Insurance Act, 2017 (Act No. 18 of 2017)Chapter 5 : GovernancePart 2 : Additional governance requirements for representative offices of branches of foreign reinsurers and Lloyd's34. Representative office |
| (1) | A foreign reinsurer that is licensed to conduct reinsurance business or Lloyd’s must establish a representative office in the Republic. |
| (2) |
| (a) | A foreign reinsurer or Lloyd’s must appoint, and at all times have, a representative and a deputy representative. |
| (b) | A representative and a deputy representative must be natural persons permanently residing in the Republic for as long as he or she remains a representative and a deputy representative. |
| (3) | The representative must— |
| (a) | ensure compliance— |
| (i) | with South African legislation, including this Act and any other legislation regulating the conduct of insurers; and |
| (ii) | by the trustee or trustees with South African legislation, including this Act and the trust deed referred to in section 41; and |
| (b) | notify the Prudential Authority in writing of any non-compliance in terms of paragraph (a). |
| (4) | The Prudential Authority may prescribe requirements relating to the roles, responsibilities and functions of a representative and deputy representative in addition to those specified in subsection (3). |