b. c. d. e. f. g. h. i. j. k. l. m. a. Direkteure en beamptes Werkgewerverpligting Produkverpligting (met inbegrip van produkwaarborg en produk-terugroeping) Professionele vrywaring Openbare verpligting Lugvaart Ingenieurswerke (met inbegrip van verplig- ting vir omgewings- verswakking) Mariene Motor Spoorweg Vervoer Persoonlik Ander Persoonlike reekse b. Kommersiële reekse - 10 Verify source ↗
VERPLIGTING
AI-assisted research summary: This text only shows section headings for “Obligation,” “Consumer Credit,” and “Business Credit.”
10. VERPLIGTING 11. VERBRUIKERS- KREDIET 12. BEDRYFS- KREDIET - 13 Verify source ↗
WAARBORG
AI-assisted research summary: This section gives a definition of “waarborg” and related guarantee/indemnity wording, including several loss scenarios and an exception for certain bank guarantees.
13. WAARBORG Dek verpligting aan ’n ander persoon met inbegrip van verpligting waarvoor kragtens die Wet op Vergoeding vir Beroepsbeserings en -siektes, 1993 (Wet No. 130 van 1993), voorsiening gemaak is Enkelbedrag betaalbaar om ’n gedeelte of die geheel van ’n finansiële verpligting aan ’n kredietverskaffer tevrede te stel in die geval van verlies na aanleiding van die besit, gebruik, eienaarskap, gebruik, eienaarskap of voordele van die goedere of dienste voorsien ingevolge die kredietooreenkoms Dek verlies na aanleiding van die voorsiening van uitvoerkrediet of landboukrediet of enige ander bedryfskrediet na aanleiding van bankrotskap of enige ander gebeure Dek verlies na aanleiding van— * bankrotskap; * ’n persoon se direkte en indirekte versuim om ’n verpligting na te kom; * borgstelling aangebied as deel van normale besigheids- aktiwiteite, behalwe ’n waarborg uitgereik deur ’n bank kragtens die Bankwet, 1990, geregistreer This gazette is also available free online at www.gpwonline.co.za - 194 Verify source ↗
No. 41388
AI-assisted research summary: This text is a Gazette header for the Insurance Act, 2017 and does not state any operative rule.
194 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 192 CLASS SUB-CLASS DESCRIPTION - 14 Verify source ↗
ACCIDENT AND
AI-assisted research summary: This section classifies accident and health insurance covers and says the Minister may identify additional contract types by regulation.
14. ACCIDENT AND HEALTH a. Individual— Personal lines b. Individual— Commercial lines c. Group Covers costs or loss of income resulting from— * a disability or death event caused by an accident; or * a health event, other than costs or services regulated under the Medical Schemes Act, 1998, but includes any kind, type or cat- egory of contract identified by the Minister in regulations as an insurance policy that may be entered into under this class Covers costs or loss of income resulting from- * a disability or death event caused by an accident; or * a health event, other than costs or services regulated under the Medical Schemes Act, 1998, but includes any— — kind, type or category of contract identified by the Minister in regulations as a policy that may be entered into under this class; — an event covered under the Compensation for Occupa- tional Injuries and Diseases Act, 1993 (Act No. 130 of 1993) Covers costs or loss of income of a beneficiary resulting from- * a disability or death event caused by an accident; or * a health event, other than costs or services regulated under the Medical Schemes Act, 1998, but includes any kind, type or cat- egory of contract identified by the Minister in regulations as a policy that may be entered into under this class This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 195 Versekeringswet, 2017 Wet No. 18 van 2017 193 KLAS SUBKLAS BESKRYWING - 14 Verify source ↗
ONGEVALLE- EN
AI-assisted research summary: This section classifies certain accident and health insurance cover, including personal, commercial, and group lines, with exclusions for Medical Schemes Act-regulated expenses or services.
