Supreme Court Act, 1959
R 385
Long Term Insurance Act, 1998 (Act No. 52 of 1998)Part VII : Business practice, policies and policyholder protectionBusiness practice47. Receipt for premium paid in cash, and validity of policy 3 |
| 1) | When a premium is paid in bank notes or coins, the recipient thereof shall give to the payer a written receipt for it. |
| 2) |
| a) | The receipt shall state the name, address and telephone number of the recipient, the policy number and the name of the long-term insurer on whose behalf the premium is received. |
| b) | Paragraph (a) does not apply to a receipt issued by a bank as defined in section 1 of the Banks Act, 1990 (Act No. 91 of 1990), or by a mutual bank as defined in section 1 of the Mutual Banks Act, 1993 (Act No. 124 of 1993). |
| 3) | For the purposes of the validity of a long-term policy the payment of a premium under the long-term policy to a person on behalf of the long-term insurer shall be deemed to be payment to the long-term insurer under that long-term policy. |
