Find an Act
Why Acts
Acts Store
News Centre
Advertise
Login
Toggle navigation
Find an Act
Why Acts
Acts Store
News Centre
Advertise
Login
Table of Contents
Long Term Insurance Act, 1998 (Act No. 52 of 1998)
Notice No. 1190 of 1998
Act
1. Definitions
1A. Relationship between Act and Financial Sector Regulation Act
1B. Regulatory instruments
Part I : Administration of Act
2. Exercise of powers and performance of duties by Authority
3. General provisions concerning Registrar
4. Special provisions concerning Registrar and his or her powers
5. [Repealed] Annual report
6. [Repealed] Advisory Committee on Long-term Insurance (REPEALED)
Part II : Registration of long-term insurers
7. [Repealed] Registration required in order to carry on long-term insurance business
8. Prohibition on performance of certain acts, by certain persons
9. [Repealed] Application for registration
10. [Repealed] Conditions of registration
11. [Repealed] Variation of registration conditions
12. [Repealed] Registrar may under certain circumstances prohibit long-term insurers from carrying on business
13. [Repealed] Termination of registration
14. [Repealed] Deregistration of long-term insurers as companies
Part III : Business and administration of long-term insurers
15. [Repealed] Limitation on business
15A. [Repealed] Reinsurers carrying on reinsurance business only, authorised to provide policy benefit
16. [Repealed] Head office and public officer
17. [Repealed] Financial year
18. [Repealed] Notification of certain appointments, terminations and resignations
19. [Repealed] Auditor
20. [Repealed] Statutory actuary
21. [Repealed] Appointment of auditor or statutory actuary by Registrar
22. [Repealed] Removal of appointees who are not fit and proper
23. [Repealed] Audit committee
24. [Repealed] Preference shares, debentures, share capital and share warrants
25. [Repealed] Registration of shares in name of nominee
26. [Repealed] Limitation on control and certain shareholding or other interest in long-term insurers
27. [Repealed] Furnishing of information concerning shareholders
28. [Repealed] Effect of registration of shares contrary to Act
Part IV : Returns to Authority
29. [Repealed] Maintenance of financially sound condition
30. [Repealed] Assets
31. [Repealed] Kinds and spread of assets
32. [Repealed] Deeming provisions concerning assets
33. [Repealed] Liabilities
34. [Repealed] Prohibitions concerning assets and certain liabilities
35. [Repealed] Failure to maintain financially sound condition
36. Returns to Registrar
Part V : Compromise, arrangement, amalgamation, demutualisation and transfer
37. [Repealed] Registrar approval required for compromise, arrangement, amalgamation, demutualisation or transfer
38. [Repealed] Application to Registrar
39. [Repealed] Conditions of approval
40. [Repealed] Approved transaction
Part VI : Business rescue and winding-up of long-term insurers
41. [Repealed] Business rescue
42. [Repealed] Winding-up
43. [Repealed] Voluntary winding-up
Part VII : Business practice, policies and policyholder protection
Business practice
44. Free choice in certain circumstances
45. Prohibition on inducements
46. Policy to be actuarially sound
47. Receipt for premium paid in cash, and validity of policy3
47A. Collection of premiums by intermediaries
48. Summary, inspection and copy of policy
49. Limitation of remuneration
49A. Binder agreements
50. [Repealed] Undesirable business practice
Policies
51. Policy suspended until payment of first premium
52. Failure to pay premiums
53. Option for payment of policy benefits in money
54. Limitation on provisions of certain policies
55. Limitation on policy benefits in event of death of unborn or of certain minors
56. Voidness of certain provisions of agreements relating to long-term policies
57. Life policy in relation to person rendering or liable to render military service
58. Long-term policies entered into by certain minors
59. Misrepresentation and failure to disclose material information
60. Validity of contracts
61. Prescription of certain debt
Policyholder protection
62. Protection of policyholders
63. Protection of policy benefits under certain long-term policies
64. Selection for realisation of protected policies
65. Partial realisation of protected policies
Part VIII : Offences and penalties
66. Offences by persons other than long-term insurers
67. [Repealed] Offences by long-term insurers
68. Penalty for failure to furnish Registrar with returns etc
Part IX : Transitional and general provisions
Transitional provisions
69. [Repealed] Continued registration of existing insurers
70. [Repealed] Certain existing insurers to cease short-term insurance business or to separate it from long-term insurance business
General provisions
71. [Repealed] Special provisions concerning long-term insurers that are not public companies
72. Regulations
73. Repeal and amendment of laws
74. Savings
75. Interpretation of certain references in existing laws