14. ONGEVALLE- EN a. GESONDHEID Individueel — Persoonlike reekse b. Individueel — Kommersiële reekse c. Groep Dek kostes of verlies aan inkomste na aanleiding van— * ’n ongevalle- of sterftegebeurtenis deur ’n ongeluk veroorsaak; of * ’n gesondheidsgebeurtenis, behalwe uitgawes of dienste kragtens die Wet op Mediese Skemas, 1998, gereguleer, met inbegrip van enige soort, tipe of kategorie van kontrak in regulasies deur die Minister geïdentifiseer as ’n versekeringspolis wat kragtens hierdie klas afgesluit kan word Dek koste of verlies aan inkomste na aanleiding van— * ’n ongeskiktheids- of sterftegebeurtenis deur ’n ongeval veroorsaak; of * ’n gesondheidsgebeurtenis, behalwe kostes of dienste kragtens die Wet op Mediese Skemas, 1998, gedek, met inbegrip van enige— — soort, tipe of kategorie van kontrak in regulasies deur die Minister geïdentifiseer as ’n polis wat in hierdie klas afgesluit kan word; — ’n gebeurtenis gedek kragtens die Wet op Vergoeding vir Beroeps- beserings en -siektes, 1993 (Wet No. 130 van 1993) Dek kostes of verlies aan inkomste van ’n begunstigde na aanleiding van— * ’n ongeskiktheids- of sterftegebeurtenis deur ’n ongeluk veroorsaak; of * ’n gesondheids-gebeurtenis, behalwe kostes of dienste kragtens die Wet op Mediese Skemas, 1998, gereël, maar sluit in enige soort, tipe of kategorie van kontrak in regulasies deur die Minister geïdentifiseer as ’n polis wat kragtens hierdie klas afgesluit kan word This gazette is also available free online at www.gpwonline.co.za - 196 Verify source ↗
No. 41388
AI-assisted research summary: No substantive rule is stated in the provided text; it only identifies Section 196 of the Insurance Act, 2017.
196 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 CLASS 15. TRAVEL - 17 Verify source ↗
REINSURANCE
AI-assisted research summary: This section classifies reinsurance sub-classes and describes the kinds of risks they cover.
17. REINSURANCE 194 SUB-CLASS Individual— Personal lines Individual— Commercial lines Group Personal lines Commercial lines DESCRIPTION Covers damage or loss resulting from— * cancellation, interruption, loss of property (including baggage), or other unforeseen events be- fore, while and after travelling; * a death, disability or health event while travelling in a coun- try in which the insured person is not ordinarily resident Covers damage to or loss result- ing from a risk not addressed un- der any other class or sub-class referred to in this Table, which risk is approved by the Prudential Authority Proportional in respect of a class or sub-class referred to above. Non-proportional in respect of a class or sub-class referred to above a. b. c. a. b. a. b. This gazette is also available free online at www.gpwonline.co.za Versekeringswet, 2017 Wet No. 18 van 2017 GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 197 195 SUBKLAS BESKRYWING KLAS - 15 Verify source ↗
REIS
AI-assisted research summary: This section lists travel-insurance coverage classes and the risks they cover.
15. REIS a. b. Individueel — Persoonlike reekse Individueel — Kommersiële reekse c. Groep * Dek skade of verlies na aanleiding van -kansellasie, onderbreking, verlies van eiendom (ook bagasie), of ander onvoorsiene gebeure voor, gedurende en na ’n reis; * ’n sterfte-, ongeskiktheids- of gesondheidsgebeurtenis terwyl gereis word in ’n land waarin die versekerde persoon nie normaalweg woonagtig is nie Dek skade aan of verlies na aanleiding van ’n risiko wat nie kragtens enige klas of subklas in hierdie Tabel bedoel hanteer word nie, welke risiko deur die Voorsorgowerheid goedgekeur is - 16 Verify source ↗
GEMENGDE
AI-assisted research summary: This section lists mixed personal and commercial series.
16. GEMENGDE a. Persoonlike reekse b. Kommersiële reekse - 17 Verify source ↗
HER-
AI-assisted research summary: This section refers to proportional and non-proportional treatment for a class or subclass mentioned above.
17. HER- VERSEKERING a. b. Proporsioneel ten opsigte van ’n klas of subklas hierbo genoem. Nieproporsioneel ten opsigte van ’n klas of subklas hierbo genoem. This gazette is also available free online at www.gpwonline.co.za - 198 Verify source ↗
No. 41388
AI-assisted research summary: This Schedule defines key terms and says certain prior insurance regulations are repealed, while some earlier regulations stay valid and enforceable until the Minister repeals or amends them.
