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IconNICHE INSURANCE PRODUCTSIconGUARANTEES, SURETIES AND BONDS

Intermediaries Guarantee Facility

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Tel: +27 11 726 5391
Fax: +27 11 726 5353
Address:
5th Floor
JCC House
27 Owl Street
Milpark
2029
Postbox:
PO Box 30619
Braamfontein
2017
Scope:
Eastern Cape, Free State, Gauteng, KwaZulu-Natal, Mpumalanga, North-West, Northern Cape, Northern Province, Western Cape.
Licence:
Guarantee
Intermediaries Guarantee Facility is a facility set up by the short-term insurance industry generally for the purposes of providing security in terms of Section 45 of the Short Term Insurance Act read together with regulation 4 thereto.

A short-term insurer may not authorise a person in writing to act as an independent intermediary, to receive, hold or in any other manner deal with premiums payable to it under short term policies unless that person has provided security in terms of the Regulations Part 4 and Section 45 of the Short Term Insurance Act 1998.
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From The Glossary »

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Risk Premium Reinsurance:

A method of life reinsurance which is comparable to term life insurance. The ceding company cedes a proportion of the mortality risk only and the annual reinsurance premium is determined in the same manner as renewal term insurance. The risk premium basis of life reinsurance is attractive to small life offices who might otherwise be prevented from writing the occasional very large life policy (that is large sum insured) because of the risk of early ...
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