| (1) | This Act must be interpreted and applied in a manner that— |
| (a) | gives effect to the objective of this Act set out in section 3; and |
| (b) | facilitates compliance with the principles referred to in section 4. |
| (2) | When interpreting, applying or complying with this Act, a court, the Prudential Authority or any other person may, to the extent practicable and with due consideration to the South African context, consider relevant international standards relating to insurance regulation and supervision. |
| (a) | If there is an inconsistency between any provision of this Act, other than a Prudential Standard or Regulation made under this Act, and a provision of any other legislation that— |
| (ii) | affects or impedes the appropriate operation or implementation of a provision of this Act, |
the provision of this Act prevails, unless that other legislation by explicit reference, and not merely by reference to other legislation in general, provides that the other legislation applies in the event of a conflict.
| (b) | Subject to paragraph (a), this Act applies concurrently with and in addition to the Companies Act and the Co-operatives Act unless specifically provided for otherwise in this Act. |
| (c) | Paragraph (a) does not apply— |
| (ii) | to the Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001). |
| (4) | Despite any other law, if other legislation confers a power on or imposes a duty upon another organ of state— |
| (a) | in respect of a matter regulated under this Act or the regulation of insurance business; or |
| (b) | that affects or impacts on the appropriate exercise of powers and the performance of duties under this Act by the Prudential Authority, that power or duty must be exercised or performed in consultation with the Prudential Authority, and any decision taken in accordance with that power or duty must be taken with the concurrence of the Prudential Authority, irrespective of when that other legislation was enacted, unless that other legislation by explicit reference, and not merely by reference to other legislation in general, provides that such concurrence is not required. |
| (5) | Any reference to "company", "holding company", "non-profit company", "profit company", "public company", "state-owned company" or "subsidiary" means a reference to a company, holding company, non-profit company, profit company, public company, state-owned company or subsidiary, as the case may be, as defined in the Companies Act. |
| (ii) | applies to a public company. |
| (b) | Paragraph (a) must not be interpreted as requiring an insurer or a controlling company that is not a public company to submit information to the Commission or Commissioner (as defined in the Companies Act) that a public company is required to submit to the Commission or Commissioner under the Companies Act. |
| (7) | If, in terms of this Act, information or a document is required to be publicly available, published, disclosed, produced or provided, it is sufficient if— |
| (a) | an electronic original or a reproduction thereof is published, disclosed, produced or provided by electronic communication in a manner and form such that the information or document can conveniently be printed by the recipient within a reasonable time and at a reasonable cost; or |
| (b) | a notice of the availability of that information or document, summarising its content and satisfying any prescribed requirements, is delivered to each intended recipient thereof, together with instructions for receiving the complete information or document. |