198 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 196 SCHEDULE 3 TRANSITIONAL ARRANGEMENTS Definitions and interpretation 1. (1) In this Schedule, unless the context indicates otherwise— ‘‘effective date’’ means the date fixed by the Minister in accordance with section 73(1) as the date that this Act comes into operation; ‘‘previous Act’’ means the Long-term Insurance Act, 1998 (Act No. 52 of 1998), the Short-term Insurance Act, 1998 (Act No. 53 of 1998), or both, as the case may be; and ‘‘previously registered insurer’’ means an insurer registered or deemed to have been registered under the previous Act. (2) A reference in this Schedule to an item or a sub-item by number is a reference to the corresponding item or sub-item of this Schedule. Repeal of matters prescribed under previous Act and savings 2. (1) Any matter prescribed by the Minister under a section of a previous Act in respect of the prudential supervision of insurers before the section was amended or repealed is hereby repealed, including Part 2 of the Regulations under the Long-term Insurance Act, 1998 (Act No. 52 of 1998), and Parts 2 and 3 of the Regulations under the Short-term Insurance Act, 1998 (Act No. 53 of 1998). (2) Despite sub-item (1), any Regulations made under section 72(2A) of the Long-term Insurance Act, 1998 and section 70(2A) of the Short-term Insurance Act, 1998 prior to the repeal thereof by this Act must be regarded as having been made under section 69(1) of this Act and remains valid and enforceable until repealed or amended by the Minister. Pending matters
Part
SCHEDULE 3
- 3 Verify source ↗
Any matter relating to prudential supervision pending before the Registrar under
AI-assisted research summary: Pending prudential supervision matters before the Registrar under the previous Act must be concluded by the Prudential Authority under that Act, despite the amendment.
3. Any matter relating to prudential supervision pending before the Registrar under the previous Act immediately before the effective date and not fully addressed at that time, must be concluded by the Prudential Authority in terms of that previous Act, despite its amendment. Preservation and continuation of court proceedings and orders 4. (1) Any proceedings in any court in terms of the previous Act immediately before the effective date are continued in terms of that Act, as if it had not been amended. (2) Any order of a court in terms of the previous Act, and in force immediately before the effective date, continues to have the same force and effect as if that Act had not been amended, subject to any further order of the court. Continued investigation and enforcement of previous Act - 5 Verify source ↗
Despite the partial repeal of the previous Act—
AI-assisted research summary: The Prudential Authority may continue pending investigations or inspections under the previous Act and may take regulatory action on non-compliance. It may also, for three years after the effective date, start investigations or inspections about suspected non-compliance that happened in the prior three years.
5. Despite the partial repeal of the previous Act— (a) any investigation or inspection under the previous Act by the Registrar in respect of compliance with the previous Act and pending immediately before the effective date, may be continued by the Prudential Authority, and the Prudential Authority may take any regulatory action under those Acts that the Prudential Authority deems appropriate in respect of any non-compliance; and for a period of three years after the effective date, the Prudential Authority may initiate an investigation or inspection under the Financial Sector Regulation Act in respect of any suspected non-compliance with the previous Act that occurred during the period of three years immediately before the effective date, and may take any regulatory action under those Acts that the Prudential Authority deems appropriate in respect of that non-compliance. (b) This gazette is also available free online at www.gpwonline.co.za Versekeringswet, 2017 Wet No. 18 van 2017 GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 199 197 BYLAE 3 OORGANGSBEPALINGS Woordomskrywing en uitleg 1. (1) In hierdie Bylae, tensy dit uit die samehang anders blyk, beteken— ‘‘effektiewe datum’’ die datum ooreenkomstig artikel 74(1) deur die Minister vasgestel as die datum waarop hierdie Wet in werking tree; ‘‘voorheen geregistreerde versekeraar’’ ’n versekeraar kragtens die vorige Wet geregistreer of geag geregistreer te gewees het; en ‘‘vorige Wet’’ die Langtermynversekeringswet, 1998 (Wet No. 52 van 1998), die Korttermynversekeringswet, 1998 (Wet No. 53 van 1998), of albei, na gelang van die geval. (2) ’n Verwysing in hierdie Bylae na ’n item of ’n subitem volgens nommer is ’n verwysing na die ooreenstemmende item of subitem van hierdie Bylae. Herroeping van aangeleenthede kragtens vorige Wet voorgeskryf 2. (1) Enige aangeleentheid kragtens ’n artikel van ’n vorige Wet deur die Minister voorgeskryf ten opsigte van die voorsorgtoesig oor versekeraars voordat die artikel gewysig of herroep is, word hierby herroep, met inbegrip van Deel 2 van die Regulasies kragtens die Langtermynversekeringswet, 1998 (Wet No. 52 van 1998), en Dele 2 en 3 van die Regulasies kragtens die Korttermynversekeringswet, 1998 (Wet No. 53 van 1998). (2) Ongeag subitem (1), moet enige Regulasies kragtens artikel 72(2A) van die Langtermynversekeringswet, 1998, en artikel 70(2A) van die Korttermynversekerings- wet, 1998, gemaak voordat dit deur hierdie Wet herroep is, geag word kragtens artikel 69(1) van hierdie Wet gemaak te wees en bly geldig en afdwingbaar totdat dit deur die Minister herroep of gewysig word. Hangende aangeleenthede - 3 Verify source ↗
Enige aangeleentheid met betrekking tot voorsorgtoesig hangende voor die
AI-assisted research summary: Pending prudential-supervision matters must be completed by the Prudential Authority under the previous Act; related court proceedings continue and existing court orders keep their force, subject to any further court order.
