• Long Term Insurance Act, 1998 (Act No. 52 of 1998)
  • Notice No. 1190 of 1998
  • Act
  • 1. Definitions
  • 1A. Relationship between Act and Financial Sector Regulation Act
  • 1B. Regulatory instruments
  • Part I : Administration of Act
    • 2. Exercise of powers and performance of duties by Authority
    • 3. General provisions concerning Registrar
    • 4. Special provisions concerning Registrar and his or her powers
    • 5. [Repealed] Annual report
    • 6. [Repealed] Advisory Committee on Long-term Insurance (REPEALED) 
  • Part II : Registration of long-term insurers
    • 7. [Repealed] Registration required in order to carry on long-term insurance business
    • 8. Prohibition on performance of certain acts, by certain persons
    • 9. [Repealed] Application for registration
    • 10. [Repealed] Conditions of registration
    • 11. [Repealed] Variation of registration conditions
    • 12. [Repealed] Registrar may under certain circumstances prohibit long-term insurers from carrying on business
    • 13. [Repealed] Termination of registration
    • 14. [Repealed] Deregistration of long-term insurers as companies
  • Part III : Business and administration of long-term insurers
    • 15. [Repealed] Limitation on business
    • 15A. [Repealed] Reinsurers carrying on reinsurance business only, authorised to provide policy benefit
    • 16. [Repealed] Head office and public officer
    • 17. [Repealed] Financial year
    • 18. [Repealed] Notification of certain appointments, terminations and resignations
    • 19. [Repealed] Auditor
    • 20. [Repealed] Statutory actuary
    • 21. [Repealed] Appointment of auditor or statutory actuary by Registrar
    • 22. [Repealed] Removal of appointees who are not fit and proper
    • 23. [Repealed] Audit committee
    • 24. [Repealed] Preference shares, debentures, share capital and share warrants
    • 25. [Repealed] Registration of shares in name of nominee
    • 26. [Repealed] Limitation on control and certain shareholding or other interest in long-term insurers
    • 27. [Repealed] Furnishing of information concerning shareholders
    • 28. [Repealed] Effect of registration of shares contrary to Act
  • Part IV : Returns to Authority
    • 29. [Repealed] Maintenance of financially sound condition
    • 30. [Repealed] Assets
    • 31. [Repealed] Kinds and spread of assets
    • 32. [Repealed] Deeming provisions concerning assets
    • 33. [Repealed] Liabilities
    • 34. [Repealed] Prohibitions concerning assets and certain liabilities
    • 35. [Repealed] Failure to maintain financially sound condition
    • 36. Returns to Registrar
  • Part V : Compromise, arrangement, amalgamation, demutualisation and transfer
    • 37. [Repealed] Registrar approval required for compromise, arrangement, amalgamation, demutualisation or transfer
    • 38. [Repealed] Application to Registrar
    • 39. [Repealed] Conditions of approval
    • 40. [Repealed] Approved transaction
  • Part VI : Business rescue and winding-up of long-term insurers
    • 41. [Repealed] Business rescue
    • 42. [Repealed] Winding-up
    • 43. [Repealed] Voluntary winding-up
  • Part VII : Business practice, policies and policyholder protection
    • Business practice
      • 44. Free choice in certain circumstances
      • 45. Prohibition on inducements
      • 46. Policy to be actuarially sound
      • 47. Receipt for premium paid in cash, and validity of policy3
      • 47A. Collection of premiums by intermediaries
      • 48. Summary, inspection and copy of policy
      • 49. Limitation of remuneration
      • 49A. Binder agreements
      • 50. [Repealed] Undesirable business practice
    • Policies
      • 51. Policy suspended until payment of first premium
      • 52. Failure to pay premiums
      • 53. Option for payment of policy benefits in money
      • 54. Limitation on provisions of certain policies
      • 55. Limitation on policy benefits in event of death of unborn or of certain minors
      • 56. Voidness of certain provisions of agreements relating to long-term policies
      • 57. Life policy in relation to person rendering or liable to render military service
      • 58. Long-term policies entered into by certain minors
      • 59. Misrepresentation and failure to disclose material information
      • 60. Validity of contracts
      • 61. Prescription of certain debt
    • Policyholder protection
      • 62. Protection of policyholders
      • 63. Protection of policy benefits under certain long-term policies
      • 64. Selection for realisation of protected policies
      • 65. Partial realisation of protected policies
  • Part VIII : Offences and penalties
    • 66. Offences by persons other than long-term insurers
