Control of Insurance Order, 1973
Kings Order in Council 33 of 1973
- Assented to on 21 August 1973
- Commenced on 11 January 1974
- [This is the version of this document at 1 December 1998.]
1. Short titleThis King’s Order-in-Council may be cited as the Control of Insurance Order, 1973.
2. InterpretationIn this Order, unless the context otherwise requires—“approved security” means a security issued by the Government and such other securities as the Minister may by notice in the Gazette approve;“Corporation” means the Swaziland Royal Insurance Corporation established under Order No. 32 of 1973;“friendly society” means an association of individuals with no share capital established for the purpose of rendering aid to its members or their dependants, and which does not at any time after the commencement of this Order employ or remunerate any person for the purpose of inducing other persons to become members of such association or for collecting contributions or subscriptions from members thereof;“insurance business” means the business of, or in relation to, the issue of, or the undertaking of, liability under, life policies, or to make good or indemnify the insured against any loss or damage, including liability to pay damages or compensation contingent upon the happening of a specified event;“insurer” means any person carrying on any class of insurance business in Swaziland prior to the commencement of this Order;“life policy” means a policy of insurance on human life or a contract to pay annuities on human life;“long-term insurance business” means business of any of the following classes and includes insurance business carried on as incidental only to any such class or business, namely—(a)effecting, carrying out, and issuing policies on human life or contracts to pay annuities on human life;(b)effecting, carrying out, and issuing contracts of insurance against risks of the persons insured sustaining injury as the result of an accident or of an accident of a specified class or dying as the result of an accident or of an accident of a specified class or becoming incapacitated in consequence of disease or of diseases of a specified class, being contracts that are expressed to be in effect for a period of not less than five years or without limit of time and either are not expressed to be terminable by the insurer before the expiry of five years from the taking effect thereof or are expressed to be so terminable before the expiry of such period only in special circumstances therein mentioned; and(c)effecting, carrying out, and issuing of insurance whether effected by the issue of policies, bonds or endowment certificates or otherwise, whereby, in return for one or more premiums paid to the insurer, a sum or a series of sums is to become payable to the insured in the future, not being such contracts as fall within paragraph (a) or (b) hereof;“Minister” means the Minister for Finance and Economic Planning;“policy” means any written contract of insurance whether contained in one or more documents;“resident in Swaziland” means residing in Swaziland, other than for the purpose of a visit to, or transit through Swaziland as provided for in section 20(2) of the Immigration Act No. 32 of 1964.[Amended K.O-I-C. 24/1974]“short-term insurance business” means any insurance business other than long-term insurance business.
3. Prohibition against carrying on insurance business in Swaziland
4. Subsisting policies excluded from the ambit of the OrderSubject to section 3(3), nothing in this Order shall in any respect affect the validity or the terms of, or the conditions contained in, any policy subsisting at the date of the commencement of this Order.
5. Control of existing and continuing insurance businesses
6. General powers of Minister for protection of policy-holder
7. ExemptionThe Minister may in writing exempt from all or any of the provisions of this Order any friendly society or any scheme established by or on behalf of any employee or employer or by them jointly, solely for the purpose of making provision for the payment of superannuation benefits, pensions or payments only to employees or their dependants on their retirement, or their sustaining any disability or on their death:Provided that no money paid into such friendly society or under any such scheme shall be invested outside Swaziland without the prior written consent of the Minister thereto.
8. RegulationsThe Minister may make such regulations as he deems it necessary in order to carry into effect the principles and purposes of this Order.
9. RepealThe Insurance Act No. 53 of 1954 is hereby repealed.
History of this document
01 December 1998 this version
11 January 1974
21 August 1973