Long Term Insurance Act, 1998 (Act No. 52 of 1998)RegulationsRegulations under the Long-term Insurance Act, 1998Part 5 : Requirements and Limitations regarding the Values and Benefits of Policies (Section 54)Part 5A : Policies other than Policies to which Part 5B applies5.8 Amendments to actuarial basis and values |
| (1) | An insurer must, before giving effect to an amendment made to the actuarial basis of a policy, where that amendment will have the effect of reducing the values or benefits of that policy, inform the Authority of the amendment. The insurer must also provide the reasons for the amendment. |
| (2) | The Authority may, if he or she is of the opinion that an amendment contemplated in subregulation (1) was affected to directly or indirectly reduce the impact on the insurer of complying with this Part, direct the insurer to review that amendment. |
| (3) | An insurer must keep a record of amendments contemplated in subregulation (1), which record must be made available to the Authority on request. |
[Regulation 5.8 substituted by regulation 6(m) of Notice No. 1437 of 2017]