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act-94-1977.pdf | 8.03 MB |
94 of 1977
The Financial Institutions Amendment Act 94 of 1977 intends:
- to amend the Insurance Act, 1943 [repealed in 1991], so as:
- to redefine "insurance business";
- to provide for an advisory oommittee on long-term insurance;
- to further regulate the holding of assets;
- to further regulate the trausmission of short-term insurance premiums received by intermediaries;
- to extend the non-forfeiture provisions relating to funeral policies;
- to provide for the accrual of interest on a loan or advance, on the security of an insurance policy, to an amount beyond the principal debt, and to limit the prescription of a loan or advance, on the security of an insurance policy to at least the period or prescription of liabality under the policy;
- to amend the Pension Funds Act, 1956, so as:
- to redefine "financial year";
- to further regulate the exemption of pension funds from the Act;
- to further regulate the holding of assets; and
- to further regulate the protection of pension benefits;
- to amend the Inspection of Financial Institutions Act, 1962 [repealed in 1984], so as:
- to redefine "financial institution"; and
- to extend the registrar's powers of inspection;
- to amend the Banks Act, 1965 [repealed in 1981], so as :
- to further regulate prescribed investments and investments in Government securities;
- to further regulate the restrictions on the investment by banking institutions in certain assets;
- to further regulate the control over banking institutions and the transfer of part of the business of a banking institution; and
- to extend the powers of curators;
- to amend the Building Societies Act, 1965 [repealed in 1993], so as:
- to further regulate prescribed investments; and :
- to exempt the State from providing additional security in connection with advances to its employees; and
- to provide for incidental matters.
Commencement
1 July 1977