Public Service Commission Act, 1997
R 385
Long Term Insurance Act, 1998 (Act No. 52 of 1998)Part VII : Business practice, policies and policyholder protectionPolicies51. Policy suspended until payment of first premium |
| (1) | The undertaking of a long-term insurer to providepolicy benefits under a long-term policy, shall be suspended until the long-term insurer has received, if there— |
| (a) | is to be one premium, that premium; or |
| (b) | are to be two or more premiums, the first of those premiums, or until arrangements to its satisfaction have been made for the provision of the premium by debit order, stop order, credit card or other instrument approved by the Authority generally by notice on the official web site. |
| (2) | Subsection (1) shall not apply to— |
| (a) | a fund policy in the case of a registered insurer; and |
| (b) | a life insurance policy written under the fund risk class of life insurance business as set out in Table 1 of Schedule 2 of the Insurance Act in the case of a licensed insurer. |
| (3) | Subsection (1) shall not apply in the case of a long-term reinsurance policy unless and to the extent that the Authority so determines by notice in the Gazette. |
[Section 51 substituted by section 13 of schedule 1 of Act No. 18 of 2017]
