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Insurance Act

consolidated text (as at 2016, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.

Later amending instruments held: Finance (Miscellaneous Provisions) Act 2018 (Act No 11 of 2018), Finance (Miscellaneous Provisions) Act 2020, Finance (Miscellaneous Provisions) Act 2021 (Act No 15 of 2021), Finance (Miscellaneous Provisions) Act 2022 (Act No 15 of 2022), Finance (Miscellaneous Provisions) Act 2023 (Act No 12 of 2023).

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Sections

  1. 1 Short title
  2. 2 Interpretation
  3. 3 Administration of Act
  4. 4 Classification of insurance business
  5. 5 Application of Act
  6. 6 Registers
  7. 6A National Insurance Claims Database inserted by Act No 15 of 2021
  8. PART II: LICENSING OF INSURANCE BUSINESS
  9. 7 General restrictions on insurance business
  10. 8 Restriction on composite insurance business
  11. 9 Reinsurance
  12. 10 Application for a licence as insurer
  13. 11 Grant of licence
  14. 12 Conditions of licence
  15. 13 Branches and display of licence
  16. PART III: SOLVENCY REQUIREMENTS
  17. 14 Maintenance of financially sound condition
  18. 15 Solvency margin
  19. 16 Technical reserves
  20. 17 Separation of fund
  21. 18 Designated fund
  22. 20 Prohibitions concerning assets
  23. 21 Examination of reinsurance treaties
  24. 22 Remedial measures
  25. 23 Solvency rules
  26. PART IV: REGULATION OF BUSINESS OF INSURER
  27. 24 Stated capital and deposit
  28. 25 Shares and debentures
  29. 26 Registration of shares in name of nominee
  30. 27 Limitation on control of insurers
  31. 28 Effect of registration of shares contrary to Act
  32. 29 Furnishing of information on shareholding
  33. 30 Management of an insurer
  34. 31 Duties of directors
  35. 32 Avoiding conflict of interest
  36. 33 Requirement to abstain
  37. 34 Consequences of conflict of interest
  38. 35 Shareholder action
  39. 36 Appointment of officers
  40. 37 Fit and proper person
  41. 38 Board sub-committees
  42. 39 Internal control systems
  43. PART V: AUDITORS, ACTUARIES, ACCOUNTS AND RETURNS
  44. 40 Appointment of auditor and actuary
  45. 41 Notice of resignation and termination
  46. 42 Termination of appointment by Commission
  47. 43 Auditor’s and actuary’s duty to report
  48. 44 Auditor’s report
  49. 45 Additional duties of auditor
  50. 46 Audit committee
  51. 47 Actuarial investigation
  52. 48 Separation of accounts
  53. 49 Accounts, balance sheet and other returns
  54. 50 Audit and auditor’s certificate
  55. 51 Submission and publication of returns
  56. 52 Examination of returns
  57. 53 Keeping of records and registers
  58. PART VI: TRANSFER AND AMALGAMATION
  59. 54 Approval required for transfer and amalgamation
  60. 55 Application for approval of transfer or amalgamation
  61. 56 Approval of transfer or amalgamation
  62. 57 Effect of approval
  63. 58 Application to Court for directions
  64. PART VII: INSOLVENCY AND WINDING UP
  65. 59 General provisions on winding up
  66. 60 Continuation of business by liquidator
  67. 61 Proof of claims
  68. 62 Valuation of assets and liabilities
  69. 63 Application of funds on winding up
  70. 64 Voluntary winding up
  71. 65 Rights of policy holders and creditors
  72. 66 Distribution of assets
  73. 67 Insufficient assets
  74. 68 Winding up by Court
  75. 69 Reduction of contract
  76. PART VIII: OTHER INSURANCE PROFESSIONALS
  77. 70 Licensing of insurance managers, insurance agents and insurance brokers
  78. 71 Obligations of an insurer in relation to insurance agents
  79. 72 Financial statements and returns by insurance managers, insurance
  80. 73 Separate accounts for premium received
  81. 74 Obligations of insurance broker
  82. 75 Registration of insurance salespersons
  83. 76 Annual fee for insurance salespersons
  84. 77 Obligations of insurance salespersons
  85. 78 Claims professionals
  86. 78A Other insurance professionals inserted by Act No 15 of 2021
  87. PART IX: PROTECTION OF POLICY HOLDERS
  88. 79
  89. 80 Information on policies
  90. 80A Communication to policyholders
  91. 81 Free choice of policy
  92. 82 Annual statement to certain policy holders
  93. 83 Undesirable business practice
  94. 84 Abandoned funds
  95. 85 Protection of policy holders
  96. 85A Custody of assets of structured investment-linked inserted by Act No 15 of 2022
  97. PART IX: PROTECTION OF POLICY HOLDERS
  98. 86 Assumption of risk by general insurer
  99. 87 Premium rate under long term policy
  100. 88 Compensation Fund
  101. 89 Contribution to Compensation Fund
  102. 90 Management of Compensation Fund
  103. 91 Prescription of claims
  104. 92 Regulations on Compensation Fund
  105. PART X: INSPECTION AND INVESTIGATION
  106. 93 Power of Commission to issue direction
  107. 94 Request for information
  108. 95 On site inspection
  109. 96 Investigation
  110. 97 Suspension of licence
  111. 98 Effect of suspension of licence
  112. 100 Power to enter premises
  113. 101 Tampering with evidence
  114. 102 Meaning of certain words
  115. PART XI: ADMINISTRATOR AND CONSERVATOR
  116. 104 Duties and powers of administrator
  117. 106 Appointment of conservator
  118. 107 Duties and powers of conservator
  119. 108 Term of office and remuneration of conservator
  120. 109 Rehabilitation or reorganisation of insurer
  121. 110 Immunity of administrator, conservator and special administrator
  122. PART XIA: SPECIAL ADMINISTRATOR
  123. 110A Appointment of special administrator
  124. 110B Transfer of undertaking
  125. PART XII: TERMINATION OF LICENCE
  126. 111 Surrender of licence
  127. 112 Revocation of licence
  128. 113 Review of decision to revoke licence
  129. 114 Effect of revocation
  130. PART XIII: SANCTIONS AND DUE PROCESS
  131. 116 Notification of decisions
  132. PART XIV: MISCELLANEOUS
  133. 120 Prohibitions on use of certain words
  134. 121 Advertisement
  135. 122 Power to extend time limit
  136. 122 Power to extend time limit inserted by Act No 15 of 2021
  137. 122A inserted by Act No 15 of 2021
  138. PART XIV: MISCELLANEOUS
  139. 123 Insurance business conducted in breach of Act
  140. 125 Civil liability
  141. 126 Miscellaneous offences
  142. 127 Jurisdiction
  143. 128 Public notice
  144. 129 Regulations
  145. 130 FSC Rules and guidelines
  146. 131 Transitional provisions
  147. 133 Repeal and savings
  148. SECOND SCHEDULE
  149. 1
  150. 2
  151. THIRD SCHEDULE
  152. 1 Meaning of “effective date”
  153. 2 Existing insurers
  154. 3 Existing insurance intermediaries and manager
  155. 4 Existing registers