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

Board Notices

Notice on Fit and Proper Requirements, 2015

Part 2 : Matters to be taken into account by Authority

2.

 

(1) For purposes of sections 9 and 12 of the Act, and section 22 of the Long-term Insurance Act, 1998 and section 21 of the Short-term Insurance Act, 1998, the Authority must take into account the requirements referred to in Part 3 when considering if a director, senior manager, public officer, auditor, statutory actuary or any of their alternates is fit and proper.

 

(2) For purposes of section 12 of the Act, the Authority must take into account the requirements referred to in Part 4 when considering if a significant owner is fit and proper.

 

(3) The Authority in taking into account the requirements referred to in Parts 3 or 4 must have due regard to—
(a) the seriousness of, and surrounding circumstances resulting in, a person not meeting the requirements;
(b) the relevance of the failure by a person to meet the specific criteria to the duties that are or are to be performed and the responsibilities that are or are to be assumed by that person; and
(c) the passage of time since the failure by a person to meet the specific criteria.

 

(4) The Authority, in addition to subsection (3), in taking into account the requirements referred to in Part 4 must have due regard to—
(a) the nature and scope of the significant owner's business; and
(b) the structure of any group that the significant owner is part of, if applicable.