    • 67. [Repealed] Offences by long-term insurers
    • 68. Penalty for failure to furnish Registrar with returns etc
  • Part IX : Transitional and general provisions
    • Transitional provisions
      • 69. [Repealed] Continued registration of existing insurers
      • 70. [Repealed] Certain existing insurers to cease short-term insurance business or to separate it from long-term insurance business
    • General provisions
      • 71. [Repealed] Special provisions concerning long-term insurers that are not public companies
      • 72. Regulations
      • 73. Repeal and amendment of laws
      • 74. Savings
      • 75. Interpretation of certain references in existing laws
      • 76. Short title and commencement
  • Schedules
    • Schedule 1 : Kinds of assets
      • 1. [Repealed] Requirement for claim to be asset, and definitions
      • 2. [Repealed] Derivatives
      • 3. [Repealed] Kinds of assets
    • Schedule 2 : Method of calculation of value of assets and liabilities
      • 1. [Repealed] Definitions
    • Schedule 3 : Calculation of values of assets, liabilities and capital adequacy requirement
      • 1. [Repealed] Definition
      • 2. [Repealed] Calculation of values
      • 3. [Repealed] Effect of reinsurance
      • 4. [Repealed] Amounts to be disregarded
      • 5. [Repealed] Calculation subject to certain provisions
      • 6. [Repealed] Registrar may reject certain values
      • 7. [Repealed] Valuation of other liabilities
    • Schedule 4 : Repeal and amendment of laws
      • Repeal and amendment of laws
• Regulations
  • Regulations under the Long-term Insurance Act, 1998 
    • Notice No. R. 1492 of 1998
    • Part 1 : Interpretation
      • 1.1 Definitions
    • [Deleted] Part 2 : Limitation on Assets (Section 31)
    • Part 3 : Remuneration
      • Part 3A : Policies other than Policies to which Part 3B applies
        • 3.1 Application of this Part 3A, and definitions
        • 3.2 General limitations
        • 3.3 Time of payment of commission
        • 3.4 Maximum commission payable
        • 3.5 Adjustment and refund of commission
        • 3.6 Special provisions concerning fund and fund member policies
        • 3.7 Commission when policy has different benefit components
        • 3.8 Voidness of certain agreements
        • 3.9 Special provisions concerning replacement investment policies
        • 3.9A Special provisions concerning replacement risk policies
        • Annexure 1 
          • Table 1 : Registered insurers
          • Table 2 : Licensed insurers
        • Annexure 2 : Scale A
      • Part 3B : Investment Policies that started on or after 1 January 2009
        • 3.10 Application of this Part 3B, and definitions
        • 3.11 General prescriptions
        • 3.12 Maximum commission
        • 3.13 Time of payment of commission
        • 3.14 Premium increases and additional premiums
        • 3.15 Discounting of commission
        • 3.16 Redirecting of commission
        • 3.17 Adjustment and refund of commission
        • 3.18 Replacement policies
        • Table [Regulation 3.17(2)]
      • Part 3C : Limitation on Remuneration for Binder Functions
        • 3.19 Application of this Part 3C, and definitions
        • 3.20 General principles for determining remuneration for binder functions
        • 3.21 Remuneration that may be offered or provided to a binder holder
        • 3.22 Participation by a binder holder in profits attributable to the policies referred to in a binder agreement
      • Part 3D : Notification of Certain Arrangements with Independent Intermediaries or Representatives
        • 3.23 Definitions
        • 3.24 Notification of certain arrangements with independent intermediaries or representatives
    • Part 4 : Limitation on Provisions of Certain Policies
      • 4.1 Definitions
      • 4.1A Application of this Part
      • 4.2 Limitations on policies
      • 4.2A Maximum fees, penalties or any other charges on loans
      • 4.3 General exclusion
    • Part 5 : Requirements and Limitations regarding the Values and Benefits of Policies (Section 54)
      • Part 5A : Policies other than Policies to which Part 5B applies
        • 5.1 Application of this Part 5A, and definitions
        • 5.2 Basis for determination of values and benefits of policies
        • 5.3 Fund member policies
        • 5.4 Policies other than fund member policies
        • 5.4A Deduction of administration charge
        • 5.5 Interest on the excess amount
        • 5.6 Interest on the excess amount [regulation 53(1)(b)]
        • 5.7 [Deleted] Delayed implementation
        • 5.8 Amendments to actuarial basis and values
        • 5.9 Disclosure
      • Part 5B : Investment Policies that started on or after 1 January 2009
