Financial Institutions Amendment Act 94 of 1977

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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  • to amend the Insurance Act, 1943 [repealed in 1991], so as: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  • to amend the Inspection of Financial Institutions Act, 1962 [repealed in 1984], so as: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  • to amend the Banks Act, 1965 [repealed in 1981], so as :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  • to amend the Building Societies Act, 1965 [repealed in 1993], so as: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

Amendments

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