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Insurance Amendment Act (No. 17 of 2003)

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To amend the Long-term Insurance Act, 1998, so as to insert certain definitions andsubstitute a definition; to further regulate advertising material relating tolong-term policies, changes to a long-term insurer's name and conditions ofregistration; to make new provision regarding the business ofreinsurers;to makenew provision in respect of notifications of certain appointments,terminationsandresignations, certain acts by a long-term insurer in respect of own shares,references to associates of persons holding interests in long-term insurers,maintenance of financially sound conditions and in respect of certain deemingprovisions relating to assets of a long-term insurer; to correct incorrect references;to provide for further prohibitions concerning assets; to effect textual corrections;to provide for the exemption from the conditions in place for a certain conditionaltransaction; to further regulate the issuing of receipts in respect of premiumpayments; to make further provision in respect of failure to disclose materialinformation by policyholders; to further regulate the holding of assets in theRepublic by long-term insurers and the valuation of liabilities of long-terminsurers; to repeal Schedule 2 to the said Act; and to refine the requirements inSchedule 3 for the calculation of the values of assets, liabilities and capitaladequacy requirement; to amend the Short-term Insurance Act, 1998, so as tosubstitute certain definitions; to further regulate advertising material relating toshort-term policies; to prohibit certain references in short-term policies tofunerals; to make new provision regarding the business ofreinsurers,changes to ashort-term insurer's name, notification of certain appointments, terminations andresignations, certain acts by a short-term insurer in respect of own shares andreferences to associates of persons holdinginterestsinshort-term insurers; toprovide for further prohibitions concerning assets; to provide for the furnishing offree policy copies to policyholders; to make further provision in respect of failureto disclose material information by policyholders; to further regulate the holdingof assets in the Republic by short-term insurers and the calculation of the value ofthe assets of a short-term insurer; and to repeal a certain Act; and to provide formatters connected therewith.

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