Short-Term Insurance Act, 1998 (Act No. 53 of 1998)Part VII : Business practice, policies and policyholder protectionBusiness practice45. Collection of premiums by intermediaries |
| (1) | No independent intermediary shall receive, hold, or in any other manner deal with premiums payable under a short-term policy entered into or to be entered into with a short-term insurer, and no such short-term insurer shall permit such independent intermediary to so receive, hold or in any other manner deal with such premiums— |
| (a) | unless authorised to do so by the short-term insurer concerned, as prescribed by regulation; and |
| (b) | otherwise than in accordance with the regulations. |
| (2) | Subsection (1) shall not apply in the case of a short-term reinsurance policy unless and to the extent that the Authority so determines by notice in the Gazette. |
[Section 45 substituted by item 11 of schedule 1 of Act No. 18 of 2017, GG 41388, dated 18 January 2018]