3. Enige aangeleentheid met betrekking tot voorsorgtoesig hangende voor die Registrateur kragtens die vorige Wet onmiddellik voor die effektiewe datum en wat nie op daardie tydstip ten volle hanteer is nie, moet deur die Voorsorgowerheid afgehandel word ingevolge daardie vorige Wet, ongeag die wysiging daarvan. Preservering en voortsetting van hofverrigtinge en bevele 4. (1) Enige verrigtinge in enige hof ingevolge die vorige Wet onmiddellik voor die effektiewe datum word ingevolge daardie Wet voortgesit asof dit nie gewysig is nie. (2) Enige hofbevel ingevolge die vorige Wet, en van krag onmiddellik voor die effektiewe datum, het steeds dieselfde regskrag asof daardie Wet nie gewysig is nie, behoudens enige verdere hofbevel. Voortgesette ondersoek en afdwinging van vorige Wet - 5 Verify source ↗
Ondanks die gedeeltelike herroeping van die vorige Wet—
AI-assisted research summary: The Prudential Authority may continue certain pending investigations and inspections, and may take regulatory steps for noncompliance matters after a partial repeal.
5. Ondanks die gedeeltelike herroeping van die vorige Wet— (a) kan enige ondersoek of inspeksie kragtens die vorige Wet deur die Registrateur ten opsigte van voldoening aan die vorige Wet en hangende onmiddellik voor die effektiewe datum, deur die Voorsorgowerheid voortgesit word, en die Voorsorg- owerheid kan ten opsigte van enige nievoldoening, enige regulerende stappe kragtens daardie Wette doen wat die Voorsorgowerheid gepas ag; (b) vir ’n tydperk van drie jaar na die effektiewe datum, kan die Voorsorgowerheid ’n ondersoek of inspeksie kragtens die ‘‘Financial Sector Regulation Act’’ instel na enige vermoedelike nienakoming van die vorige Wet wat in die tydperk van drie jaar onmiddellik voor die effektiewe datum plaasgevind het, en kan ten opsigte van daardie nievoldoening enige regulerende stappe kragtens daardie Wette doen wat die Voorsorgowerheid gepas ag. This gazette is also available free online at www.gpwonline.co.za - 200 Verify source ↗
No. 41388
AI-assisted research summary: Previously registered insurers may keep operating for a transition period, while the Prudential Authority must convert their registrations to licences and publish the conversion process.
200 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 Continuation of previously registered insurers 198 6. (1) As of the effective date, every previously registered insurer that was, immediately before that date, registered as a long-term insurer or a short-term insurer under the previous Act continues to exist as an insurer, as if it had been licensed under this Act, and may continue to conduct the insurance business for which it was so registered until its registration is converted to a licence under this Act during the period of two years referred to in subitem (2), subject to and in accordance with the governance, financial soundness, security, reporting and public disclosure obligations imposed under this Act. (2) The Prudential Authority must, subject to subitem (4), within a period of two years after the effective date, convert the registration of all previously registered insurers to a licence in accordance with this Act. (3) (a) The Prudential Authority must, within two months of the effective date, publish the process the Prudential Authority will implement to give effect to subitem (2). (b) The process referred to in paragraph (a) must— (i) be reasonable and fair; (ii) (iii) allow for sufficient engagement with a previously registered insurer; and among other matters, require the insurer to demonstrate that it has a plan to meet its stated commitments in terms of transformation of the insurance sector. (4) (a) The Prudential Authority must convert the registration of a previously registered insurer to a license to conduct a class and sub-class of life insurance business or non-life insurance business referred to in Schedule 2 to the Act if the previously registered insurer, immediately prior to the effective date, were actively and prudently conducting insurance business similar to that class or sub-class of insurance business. (b) Despite paragraph (a) and subject to any limitations relating to a type or kind or insurer or insurance business provided for in the Act, a previously registered insurer who applies for the conversion of its registration to a license to conduct— (i) life insurance business must only be licensed to conduct a class or sub-class of life insurance business referred to in Table 1 of Schedule 2; and (ii) non-life insurance business must only be licensed to conduct a class or sub-class of non-life insurance business referred