The Insurance Receipt is a crucial document in South African insurance transactions that provides formal acknowledgment of premium payments made by policyholders to insurance companies. This document type is mandatory under South African insurance regulations and must comply with the Insurance Act 18 of 2017, Policyholder Protection Rules, and other relevant financial sector legislation. The Insurance Receipt serves multiple purposes: it acts as proof of payment, helps maintain accurate financial records, supports tax documentation, and forms part of the audit trail required by regulatory authorities. It must contain specific information including policy details, payment information, and regulatory disclosures, and may be required for claims processing, tax purposes, or dispute resolution. The document is particularly important in the South African context where strict regulatory compliance is required for all insurance transactions.
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1. Receipt Information: Basic information including receipt number, date, and time of issuance
2. Insurer Details: Full legal name, registration number, and contact details of the insurance company
3. Policyholder Details: Full name, ID number, and contact information of the policyholder
4. Payment Details: Amount paid, payment method, payment reference number, and date of payment
5. Policy Reference: Policy number, type of insurance, and period of coverage
6. Premium Breakdown: Itemized breakdown of premium components including base premium, taxes, and fees
7. Regulatory Disclosures: Mandatory disclosures required by South African insurance regulations
8. Authentication: Official stamp, signature, or digital verification details confirming receipt authenticity
1. Broker Details: Information about the insurance broker if the policy was sold through an intermediary
2. VAT Details: Detailed VAT breakdown and registration numbers if applicable
3. Payment Plan Information: Details of installment plans or payment schedules if premium is paid in installments
4. Loyalty Program Details: Information about any reward points or loyalty benefits earned from the payment
5. Special Conditions: Any special terms or conditions applicable to the payment
1. Premium Calculation Schedule: Detailed breakdown of how the premium was calculated including risk factors
2. Payment History Appendix: Record of previous payments if this is a recurring premium payment
3. Commission Schedule: Breakdown of any broker or intermediary commissions if applicable
Relevant legal definitions
Clauses
Relevant Industries
Insurance
Financial Services
Banking
Healthcare Insurance
Property Insurance
Life Insurance
Vehicle Insurance
Business Insurance
Risk Management
Financial Technology
Relevant Teams
Finance
Compliance
Insurance Operations
Customer Service
Claims Processing
Risk Management
Treasury
Accounts Receivable
Policy Administration
Legal
Audit
Relevant Roles
Insurance Administrator
Financial Controller
Compliance Officer
Insurance Agent
Claims Manager
Finance Manager
Insurance Broker
Account Manager
Risk Manager
Policy Administrator
Financial Advisor
Treasury Manager
Accounts Receivable Specialist
Insurance Underwriter
Customer Service Representative
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