Long Term Insurance Act, 1998 (Act No. 52 of 1998)Board NoticesNotice on Fit and Proper Requirements, 2015Part 2 : Matters to be taken into account by Authority2. |
| (1) | For purposes of sections 9 and 12 of the Act, and section 22 of the Long-term Insurance Act, 1998 and section 21 of the Short-term Insurance Act, 1998, the Authority must take into account the requirements referred to in Part 3 when considering if a director, senior manager, public officer, auditor, statutory actuary or any of their alternates is fit and proper. |
| (2) | For purposes of section 12 of the Act, the Authority must take into account the requirements referred to in Part 4 when considering if a significant owner is fit and proper. |
| (3) | The Authority in taking into account the requirements referred to in Parts 3 or 4 must have due regard to— |
| (a) | the seriousness of, and surrounding circumstances resulting in, a person not meeting the requirements; |
| (b) | the relevance of the failure by a person to meet the specific criteria to the duties that are or are to be performed and the responsibilities that are or are to be assumed by that person; and |
| (c) | the passage of time since the failure by a person to meet the specific criteria. |
| (4) | The Authority, in addition to subsection (3), in taking into account the requirements referred to in Part 4 must have due regard to— |
| (a) | the nature and scope of the significant owner's business; and |
| (b) | the structure of any group that the significant owner is part of, if applicable. |