| (1) |
In this Schedule "South African short-term insurance policy" means, subject to subparagraphs (2) and (3)— |
| (a) |
a short-term policy which relates to— |
| (i) |
risks in respect of immovable property, including buildings, fixtures and other fixed improvements, located in South Africa; or |
| (ii) |
any other risks where— |
| (aa) |
the insured is a natural person resident in South Africa; or |
| (bb) |
in any other case, the insured has its registered office or principal office or principal place of business in South Africa; and |
| (b) |
a short-term reinsurance policy where the reinsured short-term insurer has its registered office in South Africa. |
| (2) |
In paragraph 8, a South African short-term insurance policy means, subject to subparagraph (3), a short-term policy or short-term reinsurance policy referred to in subparagraph (1) which— |
| (a) |
commenced before the date of commencement of section 60; |
| (b) |
has commenced on or after the date of commencement of section 60, and— |
| (i) |
was accepted under an authority given by the underwriter before that date to another person; or |
| (ii) |
commenced as a result of the exercise of a right granted by the underwriter before that date to the insured to determine if and when the risk would commence; or |
| (iii) |
was accepted by a person in terms of an agreement dated prior to that date between the underwriter, a Lloyd’s broker and one or more other Lloyd’s underwriters or insurers or both, |
in circumstances in which, in accordance with Lloyd’s accounting practice, the policy is accounted for in any calendar year of account of the underwriter before the date of commencement of section 60.
| (3) |
A short-term policy or short-term reinsurance policy referred to in subparagraph (2) shall only be a South African short-term insurance policy if— |
| (a) |
the application for the policy was received; |
| (b) |
the policy documentation was issued; or |
| (c) |
the premiums under the policy are received, |
by any person in South Africa on behalf of the underwriter.
Protection of Businesses Act, 1978
