Long Term Insurance Act, 1998 (Act No. 52 of 1998)

Part IV : Returns to Authority

36. Returns to Authority

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[Part IV : Returns to Authority heading substituted by section 20(c) of schedule 1 of Act No. 18 of 2017]

 

1)A long-term insurer shall furnish the Authority with returns relating to its business—
a)in the medium and form;
b)containing the information; and
c)determined by the Authority by notice on the official website, either generally or in relation to a particular insurer.

[Section 36(1)(c) by section 8(a) of schedule 1 of Act No. 18 of 2017]

 

2)If the Authority is satisfied that a return furnished to him or her in terms of subsection (1) is incomplete or incorrect, it may, by notice—

[Words preceding Section 36(2)(a) substituted by section 8(b) of schedule 1 of Act No. 18 of 2017]

a)direct the long-term insurer to furnish the Authority, within a specified period, with specified information or documents which the Authority considers necessary to complete or correct the return; or
b)reject the return and require the long-term insurer to furnish the Authority, within a specified period, with a new return which is complete and correct.

 

3)If the Authority is satisfied that a statement forming part of the returns furnished by the long-term insurer in terms of subsection (1) or (2) requires further investigation, the Authority may by notice direct the long-term insurer to furnish him or her by a specific date or within a specific period with a report—
a)in the medium and form; and
b)containing the required information,

compiled by a person nominated by the Authority at the cost of the long-term insurer.