        • 5.10 Application of this Part 5B, and definitions
        • 5.11 Basis for determination of values and benefits of policies
        • 5.12 Maximum charges that may be deducted
        • 5.13 Disclosure
      • Part 5C : Principles for Calculation of Causal Event Charges
        • 5.14 Definitions
        • 5.15 General principles for the calculation of causal event charges
    • Part 6 : Binder Agreements
      • 6.1 Definitions and interpretations
      • 6.2 Requirements, limitations and prohibitions relating to binder holders
      • 6.2A Governance and oversight requirements 
      • 6.3 Requirements, limitations and prohibitions relating to binder agreements
      • 6.4 Requirements, limitations and prohibitions relating to any consideration that may be offered or provided to a binder holder, and any participation by a binder holder in profits attributable to the policies referred to in a binder agreement
      • 6.5 Exemption
      • 6.6 Reporting requirements
      • 6.7 [Deleted] Transitional arrangements
    • Part 7 : Contracts Identified as Health Policies under Section 72(2A)(a) of the Act
      • 7.1 Definitions and interpretation
      • 7.2 Categories and types of contracts identified as health policies
      • 7.3 Limitations applicable to category 1 contracts
      • 7.4 Contracts may not require medical scheme membership
      • 7.5 Marketing and disclosures requirements
      • 7.6 Reporting requirements
      • 7.7 Transitional arrangements
    • Part 8 : Authorisation of and Requirements for Collection of Premiums by Intermediaries (Section 47A)
      • 8.1 Authorisation
      • 8.2 Requirements relating to receiving  premiums
      • 8.3 Returns
      • 8.4 Exemption
    • Part 9 : Title and Commencement
• Notices
  • Penalty for Failure to Furnish Authority with Returns etc.
    • [Repealed] Notice No. 119 of 2021
    • [Repealed] Notice No. 1791 of 2022
    • [Repealed] Notice No. 3078 of 2023
    • [Repealed] Notice No. 4405 of 2024
    • Notice No. 5885 of 2025
• Board Notices
  • [Repealed] Prescribed Requirements for the Calculation of the Value of the Assets, Liabilities and Capital Adequacy Requirement of Long-Term Insurers
  • Appointment of Members of the Long-Term Insurance Advisory Committee
    • Board Notice 75 of 2006 
  • Board Notice 95 of 2007 : Documents which a person may Inspect
  • Board Notice 101 of 2007 : Prescribing of Transnet Pension Funds
  • Board Notice 81 of 2008 : Returns by Long-term Insurers to Registrar
  • Amendment of Board Notice 81 of 2008: Returns to Registrar
  • Amendment of Board Notice 81 of 2008 and Notice 387 of 2009: Returns to Registrar
  • Internal Model Application Process: Pre-application assessment fees
    • Board Notice 188 of 2011
    • 1. Definitions
    • 2. Fees
    • 3. Payment of fees
  • Notice on Governance and Risk Management Framework for Insurers, 2014
    • Board Notice 158 of 2014
    • Part 1 : Interpretation
      • 1. Definitions
    • Part 2 : Governance and Risk Management Framework - General
      • 2. Governance framework
    • Part 3 : Composition, Governance and Structure of the Board of Directors
      • Board of directors
        • 3. Composition and governance of board of directors 
        • 4. Roles and responsibilities of board of directors
        • 5. Duties of each director
      • Committees of the board
        • 6. Structure of board of directors
        • 7. Risk and remuneration committees
        • 8. Risk committee
        • 9. Remuneration committee
    • Part 4 : Risk Management System
      • 10. Risk management system
      • 11. Overall risk management policy
      • 12. Fit and proper policy
      • 13. Remuneration policy
      • 14. Asset-liability management policy
      • 15. Investment policy
      • 16. Underwriting risk management policy
      • 17. Reinsurance and other forms of risk transfer policy
      • 18. Liquidity risk management policy
      • 19. Concentration risk management policy
      • 20. Operational risk management policy
      • 21. Insurance fraud risk management policy
    • Part 5 : Internal Control System
      • 22. Internal control system
      • 23. General requirements for control functions
      • 24. Risk management function
      • 25. Compliance function
      • 26. Internal audit function
      • 27. Actuarial function
      • 28. Head of control function
    • Part 6 : General
      • 29. Title and commencement
      • 30. Transitional provisions
  • Notice on Fit and Proper Requirements, 2015
    • Board Notice 158 of 2015
    • Part 1 : Interpretation
      • 1. Definitions
    • Part 2 : Matters to be taken into account by Registrar
      • 2.
