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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 4 : Authorisation of and Requirements for Collection of Premiums by Intermediaries (Section 45)

4.4 Returns by authorised persons

 

Every person authorised as contemplated in regulation 4.1 shall—

(a) in respect of each period of 12 months referred to in regulation 4.2(e)(ii), furnish the person in whose favour the security is provided, with returns—
(i) in the medium and form prescribed by the Authority;
(ii) containing information relating to each short-term insurer concerned, of the premiums received after setting off any commission payable to that person for services as intermediary rendered during that period of 12 months;
(iii) within a period of three months after the end of each such period of 12 months; and
(b) in respect of every month in respect of which the authority is in force, furnish the short-term insurer concerned with returns—
(i) in the form required by that short-term insurer;
(ii) containing the information relating to the premiums received, the commission payable to that person and the amounts paid to the short-term insurer; and
(iii) within a period of 15 days after the end of the month concerned.

 

 


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