loan guarantee premium
means a premium actually paid or to be paid by a moneylender in respect of a loan guarantee policy to an insurer registered in terms of the Insurance Act, 1943, including an underwriter at Lloyds authorized in terms of the said Act to carry on insurance business in the Republic, where such amount is--
| a) | in terms of an agreement in writing between the moneylender and the borrower recoverable from the borrower; |
| b) | payable to the insurer for insurance cover not exceeding five years at a time; |
| c) | actually paid or to be paid by the moneylender to the insurer upon or within 60 days after the date on which-- |
| i) | in the case of the initial premium, the relevant mortgage bond is registered in the Deeds Registry; or |
| ii) | in the case of any subsequent premium, a term referred to in paragraph (b) has lapsed. |