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

Regulations

Regulations under the Long-term Insurance Act, 1998

Part 5 : Requirements and Limitations regarding the Values and Benefits of Policies (Section 54)

Part 5A : Policies other than Policies to which Part 5B applies

5.5 Interest on the excess amount
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The interest on the excess amount contemplated in regulations 5.3(1)(a) and 5.4(1)(a) is:

(a)calculated from and including the date the excess amount was deducted, to but excluding the date it is credited to the policy; and
(b)at an annual interest rate equal to the growth rate (net of those portfolio charges that are deducted after the declaration of the growth rate) over this period, which annual interest rate is subject to a maximum effective rate of 10% and a minimum effective rate of 0%.