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Draft Insurance Laws Amendment Bill

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  • Draft Insurance Laws Amendment Bill
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To amend the Long-term Insurance Act, 1998, to define and further define certain expressions, to update references to applicable legislation; to further regulate the special provisions concerning the powers of the Registrar; to further regulate the appointment of an auditor; to further regulate the reporting by the statutory actuary, and to arrange for the attendance by the statutory actuary of meetings; 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 conditions; to further regulate the holding of assets; to amend 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 regulation; to amend Schedules 1 and 3 to the Act; and to provide for matters connected therewith; to amend the Short-term Insurance Act, 1998, to define and further define certain expressions; to update references to applicable legislation; to further regulate the special provisions concerning the powers of the Registrar; to further regulate the conditions of registration; to further regulate the appointment of an auditor; to make provision for the appointment and removal of a statutory actuary under prescribed circumstances; to further regulate the audit committee; to regulate certain acts in respect of providing financial assistance to purchase shares; to amend the maintenance of financially sound conditions; to further regulate the holding of assets; to amend 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 further regulate the appointment of a Lloyd’s representative; to amend the application of other provisions of the Act to Lloyd’s; 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.

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