Short-Term Insurance Act, 1998 (Act No. 53 of 1998)Board NoticesNotice on Governance and Risk Management Framework for Insurers, 2014Part 1 : Interpretation1. Definitions |
In this Schedule any word or expression to which a meaning has been assigned in the Long-term Insurance Act, 1998 (Act No. 52 of 1998) or Short-term Insurance Act, 1998 (Act No. 53 of 1998), as the case may be, has the same meaning, and, unless the context indicates otherwise—
means—
| (a) | the risk management function; |
| (b) | the compliance function; |
| (c) | internal audit function; |
| (d) | in the case of a long-term insurer, the actuarial function; or |
| (e) | all of these functions; |
"head of a control function"
means the person appointed by an insurer to ensure the performance of the responsibilities of a control function, and includes a person to whom a control function is outsourced;
means a long-term insurer or a short-term insurer, as the case may be;
"regulatory authority"
has the meaning set out in section 1 of the Financial Services Board Act;
"significant owner"
means a person that acquires or holds shares or any other financial interest in an insurer within the meaning of section 26 of the Long-term Insurance Act, 1998 or section 25 of the Short-term Insurance Act, 1998, as the case may be; and
has the meaning set out in Directive 159.A.i (LT&ST): Compliance with sections 9(3)(b)(i) read with sections 12(1)(c) of the Long-term Insurance Act and Short-term Insurance Act, respectively: Outsourcing, 12 April 2012, and "outsource" and "outsourcing" has a corresponding meaning;
"the Act"
means the Long-term Insurance Act, 1998 or the Short-term Insurance Act, 1998, as the case may be.