76. Short title and commencement
Schedules
Schedule 1 : Kinds of assets
1. [Repealed] Requirement for claim to be asset, and definitions
2. [Repealed] Derivatives
3. [Repealed] Kinds of assets
Schedule 2 : Method of calculation of value of assets and liabilities
1. [Repealed] Definitions
Schedule 3 : Calculation of values of assets, liabilities and capital adequacy requirement
1. [Repealed] Definition
2. [Repealed] Calculation of values
3. [Repealed] Effect of reinsurance
4. [Repealed] Amounts to be disregarded
5. [Repealed] Calculation subject to certain provisions
6. [Repealed] Registrar may reject certain values
7. [Repealed] Valuation of other liabilities
Schedule 4 : Repeal and amendment of laws
Repeal and amendment of laws
Regulations
Regulations under the Long-term Insurance Act, 1998
Notice No. R. 1492 of 1998
Part 1 : Interpretation
1.1 Definitions
[Deleted] Part 2 : Limitation on Assets (Section 31)
Part 3 : Remuneration
Part 3A : Policies other than Policies to which Part 3B applies
3.1 Application of this Part 3A, and definitions
3.2 General limitations
3.3 Time of payment of commission
3.4 Maximum commission payable
3.5 Adjustment and refund of commission
3.6 Special provisions concerning fund and fund member policies
3.7 Commission when policy has different benefit components
3.8 Voidness of certain agreements
3.9 Special provisions concerning replacement investment policies
3.9A Special provisions concerning replacement risk policies
Annexure 1
Table 1 : Registered insurers
Table 2 : Licensed insurers
Annexure 2 : Scale A
Part 3B : Investment Policies that started on or after 1 January 2009
3.10 Application of this Part 3B, and definitions
3.11 General prescriptions
3.12 Maximum commission
3.13 Time of payment of commission
3.14 Premium increases and additional premiums
3.15 Discounting of commission
3.16 Redirecting of commission
3.17 Adjustment and refund of commission
3.18 Replacement policies
Table [Regulation 3.17(2)]
Part 3C : Limitation on Remuneration for Binder Functions
3.19 Application of this Part 3C, and definitions
3.20 General principles for determining remuneration for binder functions
3.21 Remuneration that may be offered or provided to a binder holder
3.22 Participation by a binder holder in profits attributable to the policies referred to in a binder agreement
Part 3D : Notification of Certain Arrangements with Independent Intermediaries or Representatives
3.23 Definitions
3.24 Notification of certain arrangements with independent intermediaries or representatives
Part 4 : Limitation on Provisions of Certain Policies
4.1 Definitions
4.1A Application of this Part
4.2 Limitations on policies
4.2A Maximum fees, penalties or any other charges on loans
4.3 General exclusion
Part 5 : Requirements and Limitations regarding the Values and Benefits of Policies (Section 54)
Part 5A : Policies other than Policies to which Part 5B applies
5.1 Application of this Part 5A, and definitions
5.2 Basis for determination of values and benefits of policies
5.3 Fund member policies
5.4 Policies other than fund member policies
5.4A Deduction of administration charge
5.5 Interest on the excess amount
5.6 Interest on the excess amount [regulation 53(1)(b)]
5.7 [Deleted] Delayed implementation
5.8 Amendments to actuarial basis and values
5.9 Disclosure
Part 5B : Investment Policies that started on or after 1 January 2009
5.10 Application of this Part 5B, and definitions
5.11 Basis for determination of values and benefits of policies
5.12 Maximum charges that may be deducted
5.13 Disclosure
Part 5C : Principles for Calculation of Causal Event Charges
5.14 Definitions
5.15 General principles for the calculation of causal event charges
Part 6 : Binder Agreements
6.1 Definitions and interpretations
6.2 Requirements, limitations and prohibitions relating to binder holders
6.2A Governance and oversight requirements
6.3 Requirements, limitations and prohibitions relating to binder agreements
6.4 Requirements, limitations and prohibitions relating to any consideration that may be offered or provided to a binder holder, and any participation by a binder holder in profits attributable to the policies referred to in a binder agreement
6.5 Exemption
6.6 Reporting requirements
6.7 [Deleted] Transitional arrangements
Part 7 : Contracts Identified as Health Policies under Section 72(2A)(a) of the Act
7.1 Definitions and interpretation
7.2 Categories and types of contracts identified as health policies
7.3 Limitations applicable to category 1 contracts
7.4 Contracts may not require medical scheme membership
7.5 Marketing and disclosures requirements
7.6 Reporting requirements
7.7 Transitional arrangements
Part 8 : Authorisation of and Requirements for Collection of Premiums by Intermediaries (Section 47A)
8.1 Authorisation
8.2 Requirements relating to receiving premiums
8.3 Returns
8.4 Exemption
Part 9 : Title and Commencement
Notices
Penalty for Failure to Furnish Authority with Returns etc.
