Long Term Insurance Act, 1998 (Act No. 52 of 1998)Part II : Registration of long-term insurers8. Prohibition on performance of certain acts, by certain persons |
[Section 8 heading substituted by section 20(b) of schedule 1 of Act No. 18 of 2017]
| (1) | [Section 8(1) deleted by section 4 of schedule 1 of Act No. 18 of 2017] |
| (2) | [Section 8(2) deleted by section 4 of schedule 1 of Act No. 18 of 2017] |
| (3) | Subject to this Act, no person shall render services as intermediary, in relation to a long-term policy, unless— |
| (a) | long-term insurers are the only underwriters in terms of the long-term policy concerned; or |
| (b) | that person does so with the approval of the Authority. |
[Section 8(3) substituted by section 6(b) of schedule 1 of Act No. 18 of 2017]
| (4) | The Authority may from time to time by notice on the official website or, in the case of any particular person, by notice to such person, subject to such conditions as the Authority determines— |
| (a) | and specifies in the notice, grant to persons generally or to any particular person or category of persons the approval contemplated in subsection (3)(b) to such extent as may be specified by the Authority in the notice; and |
| (b) | at any time withdraw or amend any such approval to such extent as may be determined by the Authority. |
[Section 8(4) substituted by section 6(c) of schedule 1 of Act No. 18 of 2017]
| (5) | Subsection (3) 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 8(5) substituted by section 6(c) of schedule 1 of Act No. 18 of 2017]