Penalty for Insurance Sector Returns Increased

National Treasury

The Deputy Executive Officer of Long-term and Short-term Insurance has adjusted the penalty for the failure to furnish the Registrar with returns and other prescribed documents.

The notice was published in Government Gazette 41456 in terms of the Short-Term Insurance Act.

The amount now stands at R6 200.

The penalty in terms of the Long-Term Insurance Act has also been adjusted to R6 200.

The notice was published in Gazette 41459.

The adjustments apply from 28 February 2018.

Meanwhile, in Notice 77, the transfer of insurance policies underwritten by Absa ldlrect Limited to Absa Insurance Company Limited in terms of section 37(1)(a){II) of the act has been announced.

According to the notice, the particular insurance policies to be transferred are Personal Lines policies that have been underwritten by Absa ldlrect.

The application and its annexures are available to the public for inspection for a minimum of 15 days.

In a separate matter, national treasury briefed parliament last week on Budget 2018.

Treasury pointed out that the 2018 Budget was designed to speed up government’s efforts to narrow the budget deficit and stabilise debt thereby laying the foundation for faster growth in the years ahead.

Treasury warned, however, that despite positive signs, “significant risks remain to economic and fiscal projections”.

Government was also striving to “boost economic growth, promote more rapid investment to create employment, and stabilise the precarious finances of state-owned companies.”

Sabinet Cape Town Office