Long-term Insurance Act, 1998

 

To provide for the registration of long-term insurers; for the control of certain activities of long-term insurers and intermediaries, and for matters connected therewith.

 

 

Latest Developments:

 

The Long-Term Insurance Act, 1998 (Act No.52 of 1998), has been updated with the Repeal of N3078 of 24 February 2023 and new Penalty for Failure to Furnish Authority with Returns etc., as per Notice No. 4405 of GG50164 dated 23 February 2024.

 

The Long-Term Insurance Act, 1998 (Act No.52 of 1998), has been updated with a Penalty notice for failure to furnish Authority with Returns etc., as per Notice No. 3078 of GG48104 dated 24 February 2023.

 

The Long-Term Insurance Act, 1998 (Act No.52 of 1998), has been updated by the publication of the Penalty for failure to furnish Authority with Returns etc., as well as the repeal of N119 of 2021, as per Notice No. 1791 of GG45954 dated 25 February 2022.

 

The Long-Term Insurance Act, 1998 (Act No.52 of 1998) has been updated by the publication of the Penalty for failure to furnish Authority with Returns etc., as well as the repeal of N205 (28 February 2020), as per Notice No. 119 of GG44186 dated 26 February 2021.

 

The Long-Term Insurance Act, 1998 (Act No.52 of 1998) has been updated with Amendments to Section 68(1)(a) of the Act : Penalty for Failure to furnish Authority with Returns etc., as per Notice No. 205 of GG43050 dated 28 February 2020.

 

The Long-Term Insurance Act, 1998 (Act No.52 of 1998) has been updated by the Amendments of Regulations made under Section 72, as per Notice No. 1015 of GG41942 dated 28 September 2018.

 

The Long-Term Insurance Act, 1998 (Act No. 52 of 1998) has been updated by the Amendment of Policy Holder Protection Rules, as per Notice No. 997 of GG41928 dated 28 September 2018.

 

The Long Term Insurance Act, 1998 (Act No. 52 of 1998) has been amended as per Schedule 4 of the Financial Sector Regulation Act, 2017. Gazette Number 41549 - Notice 169 dated 29 March 2018.

 

The Long Term Insurance Act, 1998 (Act No. 52 of 1998) has been updated by 1. Definitions, as per Notice No. 32 of GG 41388 dated 18 January 2018.

 

The Long-Term Insurance Act, 1998 (Act No. 52 of 1998) has been amended by Long-Term Insurance Act, 1998: Amendment of Regulations Made under Section 72, Notice No. 1437, Government Gazette 41334, dated 15 December 2017.

 

The Long-Term Insurance Act, 1998 (Act No. 52 of 1998) has been amended by Replacement of the Policyholder Protection Rules, Notice No. 1407, Government Gazette 41321, dated 15 December 2017.

 

The Long-Term Insurance Act, 1998 (Act No. 52 of 1998) has been amended by an amendment to Regulations under the Long-Term Insurance Act, 1998, Notice No. 1582, Government Gazette 40515, dated 23 December 2016.

 

The Long-Term Insurance Act, 1998 (Act No. 52 of 1998) has been amended by Fit and Proper Requirements, 2015, Government Gazette 39095, Board Notice No. 158, dated 14 August 2015.

 

The Long-Term Insurance Act, 1998 (Act No. 52 of 1998) has been reviewed by Financial Services Board: Regulations Under the Long-Term Insurance Act, 1998 (Act No. 52 of 1998), Government Gazette 38507, Notice No. R. 170, dated 25 February 2015.

 

The Long-Term Insurance Act, 1998 (Act No. 52 of 1998) has been amended by Governance and Risk Management Framework For Insurers, 2014, Government Gazette 38357, Board Notice No. 158, dated 19 December 2014.

 

The Long-term Insurance Act, 1998 (Act No. 52 of 1998) has been amended by Financial Services Laws General Amendment Act, 2013. Government Gazette 37351 dated 18 February 2014.

 

The Long-term Insurance Act, 1998 (Act No. 52 of 1998) has had some corrections done.

 

The Long-term Insurance Act, 1998 (Act No. 52, 1998) has been amended by Government Gazette 34767

 

The Long-Term Insurance Act, 1998 (Act No. 52 of 1998) has been reviewed by Financial Services Board: Regulations Under the Long-Term Insurance Act, 1998 (Act No. 52 of 1998), Government Gazette 34877, Notice No. R. 1077, dated 23 December 2011.

 

The Act has been updated with Notice No. 1214 in Government Gazette No. 33881 dated 17 December 2010.

