Statistics Act, 1999
R 385
Insurance Act, 2017 (Act No. 18 of 2017)Chapter 10 : Administration of ActPart 2 : Powers and functions of Prudential Authority68. Penalties for non-submission or late submission |
| (1) | A person who fails to— |
| (a) | submit any document or information required in or under this Act to be submitted to the Prudential Authority; |
| (b) | publish any document or information required in or under this Act to be published; or |
| (c) | submit or publish any document or information referred to in paragraph (a) or (b) within the specified period, |
is liable to a penalty not exceeding R5 000 for every day during which the failure continues, unless the Prudential Authority, on good cause shown, waives the penalty or any part thereof.
| (2) | The amount referred to in subsection escalates annually, from the effective date of this Act, by the Consumer Price Index (CPI) annual inflation rate published by Statistics South Africa, as defined in section 1 of the Statistics Act, 1999 (Act No. 6 of 1999). |
