Short-Term Insurance Act, 1998 (Act No. 53 of 1998)RegulationsRegulations 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 Intermediary5.5 Commission when short-term policy comprises combination of policies |
| (1) | If a short-term policy is a contract comprising a combination of any two or more of the short-term policies defined in section 1, the maximum commission payable shall be determined by aggregating the maximum payable in terms of this Part in respect of each of the separate kinds of policies comprising the combination by reference to the premium payable for each such policy, and if the premium attributable to each component is not specified in or ascertainable from the policy, the maximum shall not exceed that which would have been payable had the policy been the kind of policy to which the lowest maximum rate of commission applies. |
| (2) | Despite subregulation (1), if a short-term policy is a contract comprising a combination of any two or more of the short-term policies defined in section 1 and one of the policies is an accident and health policy referred to in category 1, 2 or 3 in the table under regulation 7.2(1), the maximum commission payable shall be determined by aggregating the maximum payable in terms of this Part in respect of each of the separate kinds of policies comprising the combination by reference to the premium payable for each such policy, and if the premium attributable to each component is not specified in or ascertainable from the policy, the maximum commission payable for the whole of the policy shall not exceed the maximum commission allowable under Scale in Regulation 5.3(1). |
[Regulation 5.5 substituted by regulation 1(b) of Notice No. 1582 of 2016]