Division 1 General restriction on insurers
Division 2 Licensed insurers
Division 3 Authorised reinsurers
Division 1 General provisions relating to insurance intermediaries
Division 2 Conduct of insurance broking business
Division 1 Returns
Division 2 Inspections and Investigations
Division 3 Powers where licensed insurer or insurance intermediary is unable to meet obligations, etc.
Division 1 Voluntary transfer of business
Division 2 [Repealed by Act 31 of 2017]
Division 3 [Repealed by Act 31 of 2017]
Division 4 [Repealed by Act 31 of 2017]
Division 5 Winding up
Division 6 Miscellaneous
Division 1 Administration and enforcement
Division 2 Miscellaneous amendments of law
Division 3 Supplementary
| Division 2 — Miscellaneous amendments of law |
| Insurable interest required for life insurances |
| Capacity of infant to insure |
| 147.—(1) Despite any law to the contrary, a person over the age of 10 years does not, by reason only of his or her age, lack the capacity to enter into a contract of insurance; but a person under the age of 16 years does not have the capacity to enter into such a contract except with the written consent of his or her parent or guardian. [3/2009]
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| Life policy moneys to be paid without deduction |
| 148.—(1) Subject to section 150, any policy moneys payable under a life policy or moneys payable on the surrender of a life policy must be paid without any deduction for sums not due under the policy or under an agreement charging them on the policy, unless the deduction is made with the consent of the person entitled to those moneys; and any provision contained in a life policy or in any agreement relating thereto is void, insofar as it entitles the insurer to make any such deduction without that consent. [3/2009]
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| Life policies (surrenders, non-payment of premiums, paid-up policies) |
| 149.—(1) Where a life policy has been in force for 3 years or more, the policy owner may by written notice to the insurer surrender the policy, and the policy owner is then entitled to receive the surrender value thereof (if any) determined in accordance with such rules as may be prescribed (but subject to any deduction for sums due under the policy or under an agreement charging them on the policy). [11/2013]
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| Payment of living benefits or death benefits under life policy or accident and health policy, etc. |
150.—(1) In any case where —
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| No insurance to be made unless insurer has interest and no policy without inserting names (UK Life Assurance Act 1774) |
151.—(1) An insurance must not be made by any person on any event wherein the person for whose use or benefit or on whose account the policy is made has no interest, or by way of gaming or wagering; and every assurance made contrary to this subsection is void.
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| No action for accidental fire (UK Fire Prevention (Metropolis) Act 1774, s. 86) |
| 152. No action shall lie against a person in whose house or premises or on whose estate any fire accidentally began except that no contract or agreement made between landlord and tenant shall be hereby defeated or made void. [63 |