Long Term Insurance Act, 1998 (Act No. 52 of 1998)

In this Schedule any word or expression to which a meaning has been assigned in the Long-term Insurance Act, 1998 or the Short-term Insurance Act, 1998, respectively, has the meaning so assigned to it, unless the context otherwise indicates, and —

"extended review"

means a more detailed review of an element of the full or partial internal model of an insurer subsequent to a standard review, if the Authority determines that such a review is necessary taking into account amongst others, the materiality or complexity of a risk or risks, or the potential risk from the use of an inappropriate internal model;

"intensive review"

means an in depth and comprehensive review of an element of the full or partial internal model of an insurer subsequent to an standard review, if the Authority determines that such a review is necessary taking into account, amongst others, the materiality or complexity of a risk or risks, or the potential risk from the use of an inappropriate internal model;

"pre-application assessment"

means the standard, and where required, the extended or intensive review of the full or partial internal model of an insurer to determine if that insurer qualifies for submitting an application for the use of a full or partial internal model for the calculation of the solvency capital requirement; and

"standard review"

means a review of the all the elements of the full or partial internal model of an insurer, which review constitutes a basic, typical or complex review as determined by the Authority taking into account, amongst others, the size of the insurer, the risks and legal entities addressed by the internal model, the classes of insurance business conducted by the insurer and the type of internal model.