Long Term Insurance Act, 1998 (Act No. 52 of 1998)RegulationsRegulations under the Long-term Insurance Act, 1998Part 3 : RemunerationPart 3A : Limitation on Remuneration for Rendering Services as Intermediary - Policies other than Policies to which Part B Applies3.7 Commission when policy has different benefit components |
| (1) | If, in respect of a policy which comprises more than one benefit component, it is not specified in or ascertainable from the written provisions of the policy what portion of the total premium payable is attributable to the different benefit components, the commission payable in terms of this Part shall not exceed that which would have been so payable had the policy comprised, and had the total premium been attributable to, only that benefit component which most closely reflects the main purpose of the policy to the exclusion of other subordinate purposes of the policy. |
| (2) | Despite sub-regulation (1), if, in respect of a policy which comprises more than one benefit component and one of the benefit components is a contract referred to in category 1 or 3 in the table under regulation 7.2(1) of the Regulations, it is not specified in or ascertainable from the written provisions of the policy what portion of the total premium payable is attributable to the different benefit components, the commission payable in respect of that policy shall not exceed the maximum commission allowable under the Scale in Regulation 3.4(1A). |
[Regulation 3.7(2) substituted by regulation 5(n) of Notice No. 1015, GG 41942, dated 28 September 2018]
[Regulation 3.7 substituted by regulation 1(d) of Notice No. 1582 of 2016]