Short-Term Insurance Act, 1998 (Act No. 53 of 1998)Board NoticesNotice on Fit and Proper Requirements, 2015Part 4 : Fit and Proper Requirements for Significant Owners6. Requirements relating to financial standing |
| (1) | A significant owner must be in good financial standing. |
| (2) | Subject to section 2(3), any of the following constitutes prima facie evidence that a significant owner is not in good financial standing: |
| (a) | he, she or it does not have adequate financing or funding and future access to capital; |
| (b) | he, she or it is not able or likely to be able to meet any of its financial obligations (including debts) as they fall due; or |
| (c) | he, she or it has been the subject of a civil judgment in respect of unpaid debts, which debt remains unpaid, or is the subject of any pending proceedings which may lead to such a judgment. |