1998 Long-term insurance act

1998 Act is a piece of legislation, long term insurance by the Parliament in South Africa. Main purpose of the law is a prerequisite for long-term insurance register with the Government and regulate to make these suppliers. FunctionThe of the main function of the law is to ensure that all long term insurance providers register with the Government of South Africa. An insurer in the long term is defined by creating action as any person or entity, the sale of long-term policies.EffectsThe law the Government Clerk's position and Assistant insurance long clerk view that long-term is responsible for granting licences to insurers South Africa. Candidates must be a public company or recorded and prove that you have to carry sufficient capital out their characteristic business.FeaturesOne Act is the provision of new regulations to insurers in the long run. The law requires all insurance companies in the long term set one or more Board of Auditors appointed, your business and maybe not sellers of short-term insurance unless you have installed (as in the short term 1998 was found in the Act) record.