In this Schedule any word or expression to which a meaning has been assigned in the Long-term Insurance Act, 1998 (Act No. 52 of 1998) or Short-term Insurance Act, 1998 (Act No. 53 of 1998), as the case may be, has the same meaning, and, unless the context indicates otherwise—

"control function"

means—

"head of a control function"

means the person appointed by an insurer to ensure the performance of the responsibilities of a control function, and includes a person to whom a control function is outsourced;

"insurer"

means a long-term insurer or a short-term insurer, as the case may be;

"regulatory authority"

has the meaning set out in section 1 of the Financial Services Board Act;

"significant owner"

means a person that acquires or holds shares or any other financial interest in an insurer within the meaning of section 26 of the Long-term Insurance Act, 1998 or section 25 of the Short-term Insurance Act, 1998, as the case may be; and

"outsourced"

has the meaning set out in Directive 159.A.i (LT&ST): Compliance with sections 9(3)(b)(i) read with sections 12(1)(c) of the Long-term Insurance Act and Short-term Insurance Act, respectively: Outsourcing, 12 April 2012, and "outsource" and "outsourcing" has a corresponding meaning;

"the Act"

means the Long-term Insurance Act, 1998 or the Short-term Insurance Act, 1998, as the case may be.