    • Part 3 : Fit and Proper requirements for Director, Manager, Public Officer, Auditor or Statutory Actuary
      • 3. Requirements relating to competency
      • 4. Requirements relating to integrity
      • 5. Auditor that is a firm
    • Part 4 : Fit and Proper Requirements for Significant Owners 
      • 6. Requirements relating to financial standing
      • 7. Requirements relating to integrity
    • Part 5 : General
      • 8. Title and commencement
• Rules
  • [Repealed] Policyholder Protection Rules (Long-term Insurance), 2001
  • [Repealed] Policyholder Protection Rules (Long-Term Insurance), 2004
  • Policyholder Protection Rules (Long-term Insurance), 2017
    • Notice No. 1407 of 2017
    • Chapter 1 : Interpretation
      • 1. Application
      • 2. Definitions
    • Chapter 2 : Fair Treatment of Policyholders
      • Rule 1 : Requirements for the fair treatment of policyholders
    • Chapter 3 : Products
      • Rule 2 : Product design
      • Rule 2A : Microinsurance and Funeral Policy Product Standards
        • 2A.1 Definitions
        • 2A.2 Application
        • 2A.3 Use of terms and advertising
        • 2A.4 Structure of policy benefits
        • 2A.5 Variation and renewal of a microinsurance policy or a funeral policy
        • 2A.6 Waiting periods
        • 2A.7 Exclusions
        • 2A.8 Claims
        • 2A.9 Reinstatement
        • 2A.10 General
        • 2A.11 Reporting of a new product
      • Rule 3 : Credit life insurance
      • Rule 4 : Cooling-off rights
      • Rule 5 : Negative option selection of policy terms or conditions
      • Rule 6 : Determining premiums
      • Rule 7 : Void provisions
      • Rule 8 : Waiver of rights
      • Rule 9 : Signing of blank or uncompleted forms
    • Chapter 4 : Advertising and Disclosure
      • Rule 10 : Advertising
      • Rule 11 : Disclosure
    • Chapter 5 : Intermediation and Distribution
      • Rule 12 : Arrangements with Intermediaries and Other Persons
    • Chapter 6 : Product Performance and Acceptable Service
      • Rule 13 : Data management
      • Rule 14 : On-going review of product performance
      • Rule 15 : Premium reviews
      • Rule 15A : Payment of Premiums
      • Rule 16 : Record keeping
    • Chapter 7 : No Unreasonable Post-sale Barriers
      • Rule 17 : Claims management
      • Rule 18 : Complaints managements
      • Rule 19 : Replacement of policies
      • Rule 20 : Termination of policies
      • Rule 21 : Misrepresentation
    • Chapter 8 : Administration
• Prescribed Long-Term Insurance Fees
  • Notice on Prescribed Long Term Insurance Fees, 2004
  • Notice on Prescribed Long Term Insurance Fees, 2005
  • Notice on Prescribed Long-Term Insurance Fees, 2010