Long Term Insurance Act, 1998 (Act No. 52 of 1998)

Part VII : Business practice, policies and policyholder protection

Purchase

1)	A long-term insurer may not—

a)	undertake to provide policy benefits, or provide policy benefits, under;

b)	provide consideration upon the surrender of; or

c)	make a loan upon the security of,

a long-term policy contemplated in the regulations, otherwise than in accordance with the requirements and limitations set out in the regulations.

2)	The requirements and limitations set out in regulations made under subsection (1) apply from the inception of a policy, if the regulation so provide, irrespective of the fact that the policy was entered into before or after the commencement of this Act or the regulations.