Financial Advisory and Intermediary Services Act 2002 (Act No. 37 of 2002) Determinations Determination of Fit and Proper Requirements for Financial Services Providers, 2017 Annexures Annexure Four : Classes of Business

 

ANNEXURE FOUR : CLASSES OF BUSINESS

 

1.        In this Annexure –

 

"Accident and health policy"

has the meaning assigned to it in section 1(1) of the Short-term Insurance Act, but excludes a reinsurance policy in respect of such a policy;

 

"Assistance policy"

has the meaning assigned to it in section 1(1) of the Long-term Insurance Act but excludes a reinsurance policy in respect of such a policy;

 

"Engineering policy"

has the meaning assigned to it in section 1(1) of the Short-term Insurance Act, but excludes a reinsurance policy in respect of such a policy;

 

"Fund policy"

has the meaning assigned to it in section 1(1) of the Long-term Insurance Act but excludes a reinsurance policy in respect of such a policy;

 

"Guarantee policy"

has the meaning assigned to it in section 1(1) of the Short-term Insurance Act, but excludes a reinsurance policy in respect of such a policy;

 

"Life investment policy"

means a life policy as defined in section 1(1) of the Long-term Insurance Act other than a life risk policy;

[Annexure Four definition substituted by section 8(b) of Notice No. 707, GG43474, dated 26 June 2020]

 

"Liability policy"

has the meaning assigned to it in section 1(1) of the Short-term Insurance Act, but excludes a reinsurance policy in respect of such a policy;

 

"Life risk policy"

means a disability, health or life policy as defined in section 1(1) of the Long-term Insurance Act that provides risk benefits only;

 

"Long-term reinsurance policy"

means a reinsurance policy as defined in section 1(1) of the Long-term Insurance Act;

 

"Miscellaneous policy"

has the meaning assigned to it in section 1(1) of the Short-term Insurance Act, but excludes a reinsurance policy in respect of such a policy;

 

"Motor policy"

has the meaning assigned to it in section 1(1) of the Short-term Insurance Act, but excludes a reinsurance policy in respect of such a policy;

 

"Property policy"

has the meaning assigned to it in section 1(1) of the Short-term Insurance Act, but excludes a reinsurance policy in respect of such a policy;

 

"Short-term reinsurance policy"

has the meaning assigned to it in section 1(1) of the Short-term Insurance Act;

 

"Sinking fund"

has the meaning assigned to it in section 1(1) of the Long-term Insurance Act but excludes a reinsurance policy in respect of such a policy;

 

"Transportation policy"

has the meaning assigned to it in section 1(1) of the Short-term Insurance Act, but excludes a reinsurance policy in respect of such a policy.

 

[Annexure Four Table 1 substituted by section 8(a) of Notice No. 707, GG43474, dated 26 June 2020]