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

Regulations

Regulations under the Long-term Insurance Act, 1998

Part 3 : Remuneration

Part 3B : Investment policies that started on or after 1 January 2009

3.10 Application of this Part 3B, and definitions
Purchase cart Previous page Return to chapter overview Next page

 

(1)This Part 3B applies to—
(a) investment policies that started on or after 1 January 2009, but except only for purposes of regulation 3.15(4), does not apply to risk components of such investment policies; and
(b)any variable premium increase (as defined in Part 5A) in respect of a policy to which Part 5A applies.

[Regulation 3.10(1) substituted by regulation 4(y) of Notice No. 1437 of 2017]

 

(2)In this Part 3B, unless defined differently in this Part 3B or unless the context indicates otherwise, any word or expression to which a meaning has been assigned in Part 3A or 5B has the meaning assigned to it in that Part, and—

 

"discount term"

in relation to a multiple premium policy, means the period that begins on the premium commencement date and:

(a)in the case of a fund member policy, is a period of 25 years or, if it is shorter, the period for which the premium is to be paid specified in the policy, or determinable from its written provisions, as at the start of the policy; or
(b)in the case of a policy other than a fund member policy, is a period of 15 years or, if it is shorter, the period for which the premium is to be paid specified in the policy, or determinable from its written provisions, as at the start of the policy;

 

"fund member policy"

has the meaning assigned to it in Part 5A;

 

"insurer"

means a long-term insurer;

 

"investment policy"

has the meaning assigned to it in Part 5B;

 

"member"

has the meaning assigned to it in Part 5A;

 

"payment date"

in relation to a premium, means the date on which that premium must be paid in terms of the policy;

 

"preservation fund"

means a pension preservation fund or a provident preservation fund, which terms have the meanings assigned to it in section 1 of the Income Tax Act, 1962 (Act No. 58 of 1962);

 

"risk component"

means a component that on its own constitutes an excluded policy;

 

"Table"

means the table accompanying this Part; and

 

"this Part"

means this Part 3B.