Long Term Insurance Act, 1998 (Act No. 52 of 1998)Part VII : Business practice, policies and policyholder protectionBusiness practice47A. Collection of premiums by intermediaries |
[Section 47A heading substituted by section 20(d) of schedule 1 of Act No. 18 of 2017]
| (1) | No independent intermediary shall receive, hold or in any other manner deal with premiums payable under a long-term policy entered into or to be entered into with a long-term insurer and no such long-term insurer shall permit such independent intermediary to so receive, hold or in any other manner deal with such premiums— |
| (a) | unless authorised to do so by the long-term insurer concerned as prescribed by regulation; and |
| (b) | otherwise than in accordance with the regulations. |
| (2) | Subsection (1) shall not apply in the case of a long-term reinsurance policy unless and to the extent that the Authority so determines by notice in the Gazette. |
[Section 47A inserted by section 10 of schedule 1 of Act No. 18 of 2017]