This Part 5B applies to investment policies that started on or after 1 January 2009, and unless defined differently in this Part 5B or unless the context indicates otherwise, any word or expression to which a meaning has been assigned in Part 5A has the meaning assigned to it in that Part, and—

"causal event charge"

means a charge, other than an administration charge contemplated in regulation 5.12(3), occasioned by and pertaining to a causal event;

"charge"

means a charge stipulated in a policy, which charge is deductible in respect of that policy in accordance with its terms and its actuarial basis;

"charge percentage"

in relation to an investment policy, means 15% reduced on a straight-line basis to 0% over the charge term;

"charge term"

means the term during which the insurer may deduct a causal event charge, which term starts on the premium commencement date and is equal to;

"excluded policy"

in respect of a—

[Definition substituted by regulation 7(f) of Notice No. 1015, GG 41942, dated 28 September 2018]

"investment policy"

means a single premium policy or a multiple premium policy, other than an excluded policy;

"payment date"

in relation to a premium, means the date on which that premium must be paid in terms of the policy;

"premium commencement date"

means the payment date of the only or first premium;

"premium term"

in relation to a multiple premium policy, means the shorter of the following periods:

"start"

in relation to a policy, means when the application for that policy is accepted by the insurer; and

"this Part"

means this Part 5B.