Public Service Commission Act, 1997
R 385
Short-Term Insurance Act, 1998 (Act No. 53 of 1998)RegulationsRegulations under the Short-term Insurance Act, 1998 (Act No. 53 of 1998)Part 4 : Authorisation of and Requirements for Collection of Premiums by Intermediaries (Section 45)4.3 Requirements in respect of payment to short-term insurers |
| (1) | A person authorised, as contemplated in regulation 4.1, shall, within a period of 15 days after the end of every month in which premiums are received, pay to the short-term insurer concerned the total amount of those premiums received during that month reduced by the amount of— |
| (a) | any refund premiums then due and payable by such short-term insurer to any policyholder or prospective policyholder represented by such person; and |
| (b) | any consideration payable to that person by the short-term insurer for services as intermediary rendered in respect of the short-term policies concerned. |
| (2) | If more than one person was so authorised by the short-term insurer to receive premiums in relation to the same short-term policy, the period between the receipt thereof from the insured or any person on his or her behalf and payment to the short-term insurer shall not exceed the period contemplated in subregulation (1). |
| (3) | A short-term insurer shall not authorise more than one person as contemplated in subregulation (2) to receive a premium in relation to the same policy if it is a policy forming part of personal lines business. |