to in Table 2 of Schedule 2. (5) If the Prudential Authority does not convert the registration of a previously registered insurer to a licence to conduct insurance business in respect of a specific class or sub-class set out in Schedule 2 that is similar to the business that the previously registered insurer was registered for on the effective date because— (a) the insurer did not immediately prior to the effective date conduct that insurance business; or (b) of the application of subitem (4)(b), the Prudential Authority must direct the insurer to make arrangements to the satisfaction of the Prudential Authority to— (i) discharge its obligations under all insurance policies entered into in respect of that class or sub-class before the conversion of that insurer’s registration; ensure the orderly resolution of that insurance business of the insurer; or transfer that insurance business to another insurer under section 50 of this Act by a specified date. (ii) (iii) (6) Section 23(5)(a) comes into effect six months after the date on which a previously registered insurer’s registration is converted to a license. Maintenance of financial soundness 7. (1) A previously registered insurer that immediately after the effective date fails to comply with the financial soundness requirements must submit a scheme or strategy referred to in section 39 of this Act to the Prudential Authority in accordance with that section, subject to that insurer holding capital of at least R10 million. This gazette is also available free online at www.gpwonline.co.za Versekeringswet, 2017 Wet No. 18 van 2017 GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 201 Voortsetting van voorheen geregistreerde versekeraars 199 6. (1) Met ingang van die effektiewe datum, bestaan elke voorheen geregistreerde versekeraar wat, onmiddellik voor daardie datum, as ’n langtermynversekeraar geregistreer was, voort asof dit kragtens hierdie Wet gelisensieer is, en kan voortgaan om versekeringsbesigheid waarvoor dit aldus geregistreer was te doen totdat ’n lisensie toegestaan of nie toegestaan word nie tydens die tydperk van twee jaar in subitem (2) bedoel, behoudens en ooreenkomstig die verbintenisse ten opsigte van beheer, finansiële gesondheid, effekte, verslagdoening en openbare bekendmaking wat kragtens hierdie Wet opgelê is. (2) Die Voorsorgowerheid moet, behoudens subitem (4) binne ’n tydperk van twee jaar vanaf die effektiewe datum, alle voorheen geregistreerde versekeraars se registrasie na ’n lisensie ingevolge hierdie Wet omskakel. (3) (a) Die Voorsorgowerheid moet, binne twee maande vanaf die effektiewe datum, die proses wat die Voorsorgowerheid in werking sal stel om aan subitem (2) gevolg te gee, publiseer. redelik en billik wees; (b) Die proses in paragraaf (a) beoog, moet— (i) (ii) voldoende skakeling met ’n voorheen geregistreerde versekeraar toelaat; en (iii) onder meer vereis dat die versekeraar demonstreer dat die versekeraar ’n plan het om aan die versekeraar se gestelde verbintenisse tot die transformasie van die versekeringsektor na te kom. (4) (a) Die Voorsorgowerheid moet die registrasie van ’n voorheen geregistreerde versekeraar omskakel na ’n lisensie om ’n klas en subklas van lewensversekerings- besigheid of nielewensversekeringsbesigheid in Bylae 2 tot die Wet te dryf indien die voorheen geregistreerde versekeraar, onmiddellik voor die effektiewe datum, aktief en met voorsorg versekeringsbesigheid soortgelyk aan daardie klas of subklas van versekeringsbesigheid gedryf het. (b) Ongeag paragraaf (a) en behoudens enige beperkings met betrekking tot ’n tipe of soort versekeraar of versekeringsbesigheid waarvoor in die Wet voorsiening gemaak word, moet ’n voorheen geregistreerde versekeraar wat aansoek doen om die omskakeling van die versekeraar se registrasie na ’n lisensie om— (i) lewensversekeringsbesigheid te dryf, slegs gelisensieer word om ’n klas of subklas van lewensversekeringsbesigheid in Tabel 1 van Bylae 2 bedoel, te dryf; en (ii) nielewensversekeringsbesigheid te dryf, slegs gelisensieer word om ’n klas of subklas van nielewensversekeringsbesigheid in Tabel 2 van Bylae 2 bedoel, te dryf. (5) Indien die Voorsorgowerheid nie die registrasie van ’n voorheen geregistreerde versekeraar omskakel na ’n lisensie om versekeringsbesigheid in ’n spesifieke klas of subklas in Bylae 2 uiteengesit wat soortgelyk is aan die besigheid waarvoor die voorheen geregistreerde versekeraar op die effektiewe datum geregistreer was, te dryf nie— (a) omdat die versekeraar nie onmiddellik voor die effektiewe datum daardie versekeringsbesigheid gedryf het nie; of (b) weens die toepassing van subitem (4)(b), moet die Voorsorgowerheid opdrag gee dat die versekeraar reëlings ten genoeë van die Voorsorgowerheid tref om— (i) sy verbintenisse kragtens alle versekeringspolisse wat voor die omskakeling van daardie versekeraar se registrasie afgesluit is, nakom; (ii) die ordelike ontbinding van daardie versekeringsbesigheid van die versekeraar verseker; of (iii) daardie versekeringsbesigheid teen ’n gespesifiseerde datum oordra na ’n ander versekeraar kragtens artikel 50 van hierdie Wet. (6) Artikel 23(5)(a) word van krag ses maande na die datum waarop ’n voorheen geregistreerde versekeraar se registrasie na ’n lisensie omgeskakel is. Onderhoud van finansiële gesondheid 7. (1) ’n Voorheen versekerde versekeraar wat onmiddellik na die effektiewe datum versuim om aan die vereistes vir finansiële gesondheid te voldoen, moet ’n skema of strategie in artikel 39 van hierdie Wet bedoel aan die Voorsorgowerheid voorlê This gazette is also available free online at www.gpwonline.co.za - 202 Verify source ↗
No. 41388
AI-assisted research summary: A reinsurance arrangement with an insurer or reinsurer in a foreign jurisdiction may continue for a limited period, even if that jurisdiction has not been found equivalent by the Prudential Authority.
202 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 200 (2) Despite subitem (1), any reinsurance arrangement entered into with an insurer or reinsurer located in a foreign jurisdiction may continue until the previously registered insurer’s registration under the previous Act is converted to a licence under this Act during the period of two years referred to in item 6(2) despite that foreign jurisdiction not having been determined by the Prudential Authority as equivalent. Reporting - 8 Verify source ↗
A previously registered insurer whose financial year end falls before the effective
AI-assisted research summary: Previously registered insurers must still meet reporting duties for a pre-effective-date financial year, and Lloyd’s must file a compliance plan within three months.
8. A previously registered insurer whose financial year end falls before the effective date, must, despite the effective date, comply with the reporting obligations imposed under this Act in respect of that financial year. Key persons and significant owners other than representatives, deputy represen- tatives of Lloyd’s and trustees of Lloyd’s trust 9. (1) Any person appointed as a key person and any significant owner of an insurer immediately before the effective date is deemed to meet the fit and proper requirements of this Act, subject to the requirements of this Act. (2) Despite sub-item (1), the Prudential Authority may act in accordance with section 19 if the Prudential Authority reasonably believes that a key person or significant owner does not comply or no longer complies with the prescribed fit and proper requirements. (3) The Prudential Authority must, when considering the conversion of the registration of a previously registered insurer— (a) approve the directors and auditor of the insurer; and (b) require the previously registered insurer to demonstrate and certify that its key persons (other than directors and auditor) and significant owners meet the prescribed fit and proper requirements. Conducting of business other than insurance business inside Republic and conducting of any other business outside Republic 10. (1) As of the effective date, subject to subitem (3) below, every previously registered insurer that, immediately before that date, was conducting any business other than insurance business in the Republic or conducting any business, including business similar to insurance business, outside the Republic, may continue to conduct that business until its registration under the previous Act is converted to a licence under this Act. (2) A previously registered insurer must, as part of the process referred to in item 6(3)(a) apply for approval to conduct— (a) any business other than insurance business in the Republic, including any business performed on behalf of another person; or (b) any business, Republic. including business similar to insurance business, outside the (3) If the Prudential Authority does not approve the business referred to in sub-item (2), the Prudential Authority must direct the insurer to make arrangements to the satisfaction of the Prudential Authority to ensure the orderly resolution or transfer of that business of the insurer. Lloyd’s 11. (1) (a) The requirements of Part 8 of the previous Act continue to apply to Lloyd’s and Lloyd’s underwriters for a period of 18 months after the effective date. (b) Any sections of the