| 1) | The Minister may make regulations not inconsistent with this Act— |
| a) | prescribing all matters which are required or permitted by this Act to be prescribed by regulation; |
| b) | prescribing services performed by an independent intermediary or any other person on behalf of an insurer that will be subject to the regulations and setting out requirements that apply to such services; |
[Section 72(1)(b) substituted by section 19(a) of schedule 1 of Act No. 18 of 2017]
| bA) | prohibiting or limiting classes of persons from performing any service prescribed in accordance with paragraph (b); |
| bB) | prescribing governance, risk management, internal controls, oversight and operational ability requirements in relation to a service prescribed in accordance with paragraph (b); |
| bC) | prescribing requirements relating to notification to or approval by the Authority before entering into or terminating an arrangement in respect of any service prescribed in accordance with paragraph (b); |
| bD) | prescribing requirements, limitations or prohibitions in respect of any agreement relating to any service prescribed in accordance with paragraph (b); |
[Section 72(1)(bA - bD) inserted by section 19(b) of schedule 1 of Act No. 18 of 2017]
| c) | prescribing different or additional requirements for the receipt or retention of, or dealing with money in respect of premiums; |
[Section 72(1)(c) substituted by section 19(c) of schedule 1 of Act No. 18 of 2017]
| (i) | prohibiting or limiting the consideration which may be offered or provided; and |
| (ii) | prescribing the timing, manner and conditions under which consideration may be offered or provided, |
by or on behalf of a long-term insurer to an independent intermediary or any other person, for rendering services prescribed in accordance with paragraph (b), or to any other person associated in business with or related within the second degree of consanguinity or affinity to the independent intermediary or other person who has rendered or is to render such services;
[Section 72(1)(d) substituted by section 19(d) of schedule 1 of Act No. 18 of 2017]
| (i) | prohibiting consideration that may be accepted; and |
| (ii) | prescribing the timing, manner and conditions under which consideration may be accepted, |
by an independent intermediary or other person for rendering services prescribed in accordance with paragraph (b), or by any other person associated in business with or related within the second degree of consanguinity or affinity to the independent intermediary or other person who has rendered or is to render such services;
[Section 72(1)(e) substituted by section 19(e) of schedule 1 of Act No. 18 of 2017]
| f) | prescribing periods within which policies and amended policies are to be issued; |
| gA) | prescribing in respect of section 49A, requirements, limitations or prohibitions relating to— |
| i) | the agreements contemplated in section 49A(1); |
| ii) | any additions to gross premiums or deductions from claims in respect of policies referred to in the agreements contemplated in section 49A(1); |
| iii) | any consideration that may be offered or provided from, by or on behalf of a long-term insurer to a person that enters into an agreement contemplated in section 49A(1) with a long-term insurer; |
| iv) | any participation or sharing in the profits attributable to the policies referred to in the agreements contemplated in section 49A(1); |
| v) | the circumstances under which a person who has entered into an agreement contemplated in section 49A(1) may render services in respect of a policy not referred to that person by the relevant insurer or an independent intermediary; and |
[Section 72(1)(gA)(v) substituted by section 19(f) of schedule 1 of Act No. 18 of 2017]
| vi) | governance, risk management, internal controls, oversight and operational ability; |
[Section 72(1)(gA)(vi) substituted by section 19(g) of schedule 1 of Act No. 18 of 2017]
| g) | prescribing that every long-term insurer shall within a specified period as from the close of each financial year of its long-term insurance business furnish the Authority with a statement of all changes which occurred during the said year in specified matters in relation to the insurer concerned. |
| 2) | Regulations made under this section may— |
| a) | differentiate between different kinds of insurers, policies, agreements or contracts, which may, for the purposes of this section, be defined either in relation to categories, types or kinds of insurers or policies or in any other manner; |
| b) | be limited in its application to a particular kind of insurer, policy, agreement or contract, which may, for the purposes of this section, be defined either in relation to categories, types or kinds of insurers or policies or in any other manner; |
| bA) | empower the Authority to prescribe matters specified in the Regulations; and’’ |
[Section 72(2)(bA) inserted by section 19(h) of schedule 1 of Act No. 18 of 2017]
| c) | prescribe a fine or a period of imprisonment not exceeding one year for a contravention of or a failure to comply with a provision of the regulations. |
| 2A) | [Section 72(2A) deleted by section 4 of Act No. 18 of 2017] |
| 2B) | Before regulations in terms of this Act are promulgated, the Minister must publish the draft regulations in the Gazette for public comment and submit the regulations to Parliament, while it is in session, for parliamentary scrutiny at least one month before their promulgation. |
