| (1) |
The levy, in respect of a long-term insurer— |
| (a) |
authorised in terms of the Long-term Insurance Act to— |
| (i) |
enter into one or more than one disability policy, fund policy, health policy, life policy or sinking fund policy, or one or more of those policies and an assistance policy, is the Rand levy amount which the long-term insurer paid in the previous levy year increased by 6%; or |
| (ii) |
enter into an assistance policy only, is the Rand levy amount which the long-term insurer paid in the previous levy year increased by 6%; |
| (b) |
other than a microinsurer, licensed in terms of the Insurance Act to— |
| (i) |
conduct life insurance business in one or more than one of the following classes as set out in Table 1 of Schedule 2 of the Insurance Act: |
| (dd) |
LIFE ANNUITIES class; |
| (ee) |
INDIVIDUAL INVESTMENT class; |
| (ff) |
FUND INVESTMENT class; |
| (gg) |
INCOME DRAWDOWN class; |
| (hh) |
REINSURANCE class; or |
| (ii) |
one or more of the classes in sub-items (aa) to (hh) and the FUNERAL class, |
is the Rand levy amount which the long -term insurer paid in the previous levy year increased by 6%; or
| (ii) |
conduct life insurance business in the FUNERAL class as set out in Table 1 of Schedule 2 of the Insurance Act only, is the Rand levy amount which the long -term insurer paid in the previous levy year increased by 6%. |
| (a) |
who as at 1 April of the previous levy year was registered or deemed to be registered in terms of the Long -term Insurance Act, and who as at 1 April of the levy year is still registered or deemed to be registered in terms of the Long-term Insurance Act, must pay the full levies referred to in subparagraph (1) in accordance with subparagraph (3); |
| (b) |
who was registered or deemed to be registered in terms of the Long-term Insurance Act after 1 April but not later than 1 October of the previous levy year, and who as at 1 April of the levy year— |
| (i) |
is still registered or deemed to be registered in terms of the Long-term Insurance Act; or |
| (ii) |
has been converted to a licence in accordance with item 6(2) of Schedule 3 of the Insurance Act, |
must pay the full applicable levies referred to in subparagraph (1) in accordance with subparagraph (3); or
| (c) |
other than a microinsurer and long-term insurer whose registration was converted to a licence in accordance with item 6(2) of Schedule 3 of the Insurance Act, who was licensed in terms of the Insurance Act on or before 1 October of the previous levy year, and who was as at 1 April of the levy year still licensed in terms of the Insurance Act on, must pay the full applicable levies referred to in subparagraph (1) in accordance with subparagraph (3). |
| (3) |
The levies referred to in subparagraph (2) must be paid in two equal instalments before or on 31 July and 30 November of the levy year. |
Older Persons Act, 2006