previous Act that did not apply to Lloyd’s and Lloyd’s underwriters prior to the amendment of that Act by Schedule 1 to this Act continues not to apply to Lloyd’s and Lloyd’s underwriters for a period of 18 months only after the effective date. (2) Lloyd’s must, within three months after the effective date, submit a plan to the Prudential Authority demonstrating how compliance with this Act will be achieved within 18 months after the effective date. This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 203 Versekeringswet, 2017 Wet No. 18 van 2017 201 ooreenkomstig daardie artikel, onderhewig daaraan dat daardie versekeraar kapitaal van ten minste R10 miljoen hou. (2) Ongeag subitem (1), kan enige heversekeringsreëling afgesluit met ’n versekeraar of herversekeraar in ’n vreemde jurisdiksie geleë, voortgaan totdat die voorheen geregistreerde versekeraar se registrasie kragtens die vorige Wet na ’n lisensie kragtens hierdie Wet omgeskakel word tydens die tydperk van twee jaar in item 6(2) bedoel, ongeag daarvan dat daardie buitelandse jurisdiksie nie deur die Voorsorgowerheid as gelykstaande bepaal is nie. Verslagdoening 8. ’n Voorheen geregistreerde versekeraar wie se finansiële jaareinde voor die effektiewe datum is, moet, ongeag die effektiewe datum, voldoen aan die verslag- doeningsverpligtinge kragtens hierdie Wet ten opsigte van daardie finansiële jaar opgelê. Sleutelpersone en beduidende eienaars behalwe verteenwoordigers, adjunk- verteenwoordigers van Lloyd’s en die trustees van die Lloyd’s-trust 9. (1) Enige persoon as ’n sleutelpersoon aangestel en ’n beduidende eienaar van ’n versekeraar onmiddellik voor die effektiewe datum, word geag te voldoen aan hierdie Wet se vereistes vir geskiktheid en gepastheid, behoudens die vereistes van hierdie Wet. (2) Ongeag subitem (1), kan die Voorsorgowerheid ooreenkomstig artikel 19 handel indien die Voorsorgowerheid redelikerwys van mening is dat ’n sleutelpersoon of beduidende eienaar nie voldoen aan of nie langer voldoen nie aan die voorgeskrewe vereistes vir geskiktheid en gepastheid. (3) Die Voorsorgowerheid moet, by die oorweging van die omskakeling van die registrasie van ’n voorheen geregistreerde versekeraar— (a) die direkteure en ouditeur van die versekeraar goedkeur; en (b) vereis dat die voorheen geregistreerde versekeraar demonstreer en sertifiseer dat die versekeraar se sleutelpersone (behalwe direkteure en ouditeur) en beduidende eienaars voldoen aan die voorgeskrewe vereistes vir geskiktheid en gepastheid. Dryf van besigheid behalwe versekeringsbesigheid in Republiek en dryf van enige ander besigheid buite Republiek 10. (1) Met ingang van die effektiewe datum, kan elke voorheen geregistreerde versekeraar wat onmiddellik voor daardie datum binne die Republiek enige besigheid behalwe versekeringsbesigheid gedryf het, met inbegrip van besigheid soortgelyk aan versekeringsbesigheid, buite die Republiek, vir ’n tydperk van twee jaar voortgaan om daardie besigheid te dryf totdat daardie versekeraar se registrasie kragtens die vorige Wet na ’n lisensie kragtens hierdie Wet omgeskakel word. (2) ’n Voorheen geregistreerde versekeraar moet, as deel van die proses in item 6(3)(a) boedel aansoek doen om goedkeuring om— (a) enige besigheid behalwe versekeringsbesigheid in die Republiek te dryf, met inbegrip van enige besigheid wat ten behoewe van iemand anders gedoen word; of (b) enige besigheid, met inbegrip van besigheid soortgelyk aan versekeringsbesigheid, buite die Republiek te dryf. (3) Indien die Voorsorgowerheid die besigheid in subitem (2) bedoel, nie goedkeur nie, moet die Voorsorgowerheid die versekeraar opdrag gee om reëlings ten genoeë van die Voorsorgowerheid te tref om die ordelike ontbinding of oordrag van daardie besigheid van die versekeraar te verseker. Lloyd’s 11. (1) (a) Die vereistes van Deel 8 van die vorige Wet is vir 18 maande vanaf die effektiewe datum steeds van toepassing op Lloyd’s en Lloyd’s-onderskrywers. (b) Enige artikels van die vorige Wet wat nie op Lloyd’s en Lloyd’s-onderskrywers van toepassing was voor die wysiging van daardie Wet by Bylae 1 van hierdie Wet nie, gaan voort om nie op Lloyd’s en Lloyd’s-onderskrywers van toepassing te wees nie vir ’n tydperk van 18 maande slegs na die effektiewe datum. (2) Lloyd’s moet, binne drie maande vanaf die effektiewe datum, ’n plan aan die Voorsorgowerheid voorlê wat demonstreer hoe voldoening aan hierdie Wet binne 18 maande vanaf die effektiewe datum behaal sal word. This gazette is also available free online at www.gpwonline.co.za - 204 Verify source ↗
No. 41388
AI-assisted research summary: This section is headed “Insurance groups.”
