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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:South African life assurance legislation: a survey
Author:Benfield, B.C.ISNI
Periodical:South African Journal of Economics
Geographic term:South Africa
economic law
External link:https://onlinelibrary.wiley.com/doi/10.1111/j.1813-6982.1997.tb01380.x/pdf
Abstract:Life assurance legislation in South Africa goes back to the previous century. Between 1890 and 1910 life assurance Acts were passed in the two British colonies of the Cape and Natal, and in the two Boer Republics of Tranvaal and Orange Free State. The Insurance Act No. 37 of 1923 was the first insurance legislation passed by the Parliament of the Union of South Africa. Legislation prior to 1910 tended to be concerned with protecting the interests of policyholders and their beneficiaries and with encouraging people to insure their own lives, the 1923 Act enshrining for 20 years the important principle of 'freedom with publicity'. The 1943 Insurance Act laid the foundation for a huge and ever increasing encroachment by the State into the realm of private decisionmaking within the life assurance industry. The increasing desire of the State to encroach in an elective manner on the business terrain of the assurance industry was confirmed by the contents of the 1987 Draft Bill on Long-Term Assurance and by the currently circulating 1997 Long Term Insurance Bill. South African life assurance legislation as it has developed over the past one hundred years seems to be moving inexorably in the direction of greater State control. Notes, ref.