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

3.18 Replacement policies
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(1)Commission may not be discounted in respect of a replacement investment policy.

 

(2)In the event of commission in respect of a replacement investment policy having been paid otherwise than in accordance with this Part, whether because the insurer at the time of the payment was not aware that the policy in question was a replacement investment policy, or for any other reason, then any commission paid by the insurer in excess of the maximum that may be paid in accordance with this Part, or paid earlier than permitted in this Part, must, upon identification of the payment, be reversed and paid back to the insurer by the person to whom it was paid.

 

[Regulation 3.18 substituted by regulation 4(aa) of Notice No. 1437 of 2017]