Short-Term Insurance Act, 1998 (Act No. 53 of 1998)

Regulations

Regulations under the Short-term Insurance Act, 1998 (Act No. 53 of 1998)

Part 5 : Remuneration (Section 48)

Part 5C : Notification of Certain Arrangements with Independent Intermediaries or Representatives

5.11 Notification of certain arrangements with independent intermediaries or representatives
Purchase cart Previous page Return to chapter overview Next page

 

An insurer must at least 30 days before entering into an arrangement to pay remuneration to an independent intermediary or representative for a service, function or activity which in the opinion of the insurer does not constitute services as intermediary or a binder function notify the Authority In writing and in the format determined by the Authority of the arrangement to be entered into.

 

[Regulation 5.11 inserted by regulation 5(e) of Act No. 1439 of 2017]