Short-Term Insurance Act, 1998 (Act No. 53 of 1998)

Regulations

Regulations under the Short-term Insurance Act, 1998 (Act No. 53 of 1998)

Part 1 : Interpretation

1.1 Definitions

Purchase

In these regulations "the Act" means the Short-term Insurance Act, 1998, and any word or expression to which a meaning has been assigned in the Act shall have the meaning so assigned to it, and unless a different meaning is assigned elsewhere in these regulation—

[Preamble substituted by regulation 2(a) of Notice No. 1439, GG 41334, dated 15 December 2017]

"Companies Act"

means the Companies Act, 2008 (Act No. 71 of 2008);

[Definition inserted by regulation 2(b) of Notice No. 1439, GG 41334, dated 15 December 2017]

"effective date"

means the date referred to in regulation 8.2;

[Definition inserted by regulation 2(c) of Notice No. 1439, GG 41334, dated 15 December 2017]

"independent intermediary"

means a person, other than a representative, who renders services as intermediary and includes a Lloyd's correspondent;

[Definition inserted by regulation 2(d) of Notice No. 1439, GG 41334, dated 15 December 2017]

"insurer"

means a short-term insurer;

[Definition inserted by regulation 2(e) of Notice No. 1439, GG 41334, dated 15 December 2017]

"long-term policy"

means a long-term policy as defined in the Long-term Insurance Act, 1998;

"Part"

means the applicable Part of these regulations;

"policy"

means a short-term policy;

[Definition inserted by regulation 2(f) of Notice No. 1439, GG 41334, dated 15 December 2017]

"Policyholder Protection Rules"

means the Policyholder Protection Rules made under section 55 of the Act;

[Definition inserted by regulation 2(g) of Notice No. 1439, GG 41334, dated 15 December 2017]

"representative"

means a natural person employed—

(a)	by or working for a shoert-term insurer and receiving or entitled to receive remuneration; and

(b)	for the purpose of rendering services as intermediary in relation to the short-term policies entered into or to be entered into by the short-term insurer only;

[Definition inserted by regulation 2(h) of Notice No. 1439, GG 41334, dated 15 December 2017]

"SAFEX"

[Definition deleted by regulation 2(j) of Notice No. 1439, GG 41334, dated 15 December 2017]

"Schedule"

means the applicable Schedule to the Act;

"section"

means the applicable section of the Act.

"services as intermediary"

means any act performed by a person—

(a)	the result of which is that another person will or does or offers to enter into, vary or renew a short-term policy; or

(b)	with a view to—

(i)	maintaining, servicing or otherwise dealing with;

(ii)	collecting or accounting for premium payable under; or

(iii)

receiving, submitting or processing claims under,

a short-term policy;

[Definition inserted by regulation 2(i) of Notice No. 1439, GG 41334, dated 15 December 2017]