 

The Act has been updated by Prescribed long-term insurance fees-Board Notice 53 of 2010 printed in Government Gazette No. 33113; and an amendment to the Returns to Registrar, being Notice No. 294, printed in Government Gazette No. 33113 dated 16 April 2010.

 

The Act has been updated with an Amendment to the Regulations published in Government Gazette No. 31395 dated 5 September 2008; Board Notice No. 81 of 2008, and an Amendment thereto, published in Government Gazette No.32078 dated 7 April 2009.

 

The Long-Term Insurance Act, 1998 (Act No. 52 of 1998) has been reviewed by Financial Services Board: Regulations Under the Long-Term Insurance Act, 1998 (Act No. 52 of 1998), Government Gazette 31395, Notice No. R. 952, dated 1 January 2009.

 

The Act has been amended by the Insurance Laws Amendment Act, 2008 (Act No. 27 of 2008), as published in Government Gazette No. 31578 dated 5 November 2008.

 

The Act has been amended by the Financial Services Laws General Amendment Act, 2008 (Act No. 22 of 2008).

 

The Long-Term Insurance Act, 1998 (Act No. 52 of 1998) has been reviewed by Financial Services Board: Regulations Under the Long-Term Insurance Act, 1998 (Act No. 52 of 1998), Government Gazette 29681, Notice No. R. 186, dated 1 March 2007.

 

The Long-Term Insurance Act, 1998 (Act No. 52 of 1998) has been reviewed by Financial Services Board: Regulations Under the Long-Term Insurance Act, 1998 (Act No. 52 of 1998), Government Gazette 29446, Notice No. R. 1218, dated 1 December 2006.

 

This Act has been updated by:-

Board Notice No. 75 of 2006 in Government Gazette No. 28946 dated 30 June 2006;

Notice No. 95 of 2007 in Government Gazette No. 30316 dated 28 September 2007; and

Board Notice No. 101 of 2007 in Government Gazette No. 30392 dated 26 October 2007.

 

The Long-Term Insurance Act, 1998 (Act No. 52 of 1998) has been reviewed by Financial Services Board: Regulations Under the Long-Term Insurance Act, 1998 (Act No. 52 of 1998), Government Gazette 25370, Notice No. R. 1208 and 1209, dated 29 August 2003.

 

The Regulations have been amended by Regulation Gazette 25370 on 29 August 2003;

The following have been added:

Prescribed Long-term Insurance Fees, Gazette No. 28145, Notice 102 of 2005; 21 October 2005;

Prescribed Requirements for the Calculation of the Value of the Assets, Liabilities and Capital Adequacy Requirements of Long-Term Insurers; Gazette No. 27846, Notice 72 of 2005, 5 August 2005;

Policyholder Protection Rules, 2004, Gazette No. 26854, Notice No. R. 1129, 30 September 2004

 

The Act has been amended by the Insurance Amendment Act, 2003 (Act No. 17 of 2003) as published in Government Gazette No. 25230 dated 23 July 2003.

 

The Long-Term Insurance Act, 1998 (Act No. 52 of 1998) has been reviewed by Financial Services Board: Regulations Under the Long-Term Insurance Act, 1998 (Act No. 52 of 1998), Government Gazette 23105, Notice No. R. 164, dated 15 February 2002.

 

The Regulations have been amended by Regulation Gazette 7275 dated 15 February, 2002.

The Policyholder Protection Rules have been added as Gazetted on 23 Feb 2001 in Regulation Gazette 7010.

Annexure 2 of Part 3 of the Regulations to this Act has been amended, as published in Gazette 20934, dated 1 March 2000.

 

The Long-Term Insurance Act, 1998 (Act No. 52 of 1998) has been reviewed by Financial Services Board: Regulations Under the Long-Term Insurance Act, 1998 (Act No. 52 of 1998), Government Gazette 20934, Notice No. R. 197, dated 1 March 2000.

 

Proposed Policyholder Protection Rules have been added to the Act as published in Gazette 20278 dated 9 July 1999.

 

The Long-Term Insurance Act, 1998 (Act No. 52 of 1998) has been reviewed by Financial Services Board: Regulations Under the Long-Term Insurance Act, 1998 (Act No. 52 of 1998), Government Gazette 19495, Notice No. R. 1492, dated 1 January 1999.

 

The Long-term Insurance Act, 1998 has been published in Government Gazette 19276 Notice No. 1190, dated 23 September 1998, and has commenced as from 1 January 1999. The Regulations have been added as published in Government Gazette 19495 Notice No. 1492, dated 27 November 1998.