Compliance Legislation Pack
R 1125.00
Insurance Act, 2017 (Act No. 18 of 2017)Chapter 3 : Key Persons and Significant OwnersPart 2 : Appointment and termination of key persons15. Notification of appointment and change of circumstances of certain key persons |
| (1) | An insurer (other than a branch of a foreign reinsurer, a Lloyd’s underwriter or Lloyd’s) and a controlling company must, within 30 days, notify the Prudential Authority of the appointment of— |
| (a) | a senior manager; or |
| (b) | a head of a control function. |
| (2) | The representative of a branch of a foreign reinsurer and Lloyd’s must, within 30 days, notify the Prudential Authority of the appointment of— |
| (a) | a senior manager; or |
| (b) | a head of a control function. |
| (3) | An insurer, a controlling company, and a representative of a branch of a foreign reinsurer and Lloyd’s must, within 30 days of becoming aware, notify the Prudential Authority of a change in circumstances that may adversely affect the fit and proper status of a key person. |
