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Long Term Insurance Act, 1998 (Act No. 52 of 1998)

Board Notices

Notice on Fit and Proper Requirements, 2015

Part 4 : Fit and Proper Requirements for Significant Owners

7. Requirements relating to integrity

 

(1) A significant owner must be a person who has integrity.

 

(2) Subject to section 2(3),—
(a) in the case of a natural person, the matters referred to in section 4 constitute prima facie evidence that he or she does not have integrity; and
(b) in the case of a legal person, any of the following constitute prima facie evidence that it does not have integrity:
(i) any of its direct or indirect significant owners that are natural persons fail to meet the requirements relating to integrity referred to in section 4;
(ii) it has been placed in business rescue or is the subject of any pending placement in business rescue; or
(iii) it has entered into or is entering into a scheme of arrangement with creditors within the meaning of the Companies Act or a corresponding law of a foreign country.