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

Board Notices

Notice on Fit and Proper Requirements, 2015

Part 4 : Fit and Proper Requirements for Significant Owners

6. Requirements relating to financial standing

 

(1) A significant owner must be in good financial standing.

 

(2) Subject to section 2(3), any of the following constitutes prima facie evidence that a significant owner is not in good financial standing:
(a) he, she or it does not have adequate financing or funding and future access to capital;
(b) he, she or it is not able or likely to be able to meet any of its financial obligations (including debts) as they fall due; or
(c) he, she or it has been the subject of a civil judgment in respect of unpaid debts, which debt remains unpaid, or is the subject of any pending proceedings which may lead to such a judgment.