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 5A : Limitation on Remuneration for Services as Intermediary

5.1 General limitations
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(1)No consideration shall directly or indirectly, be provided to, or accepted by or on behalf of, an independent intermediary for rendering services as intermediary, otherwise than by way of commission in monetary form.

[Regulation 5.1(1) substituted by regulation 5(c) of Notice No. 1439, GG 41334, dated 15 December 2017]

 

(2)No commission shall be paid or accepted otherwise than subject to this Part.

 

(3)Irrespective of how many persons render services as intermediary in relation to a policy, the total commission payable in respect of that policy shall not exceed the maximum amount payable in terms of regulation 5.3.