To amend the Long-term Insurance Act, 1998, so as to substitute certain definitions; to amend certain definitions; to delete certain definitions; to insert certain definitions; to substitute obsolete references; to further regulate the special provisions concerning the powers of the Registrar of Long-term Insurance; to further regulate the appointment of an auditor; to further regulate reporting by a statutory actuary, and to make further provision in respect of the attendance of meetings by a statutory actuary; to further regulate the audit committee; to regulate certain acts in respect of providing financial assistance to purchase shares; to further regulate the maintenance of a financially sound condition; to further regulate the holding of assets; to make provision in respect of the kinds and spread of assets; to further regulate investment in derivatives; to provide for reports by independent actuaries on returns; to further regulate the awarding of bonuses or similar benefits to policyholders; to further regulate remuneration to intermediaries and to regulate binder agreements; to further regulate the option for payment of assistance benefits in money; to further regulate the special provisions concerning long-term insurers that are not public companies; to amend the power of the Minister to make regulations; and to amend Schedules 1 and 3 to the Act; to amend the Short-term Insurance Act, 1998, so as to substitute certain definitions; to amend certain definitions; to delete a definition; to insert certain definitions; to substitute obsolete references; to further regulate the special provisions concerning the powers of the Registrar of Short-term Insurance; to further regulate the conditions of registration; to further regulate the appointment of an auditor; to make provision in respect of the appointment and removal of a statutory actuary; to further regulate the audit committee; to regulate certain acts in respect of providing financial assistance to purchase shares; to make provision in respect of the maintenance of a financially sound condition; to further regulate the holding of assets; to make provision in respect of the kinds and spread of assets; to amend the arrangements regarding liabilities; to further regulate investment in derivatives; to amend and further regulate remuneration to intermediaries and binder agreements; to make textual alterations; to further regulate the special provisions concerning short-term insurers that are not public companies; to amend the powers of the Minister to make regulations; to amend Schedules 1, 2 and 3 to the Act; and to provide for matters connected therewith.