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

Regulations

Regulations under the Long-term Insurance Act, 1998

Part 5 : Requirements and Limitations regarding the Values and Benefits of Policies (Section 54)

Part 5A : Policies other than Policies to which Part 5B applies

5.9 Variable premium increase in respect of policies to which this Part applies

 

Despite anything contained in this Part or the regulations, any variable premium increase on or after 1 January 2018 in respect of—

(a) a policy other than a universal whole of life policy to which this Part applies;
(b) the investment component of a universal whole of life policy;

is subject to Part 3B and Part 5B and must be regarded as constituting a separate policy for purposes of the application of those Parts.

 

[Regulation 5.9 substituted by regulation 6(n) of Notice No. 1437 of 2017]