Long Term Insurance Act, 1998 (Act No. 52 of 1998)RegulationsRegulations under the Long-term Insurance Act, 1998Part 3 : RemunerationPart 3D : Notification of Certain Arrangements with Independent Intermediaries or Representatives3.24 Notification of certain arrangements with independent intermediaries or representatives |
An insurer must at least 30 days before entering Into an arrangement to pay remuneration to an independent intermediary or representative for a service, function or activity which in the opinion of the insurer does not constitute rendering services as intermediary or a binder function notify the Authority in writing and in the format determined by the Authority of the arrangement to be entered into.
[Part 3.24 inserted by regulation 4(cc) of Notice No. 1437 of 2017]