Long Term Insurance Act, 1998 (Act No. 52 of 1998)RegulationsRegulations under the Long-term Insurance Act, 1998Part 6 : Binder Agreements6.5 Exemption |
Despite regulation 6.2(2) or (3), the Authority may on application from an insurer referred to in regulation 6.2(2) or (3) or an insurer that is the holding company or associate of more than one person referred to in regulation 6.2(2) or (3), exempt, subject to such conditions as the Authority may impose, the insurer or such person from regulation 6.2(2) or (3), if the Authority is satisfied that—
| (a) | any actual or potential conflict of interest is effectively mitigated; |
| (b) | the delivery of fair outcomes to policyholders will not be impeded; and |
| (c) | the person has the operational and financial capability to perform the binder function or to conduct such business. |
[Regulation 6.5 substituted by regulation 7(z) of Notice No. 1437 of 2017]