[Repealed] Notice No. 119 of 2021
[Repealed] Notice No. 1791 of 2022
[Repealed] Notice No. 3078 of 2023
Notice No. 4405 of 2024
Board Notices
[Repealed] Prescribed Requirements for the Calculation of the Value of the Assets, Liabilities and Capital Adequacy Requirement of Long-Term Insurers
Appointment of Members of the Long-Term Insurance Advisory Committee
Board Notice 75 of 2006
Board Notice 95 of 2007 : Documents which a person may Inspect
Board Notice 101 of 2007 : Prescribing of Transnet Pension Funds
Board Notice 81 of 2008 : Returns by Long-term Insurers to Registrar
Amendment of Board Notice 81 of 2008: Returns to Registrar
Amendment of Board Notice 81 of 2008 and Notice 387 of 2009: Returns to Registrar
Internal Model Application Process: Pre-application assessment fees
Board Notice 188 of 2011
1. Definitions
2. Fees
3. Payment of fees
Notice on Governance and Risk Management Framework for Insurers, 2014
Board Notice 158 of 2014
Part 1 : Interpretation
1. Definitions
Part 2 : Governance and Risk Management Framework - General
2. Governance framework
Part 3 : Composition, Governance and Structure of the Board of Directors
Board of directors
3. Composition and governance of board of directors
4. Roles and responsibilities of board of directors
5. Duties of each director
Committees of the board
6. Structure of board of directors
7. Risk and remuneration committees
8. Risk committee
9. Remuneration committee
Part 4 : Risk Management System
10. Risk management system
11. Overall risk management policy
12. Fit and proper policy
13. Remuneration policy
14. Asset-liability management policy
15. Investment policy
16. Underwriting risk management policy
17. Reinsurance and other forms of risk transfer policy
18. Liquidity risk management policy
19. Concentration risk management policy
20. Operational risk management policy
21. Insurance fraud risk management policy
Part 5 : Internal Control System
22. Internal control system
23. General requirements for control functions
24. Risk management function
25. Compliance function
26. Internal audit function
27. Actuarial function
28. Head of control function
Part 6 : General
29. Title and commencement
30. Transitional provisions
Notice on Fit and Proper Requirements, 2015
Board Notice 158 of 2015
Part 1 : Interpretation
1. Definitions
Part 2 : Matters to be taken into account by Registrar
2.
Part 3 : Fit and Proper requirements for Director, Manager, Public Officer, Auditor or Statutory Actuary
3. Requirements relating to competency
4. Requirements relating to integrity
5. Auditor that is a firm
Part 4 : Fit and Proper Requirements for Significant Owners
6. Requirements relating to financial standing
7. Requirements relating to integrity
Part 5 : General
8. Title and commencement
Rules
[Repealed] Policyholder Protection Rules (Long-term Insurance), 2001
[Repealed] Policyholder Protection Rules (Long-Term Insurance), 2004
Policyholder Protection Rules (Long-term Insurance), 2017
Notice No. 1407 of 2017
Chapter 1 : Interpretation
1. Application
2. Definitions
Chapter 2 : Fair Treatment of Policyholders
Rule 1 : Requirements for the fair treatment of policyholders
Chapter 3 : Products
Rule 2 : Product design
Rule 2A : Microinsurance and Funeral Policy Product Standards
2A.1 Definitions
2A.2 Application
2A.3 Use of terms and advertising
2A.4 Structure of policy benefits
2A.5 Variation and renewal of a microinsurance policy or a funeral policy
2A.6 Waiting periods
2A.7 Exclusions
2A.8 Claims
2A.9 Reinstatement
2A.10 General
2A.11 Reporting of a new product
Rule 3 : Credit life insurance
Rule 4 : Cooling-off rights
Rule 5 : Negative option selection of policy terms or conditions
Rule 6 : Determining premiums
Rule 7 : Void provisions
Rule 8 : Waiver of rights
Rule 9 : Signing of blank or uncompleted forms
Chapter 4 : Advertising and Disclosure
Rule 10 : Advertising
Rule 11 : Disclosure
Chapter 5 : Intermediation and Distribution
Rule 12 : Arrangements with Intermediaries and Other Persons
Chapter 6 : Product Performance and Acceptable Service
Rule 13 : Data management
Rule 14 : On-going review of product performance
Rule 15 : Premium reviews
Rule 15A : Payment of Premiums
Rule 16 : Record keeping
Chapter 7 : No Unreasonable Post-sale Barriers
Rule 17 : Claims management
Rule 18 : Complaints managements
Rule 19 : Replacement of policies
Rule 20 : Termination of policies
Rule 21 : Misrepresentation
Chapter 8 : Administration
Prescribed Long-Term Insurance Fees
Notice on Prescribed Long Term Insurance Fees, 2004
Notice on Prescribed Long Term Insurance Fees, 2005
Notice on Prescribed Long-Term Insurance Fees, 2010
Part 1 : Interpretation
Purchase
1.1 Definitions
Join our mailing list!
Best Selling Products
Special Investigating Units and Special Tribunals Act, 1996
R 385
Communal Land Rights Act, 2004
R 385
Mental Health Care Act, 2002
R 385
Latest Articles
Employer Responsibilities re vaccination in the workplace
Do we need to enhance disclosures in SA audit reports?
POPIA: Code of Conduct for BASA
Popular Acts
You need a subscription to continue.
Get 1 month of unlimited access for only R120.
View Subscription Plans
Already a subscriber?
Log in
Special Investigating Units and Special Tribunals Act, 1996
