[Heading substituted by regulation 1.2(a) of Notice No. R. 952 of 2008]

This Part 3A applies to policies, components and benefit components other than those to which Part 3B applies, and unless the context indicates otherwise—

[Sentence following the heading substituted by regulation 1.2(a) of Notice No. R. 952 of 2008]

"administrative work"

[Definition deleted by regulation 4(c) of Notice No. 1437 of 2001]

"annualised premium",

in relation to a group scheme or fund policy, means 12/m of the total premiums payable under the group scheme or fund policy during a scheme year, excluding transfer values inwards and credits arising in the group scheme or fund policy to employers of fund members in consequence of the withdrawal of members;

"benefit component"

means each separately identifiable kind of policy benefit undertaken to be provided under a particular kind of policy;

"component"

means a part of a policy, if any, where that part provides a policy benefit for which an identifiable, separate premium is payable;

[Definition inserted by regulation 1.2(b) of Notice No. R. 952 of 2008]

"compulsory",

in relation to an annuity, means that there is an obligation in terms of the rules of a fund to enter into a policy which provides the annuity;

"credit scheme"

for purposes of Table 1 of Annexure 1 means a group scheme under which every life insured is indebted to or a surety of the policyholder whose insurable interest as policyholder arises solely from that indebtedness or suretyship;

[Definition substituted by regulation 5(a) of Notice No. 1015, GG 41942, dated 28 September 2018]

"fund member policy"

in respect of a—

[Definition substituted by regulation 5(b) of Notice No. 1015, GG 41942, dated 28 September 2018]

"group of companies"

has the meaning defined in section 1 of the Companies Act;

[Definition inserted by section 4(d) of Notice No. 1437 of 2017]

"group scheme"

in respect of a—

[Definition substituted by regulation 5(c) of Notice No. 1015, GG 41942, dated 28 September 2018]

"immediate annuity"

means an annuity that is paid under a policy, where the first payment period begins within 12 months after the policy has been entered into;

[Definition inserted by regulation 1.2(c) of Notice No. R. 952 of 2008]

"independent intermediary"

means a person, other than a representative, rendering services as intermediary;

"individual policy"

means—

[Definition substituted by regulation 5(d) of Notice No. 1015, GG 41942, dated 28 September 2018]

"investment policy"

means a policy other than a policy which is an “excluded policy” as defined in Part 5A;

[Definition  substituted by regulation 1.2(d) of Notice No. R. 952 of 2008]

"m"

means the number of months in a scheme year;

"multiple premium policy"

means a policy under which the premium is payable in two or more amounts;

"policy"

means a long-term policy other than a reinsurance policy;

"policy benefit"

has the meaning assigned to it in the Act, but excludes a loan in respect of the policy, or a consideration payable upon the full or partial surrender of the policy;

[Definition inserted by regulation 1.2(e) of Notice No. R. 952 of 2008]

"Policyholder Protection Rules"

[Definition deleted

by regulation 5(e) of Notice No. 1015, GG 41942, dated 28 September 2018]

"premium"

in relation to a premium period, means the premium which is payable under a policy in respect of every separately identifiable benefit component of that policy;

[Definition substituted by regulation 4(f) of Notice No. 1437 of 2017]

"premium-paying term",

in relation to a multiple premium policy, other than a group scheme or fund policy, means the whole period during which the several amounts of premium are payable, determined by reference to—

"premium period"

in relation to a policy other than a group scheme or a fund policy, means one of a succession of periods of time, each of 12 months' duration, the first of which commences on, and ends 12 months after, the date on which the policy is entered into or, if it is a later date, the date on which the obligation of the long-term insurer becomes operative;

"primary commission"

means commission which is payable generally in respect of all policies in accordance with this Part other than secondary commission;

"rendering services as intermediary"

means the performance by a person other than a long-term insurer or a policyholder, on behalf of a long-term insurer or a policyholder, of any act directed towards entering into, maintaining or servicing a policy or collecting, accounting for or paying premiums or providing administrative services in relation to a policy, and includes the performance of such an act in relation to a fund, a member of a fund and the agreement between the member and the fund;

"replacement investment event"

means a causal event resulting in the levying of a causal event charge in excess of 15% of the investment value or materially equivalent value of a policy, where 'causal event', 'causal event charge' and 'investment value' have the meanings assigned to them in Part 5A and 'materially equivalent value' means the value contemplated in subregulation 5.2(2)(b) of Part 5A;

[Definition substituted by regulation 4(g) of Notice No. 1437 of 2017]

"replacement investment policy"

means a multiple premium policy which is an investment policy, where the policyholder is or was either the policyholder or the life insured in respect of any other investment policy, and where a replacement event occurs in respect of that other investment policy within a period of 4 months before or after the replacement policy is entered into;

[Definition substituted by regulation 4(h) of Notice No. 1437 of 2017]

"replacement risk policy"

means an individual risk policy as defined in the Policyholder Protection Rules that is entered into as a result of a replacement as contemplated in the Policyholder Protection rules;

[Definition inserted by regulation 4(i) of Notice No. 1437 of 2017]

"representative"

means a person employed or mandated by a long-term insurer for the purpose of rendering services as intermediary only in relation to policies—

[Definition substituted by regulation 5(f) of Notice No. 1015, GG 41942, dated 28 September 2018]

"retirement annuity fund"

means a retirement annuity fund as defined in the Income Tax Act, 1962;

[Definition inserted by regulation 1.2(g) of Notice No. R. 952 of 2008]

"Scale A"

means the scale of commission set out in Annexure 2 to this Part;

"secondary commission"

means commission which is payable, in addition to primary commission, in respect of certain policies only, as provided in and subject to this Part;

"scheme year",

in relation to a group scheme or a fund policy, means a period—

(a)        commencing on the later of—

(b)        and ending on the earlier of—

"single premium policy"

means a policy under which the premium is payable in one amount only;

"Table 1"

means Table 1 of Annexure 1 to this Part that applies to registered insurers only;

[Definition substituted by regulation 5(g) of Notice No. 1015, GG 41942, dated 28 September 2018]

"Table 2"

means Table 2 of Annexure 1 to this Part that applies to licensed insurers only;

[Definition substituted by regulation 5(h) of Notice No. 1015, GG 41942, dated 28 September 2018]

"term cover"

means a policy under which a long-term insurer undertakes to provide policy benefits only upon—

during a specified period only;

"this Part"

means this Part 3A;

[Definition inserted by regulation 1.2(h) of Notice No. R. 952 of 2008]

"tied"

in relation to a compulsory annuity, means that there is an obligation to enter into the policy concerned with a particular insurer and no other.