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Financial Advisory and Intermediary Services Act 2002 (Act No. 37 of 2002)

Determinations

Determination of Fit and Proper Requirements for Financial Services Providers, 2017

Annexures

Annexure Four : Classes of Business

 

ANNEXURE FOUR : CLASSES OF BUSINESS

 

1.        In this Annexure –

 

"Accident and health policy"

has the meaning assigned to it in section 1(1) of the Short-term Insurance Act, but excludes a reinsurance policy in respect of such a policy;

 

"Assistance policy"

has the meaning assigned to it in section 1(1) of the Long-term Insurance Act but excludes a reinsurance policy in respect of such a policy;

 

"Engineering policy"

has the meaning assigned to it in section 1(1) of the Short-term Insurance Act, but excludes a reinsurance policy in respect of such a policy;

 

"Fund policy"

has the meaning assigned to it in section 1(1) of the Long-term Insurance Act but excludes a reinsurance policy in respect of such a policy;

 

"Guarantee policy"

has the meaning assigned to it in section 1(1) of the Short-term Insurance Act, but excludes a reinsurance policy in respect of such a policy;

 

"Life investment policy"

means a life policy as defined in section 1(1) of the Long-term Insurance Act other than a life risk policy;

[Annexure Four definition substituted by section 8(b) of Notice No. 707, GG43474, dated 26 June 2020]

 

"Liability policy"

has the meaning assigned to it in section 1(1) of the Short-term Insurance Act, but excludes a reinsurance policy in respect of such a policy;

 

"Life risk policy"

means a disability, health or life policy as defined in section 1(1) of the Long-term Insurance Act that provides risk benefits only;

 

"Long-term reinsurance policy"

means a reinsurance policy as defined in section 1(1) of the Long-term Insurance Act;

 

"Miscellaneous policy"

has the meaning assigned to it in section 1(1) of the Short-term Insurance Act, but excludes a reinsurance policy in respect of such a policy;

 

"Motor policy"

has the meaning assigned to it in section 1(1) of the Short-term Insurance Act, but excludes a reinsurance policy in respect of such a policy;

 

"Property policy"

has the meaning assigned to it in section 1(1) of the Short-term Insurance Act, but excludes a reinsurance policy in respect of such a policy;

 

"Short-term reinsurance policy"

has the meaning assigned to it in section 1(1) of the Short-term Insurance Act;

 

"Sinking fund"

has the meaning assigned to it in section 1(1) of the Long-term Insurance Act but excludes a reinsurance policy in respect of such a policy;

 

"Transportation policy"

has the meaning assigned to it in section 1(1) of the Short-term Insurance Act, but excludes a reinsurance policy in respect of such a policy.

 

TABLE 1

CLASSES OF BUSINESS

1.

Short-term Insurance: Personal Lines

Subclasses

1.1

Personal lines: Accident and health policy

1.2

Personal lines: Liability policy

1.3

Personal lines: Miscellaneous policy

1.4

Personal lines: Motor policy

1.5

Personal lines: Property policy

1.6

Personal lines: Transportation policy

1.7

Personal lines: Short-term reinsurance policy


2.

Short-term Insurance: Commercial Lines

Subclasses

2.1

Commercial lines: Accident and health policy

2.2

Commercial lines: Engineering policy

2.3

Commercial lines: Guarantee policy

2.4

Commercial lines: Liability policy

2.5

Commercial lines: Miscellaneous policy

2.6

Commercial lines: Motor policy

2.7

Commercial lines: Property policy

2.8

Commercial lines: Transportation policy

2.9

Commercial lines: Short-term reinsurance policy


3.

Long-term Insurance

Subclasses

3.1

Assistance policy

3.2

Life risk policy

3.3

Life investment, policy

3.4

Fund policy

3.5

Sinking fund policy

3.6

Long-term reinsurance policy


4.

Pension Fund Benefits


5.

Short-term and Long-term Deposits


6.

Structured Deposits



7.

Investments

Subclasses

7.1

Shares

7.2

Money market instruments

7.3

Debentures and securitised debt

7.4

Bonds

7.5

Derivative instruments, warrants, certificates or other instruments

7.6

Securities and Instruments

7.7

Participatory interests in a collective investment scheme

7.8

Participatory interest in a CIS hedge fund

7.9

Retail Pension Benefits


8.

Forex Investments


9.

Health Services Benefits

[Annexure Four Table 1 substituted by section 8(a) of Notice No. 707, GG43474, dated 26 June 2020]

 

 

 


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