Unit Standard No.12164Page 105
POSSIBLE EXEMPTIONS IN TERMS OF THE LEGISLATION
The detail to this is contained in . This section clearly stipulates that , the Registrar may exempt any person/s from the provisions of that section if the Registrar is satisfied that:
“ (a) the rendering of any financial service by the applicant is already partially or wholly regulated by any other law; or
(b) the application of the said section to the applicant will cause the applicant or clients of the applicant financial or other hardship or prejudice; and
(c) the granting of the exemption will not-
(i) conflict with the public interest;
(ii) prejudice the interests of clients; and
(iii) frustrate the achievement of the objects of this Act.”
It should be noted however that the Registrar may, having regard to the factors mentioned in subsection (1):
attach to any exemption so granted, reasonable requirements or impose reasonable conditions with which the applicant must comply either before or after the effective date of the exemption in the manner and during the period specified by the registrar; and
determine the period for which the exemption will be valid .
Further, equally important to note is that an exemption in respect of which a person has to comply with requirements or conditions, lapses whenever the person contravenes or falls to comply with any such requirement or condition.
Also, the registrar may, in any case not provided for in this Act, on reasonable grounds, exempt any person or category of persons from any provision of this Act.
The Minister, after consultation with the registrar, may, on such conditions as the
Minister may determine, by notice in the Gazette exempt a financial services provider or representative, or category of financial services providers or representatives, from any provision of the Policyholder Protection Rules made under section 62 of the Long-term Insurance Act, 1998 and section 55 of the Short-term Insurance Act, 1998 respectively.
INSMAT final materials31/10/03