204 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 Act No. 18 of 2017 Insurance Act, 2017 Insurance groups 202 - 12 Verify source ↗
A previously registered insurer that is part of a group of companies must, within
AI-assisted research summary: A previously registered insurer in a group of companies must notify the Prudential Authority and provide group-structure details within two months of the effective date.
12. A previously registered insurer that is part of a group of companies must, within two months of the effective date, notify the Prudential Authority thereof, and provide the Prudential Authority with detailed information on the structure of the group of companies, its holding company and intra-group transactions. Delays and exemptions - 13 Verify source ↗
The Prudential Authority, to facilitate the incremental implementation of this Act,
AI-assisted research summary: The Prudential Authority may, by notice in the Gazette, delay implementation of a provision for up to two years or exempt certain insurers and related persons from a provision on stated conditions.
13. The Prudential Authority, to facilitate the incremental implementation of this Act, may, by notice in the Gazette— (a) delay the implementation of a provision of this Act for a transitional period not exceeding two years from the date when that section takes effect; or (b) where practicalities require the progressive or incremental application of a specific provision of this Act, exempt any insurer, controlling company, key person or significant owner from that provision for a period and on conditions determined in the notice. This gazette is also available free online at www.gpwonline.co.za Versekeringswet, 2017 Wet No. 18 van 2017 GOVERNMENT GAZETTE, 18 JANUARY 2018 No. 41388 205 Versekeringsgroepe 203 12. ’n Voorheen geregistreerde versekeraar wat deel van ’n groep maatskappye is moet, binne twee maande vanaf die effektiewe datum, die Voorsorgowerheid daarvan in kennis stel, en die Voorsorgowerheid voorsien van breedvoerige inligting oor die struktuur van die groep maatskappye, sy beherende maatskappy en intragroep- transaksies. Vertragings en vrywarings - 13 Verify source ↗
Die Voorsorgowerheid, om die toenemende inwerkingstelling van hierdie Wet te
AI-assisted research summary: The Voorsorgowerheid may, by notice in the Gazette, delay the start of a provision or exempt certain insurers and related persons from it.
13. Die Voorsorgowerheid, om die toenemende inwerkingstelling van hierdie Wet te vergemaklik, kan by kennisgewing in die Staatskoerant— (a) die inwerkingstelling van ’n bepaling van hierdie Wet vertraag vir ’n oorgangs- tydperk van hoogstens twee jaar vanaf die datum wanneer daardie artikel van krag word; of (b) waar praktiese oorwegings die progressiewe en toenemende toepassing van ’n spesifieke bepaling van hierdie Wet vereis, enige versekeraar, beheermaatskappy, sleutelpersoon of beduidende eienaar vrywaar van daardie bepaling vir ’n tydperk en op voorwaardes in die kennisgewing bepaal. This gazette is also available free online at www.gpwonline.co.za - 206 Verify source ↗
No. 41388
AI-assisted research summary: 206 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 This gazette is also available free online at www.gpwonline.co.za STAATSKOERANT, 18 JANUARIE 2018 No. 41388 207 This gazette is also available free online at www.gpwonline.co.za
206 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 This gazette is also available free online at www.gpwonline.co.za STAATSKOERANT, 18 JANUARIE 2018 No. 41388 207 This gazette is also available free online at www.gpwonline.co.za - 208 Verify source ↗
No. 41388
AI-assisted research summary: 208 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 This gazette is also available free online at www.gpwonline.co.zaPrinted by and obtainable from the Government Printer, Bosman Street, Private Bag X85, Pretoria, 0001Contact Centre Tel:
208 No. 41388 GOVERNMENT GAZETTE, 18 JANUARY 2018 This gazette is also available free online at www.gpwonline.co.zaPrinted by and obtainable from the Government Printer, Bosman Street, Private Bag X85, Pretoria, 0001Contact Centre Tel: 012-748 6200. eMail: info.egazette@gpw.gov.zaPublications: Tel: (012) 748 6053, 748 6061, 748 6065
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