Long Term Insurance Act, 1998 (Act No. 52 of 1998)1. Definitions |
| (1) | In this Act, unless the context otherwise indicates— |
means a life policy in respect of which the aggregate of—
| (a) | the value of the policy benefits, other than an annuity, to be provided (not taking into account any bonuses to be determined in the discretion of the long-term insurer); and |
| (b) | the amount of the premium in return for which an annuity is to be provided, |
does not exceed R30 000, or another amount prescribed by the Minister; and includes a reinsurance policy in respect of such a policy;
"Authority"
means the Financial Sector Conduct Authority established by the Financial Sector Regulation Act;
"conduct standard"
has the same meaning ascribed to it in terms of section 1(1) of the Financial Sector Regulation Act;
means the event of the functional ability of the mind or body of a person or an unborn becoming impaired;
means a contract in terms of which a person, in return for a premium, undertakes to provide policy benefits upon a disability event; and includes a reinsurance policy in respect of such a contract;
means the Financial Sector Regulation Act, 2017;
means—
| (a) | a friendly society as defined in section 1 of the Friendly Societies Act, 1956 (Act No. 25 of 1956); |
| (b) | a pension fund organisation as defined in section 1 of the Pension Funds Act, 1956 (Act No. 24 of 1956); |
| (c) | a medical scheme as defined in section 1 of the Medical Schemes Act, 1967 (Act No. 72 of 1967); and |
| (d) | any other person, arrangement or business prescribed by the Authority; |
means a contract in terms of which a person, in return for a premium, undertakes to provide policy benefits for the purpose of funding in whole or in part the liability of a fund to provide benefits to its members in terms of its rules, other than such a contract relating exclusively to a particular member of the fund or to the surviving spouse, children, dependants or nominees of a particular member of the fund; and includes a reinsurance policy in respect of such a contract;
means an event relating to the health of the mind or body of a person or an unborn;
means a contract in terms of which a person, in return for a premium, undertakes to provide policy benefits upon a health event, and includes a reinsurance policy in respect of such a contract—
| (a) | excluding any contract— |
| (i) | that provides for the conducting of the business of a medical scheme referred to in section 1(1) of the Medical Schemes Act; or |
| (ii) | of which the policyholder is a medical scheme registered under the Medical Schemes Act, and which contract— |
| (aa) | relates to a particular member of the scheme or to the beneficiaries of that member; and |
| (bb) | is entered into by the medical scheme to fund in whole or in part its liability to the member or the beneficiaries of the member referred to in subparagraph (aa) in terms of its rules; but |
| (b) | specifically including, notwithstanding paragraph (a)(i), any contracts identified by the Minister by regulation under section 72(2A) as a health policy; |
has the meaning as prescribed in the regulations;
means the Insurance Act, 2017;
"joint standard"
has the same meaning ascribed to it in terms of section 1(1) of the Financial Sector Regulation Act;
means—
| (a) | a previously registered insurer as defined in Item 1 of Schedule 3 to the Insurance Act who has been granted a licence under section 23 of the Insurance Act within the period referred to in item 6(2) of Schedule 3 to the Insurance Act; or |
| (b) | a person who has been licensed under section 23 of the Insurance Act after the date on which that Act commenced; |
means the event of the life of a person or an unborn—
| (a) | having begun; |
| (b) | continuing; |
| (c) | having continued for a period; or |
| (d) | having ended; |
means the person or unborn to whose life, or to the functional ability or health of whose mind or body, a long-term policy relates;
means a contract in terms of which a person, in return for a premium. undertakes to—
| (a) | provide policy benefits upon, and exclusively as a result of a life event; or |
| (b | pay an annuity for a period; |
and includes a reinsurance policy in respect of such a contract;
means —
| (a) | in respect of a registered insurer, the business of providing or undertaking to provide policy benefits under long-term policies; |
| (b) | in respect of a licensed insurer, life insurance business as defined in section 1 of the Insurance Act; |
means a registered insurer or a licensed insurer;
means—
| (a) | in respect of a registered insurer, an assistance policy, a disability policy, fund policy, health policy, life policy or sinking fund policy, or a contract comprising a combination of any of those policies; and includes a contract whereby any such contract is varied; |
| (b) | in respect of a licensed insurer, a life insurance policy as defined in section 1 of the Insurance Act; |
means the Medical Schemes Act, 1998 (Act No. 131 of 1998);
means the Cabinet member responsible for finance;
means a website of the Authority;
means—
| (a) | in respect of a registered insurer, one or more sums of money, services or other benefits, including an annuity; |
| (b) | in respect of a licensed insurer, benefits to which a person is contractually entitled under a life insurance policy arising from an insurer’s insurance obligations; |
in respect of a—
| (a) | registered insurer, means the person entitled to be provided with the policy benefits under a long-term policy; |
| (b) | licensed insurer, has the meaning assigned to it in the Insurance Act; |
in respect of a—
| (a) | registered insurer, means the consideration given or to be given in return for an undertaking to provide policy benefits; |
| (b) | licensed insurer has the meaning assigned to it in the Insurance Act; |
has the same meaning ascribed to it in terms of section 1(1) of the Financial Sector Regulation Act;
[Definition inserted by section 290, item 1(g) in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]
"Register"
means the Financial Sector Information Register referred to in section 256 of the Financial Sector Regulation Act;
[Definition inserted by section 290, item 1(h) in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]
means a previously registered insurer as defined in item 1 of Schedule 3 to the Insurance Act for the period between the date on which the Insurance Act commenced and the previously registered insurer’s licence application referred to in item 6(2) of Schedule 3 to the Insurance Act has been granted or not granted;
means a regulation under section 72 ;
means—
| (a) | in respect of a registered insurer, a reinsurance policy in respect of a long-term policy; |
| (b) | in respect of a licensed insurer, a life insurance policy written under the reinsurance class of life insurance business as set out in Table 1 of Schedule 2 of the Insurance Act; |
means the Insurance Act, 1943 (Act No. 27 of 1943);
has the meaning as prescribed in the regulations;
has the meaning as prescribed in the regulations;
means a contract, other than a life policy, in terms of which a person, in return for a premium, undertakes to provide one or more sums of money, on a fixed or determinable future date, as policy benefits; and includes a reinsurance policy in respect of such a contract;
has the meaning assigned to it in the Short-term Insurance Act, 1998;
includes any regulation made, or matter prescribed under this Act;
"Tribunal"
means the Financial Services Tribunal established in terms of section 219 of the Financial Sector Regulation Act;
means a human foetus conceived but not born;
| (2) | For the purposes of entering into a long-term policy the life of an unborn shall be deemed to begin at conception. |
| (3) | Unless the context otherwise indicates, words and expressions not defined in subsection (1) have the same meaning ascribed to them in terms of the Financial Sector Regulation Act or Insurance Act. |
| (4) | A reference to statutory actuary in this Act must be construed as a reference to the head of the actuarial control function appointed by a long-term insurer in accordance with the Insurance Act. |
[Section 1 substituted by section 72(1), item 2 of Schedule 1, of Act No. 18 of 2017, dated 18 January 2018]