Section 24: General insurance premium
consolidated text (as at 2018, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
24. General insurance premium
(1) Every insured shall, in respect of the harvest of every crop year,
contribute to the General Insurance Account an annual general insurance
premium determined by the Board in accordance with subsection (6).
(2) Where it is not possible for the Board to determine the general insurance
premium by 31 December, the Board may make a provisional estimate of the
amount payable.
(3) The Syndicate shall, at the request of the Board, and without incurring any liability to any person, pay the general insurance premium or the
estimate made under subsection (2) to the Board not later than 31 December
in respect of the crop year for which it is payable.
(4) The difference between the general insurance premium and the provisional estimate made under subsection (2) shall be recovered—
(a) through the Syndicate on or before 30 April of the crop year for
which the premium is payable; or
(b) from the insured after 30 April.
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Sugar Insurance Fund Act
(5) Where the provisional estimate made under subsection (2) exceeds
the general insurance premium, the excess shall be credited to the insured’s
general insurance premium for the following year.
(6) (a) The general insurance premium shall be a percentage of the value
of the insurable sugar of the insured for the crop year for which the premium
is payable and shall be calculated to the nearest rupee.
(b) The general insurance premium shall be determined by reference—
(i) to the weight and value of insurable sugar of the insured;
and
(ii) to the premium percentage set out in the second column of
the Second Schedule opposite the ranking assigned to the
insured in respect of the crop year for which the premium
is payable.
(c) The general insurance premium payable shall be shared, in
respect of cane plantations of a métayer, between the métayer and the
owner of the land in the proportion of their respective shares of sugar.
(d) The general insurance premium payable shall be shared, in respect of cane plantations of a growing unit among the planters and métayers
in the growing unit in the proportion of their respective area harvested.
[S. 24 amended by Act 21 of 1988; s. 67 (e) of Act 11 of 2018 w.e.f. 1 June 2017.]