Long Term Insurance Act, 1998 (Act No. 52 of 1998)Board NoticesNotice on Fit and Proper Requirements, 2015Part 4 : Fit and Proper Requirements for Significant Owners7. Requirements relating to integrity |
| (1) | A significant owner must be a person who has integrity. |
| (2) | Subject to section 2(3),— |
| (a) | in the case of a natural person, the matters referred to in section 4 constitute prima facie evidence that he or she does not have integrity; and |
| (b) | in the case of a legal person, any of the following constitute prima facie evidence that it does not have integrity: |
| (i) | any of its direct or indirect significant owners that are natural persons fail to meet the requirements relating to integrity referred to in section 4; |
| (ii) | it has been placed in business rescue or is the subject of any pending placement in business rescue; or |
| (iii) | it has entered into or is entering into a scheme of arrangement with creditors within the meaning of the Companies Act or a corresponding law of a foreign country. |