Implementation of Geneva Conventions Act, 2012
R 385
Long Term Insurance Act, 1998 (Act No. 52 of 1998)Part VII : Business practice, policies and policyholder protectionPolicyholder protection65. Partial realisation of protected policies |
| 1) | A judgment creditor or the trustee of the insolvent estate of a policyholder, who is entitled to a part of the realisable value of a long-term policy may, if he or she is in possession of the policy, deliver it to the insurer who is liable under the policy for the purpose of the payment to that creditor or trustee of the sum to which he or she is entitled. |
| 2) | If a judgment creditor or trustee referred to in subsection (1) is not in possession of the policy concerned, the person in possession thereof shall, at the request of the judgment creditor or trustee, deliver it to the insurer which is liable under the policy for the purpose of the payment to that creditor or trustee of the sum to which he or she is entitled. |
| 3) | On receipt of a long-term policy delivered to it in terms of subsection (1) or (2), the long-term insurer shall— |
| a) | at the request of the judgment creditor or trustee concerned. pay to him or her a sum equal to that part of the realisable value of the policy to which he or she is entitled; and |
| b) | deal with the remaining part of the realisable value of the policy in accordance with section 52(2). |
