Intellectual Property Rights from Publicly Financed Research and
R 385
Financial Services Board Act, 1990 (Act No. 97 of 1990)NoticesLevies for Financial Institutions, 20199. Special SAM levy on short-term insurers and Lloyd's underwriters |
| (1) | The special SAM levy, in respect of a short-term insurer other than a microinsurer, Lloyd's and Lloyd's underwriters, is the special SAM levy Rand amount which the short-term insurer paid in the previous levy year increased by 6%. |
| (2) | The special SAM levy, in respect of Lloyd's and Lloyd's underwriters, is the special SAM levy Rand amount which a person appointed in terms of section 57(1) of the Short-term Insurance Act, or a Lloyd's representative or deputy representative referred to in section 34(2) of the Insurance Act, paid in the previous levy year increased by 6%. |
(3)
| (a) | A short-term insurer, other than a microinsurer, Lloyd's and Lloyd's underwriters, who was registered or deemed to be registered in terms of the Short-term Insurance Act on any day 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 Short-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 special SAM levies referred to in subparagraph (1) in accordance with subparagraph (4).
| (b) | A short-term insurer other than a microinsurer and short-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 any day of the previous levy year and who as at 1 April of the levy year is still licenced in terms of the Insurance Act must pay the full levies referred to in subparagraph (1) in accordance with subparagraph (4); |
| (c) | In the case of Lloyd's and Lloyd's underwriters, the person or Lloyd's representative and deputy representative referred to in subparagraph (2) must pay the full special SAM levy referred to in subparagraph (2) in accordance with subparagraph (4). |
| (4) | The special SAM levies referred to in subparagraph (3) must be paid in two equal instalments before or on 31 July and 30 November of the levy year. |
