Statistics Act, 1999
R 385
Long Term Insurance Act, 1998 (Act No. 52 of 1998)RegulationsRegulations under the Long-term Insurance Act, 1998Part 8 : Authorisation of and Requirements for Collection of Premiums by Intermediaries (Section 47A)8.2 Requirements relating to receiving premiums |
| (1) | An independent intermediary who receives premiums must account for such premiums properly and promptly and open and maintain one or more separate bank account into which premiums are to be received. |
| (2) | A separate bank account referred to in subregulation (1) may only contain monies collected from policyholders and may not contain any monies or funds of the independent intermediary. |
| (3) | All premiums received by an independent intermediary— |
| (a) | through electronic means must be received into a bank account referred to in subregulation (1); or |
| (b) | in cash must be deposited into a bank account referred to in subregulation (1) within 1 business day after a premium is received. |
| (4) | An independent intermediary must within a period of 15 days after the end of every month, pay to the insurer concerned the total amount of the premiums received during that month. |
| (5) | Despite subregulation (4), an independent intermediary may, subject to the insurer's authorisation, prior to paying the total amount of the premiums received to the insurer reduce that amount by the value of— |
| (a) | any refund of premiums due and payable by the insurer to any policyholder or prospective policyholder represented by such independent intermediary in respect of the policies that are subject to the authorisation granted by the insurer; |
| (b) | any consideration payable to that independent intermediary by the insurer for rendering services as intermediary in respect of the policies concerned. |
| (6) | If more than one independent intermediary is authorised by an insurer to receive or hold premiums in relation to the same policy, the period between the receipt thereof from the insured or any person on his or her behalf and payment to the insurer shall not exceed the period contemplated in subregulation (4). |
[Part 8.2 substituted by regulation (9) of Notice No. 1015, GG 41942, dated 28 September 2018]
