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act-50-1986.pdf | 2.72 MB |
50 of 1986
The Financial Institutions Amendment Act 50 of 1986 intends:
- to amend the Insurance Act, 1943 [repealed in January 1999], so as
- to extend the powers of the registrar to cancel the registration of an insurer;
- to further limit the extent to which outstanding premiums in respect of short term and compulsory third party insurance business may be treated as assets by insurers;
- to further regulate the transmission of short-term insurance premiums received by intermediaries;
- to limit the insured sum and the scope of the risk under policies issued in pursuance of certain conditional transactions;
- to prohibit the acquisition without the registrar's prior consent of any interest of one-quarter or more in a registered insurer;
- to revise the prohibition concerning differentiation, inducement and granting of credit for the payment of premiums with regard to certain policies;
- to amend the Pension Funds Act, 1956, so as
- to extend the scope of the valuator's report on his investigation as to the financial condition of a pension fund;
- to impose on a pension fund the obligation to submit a scheme for the elimination of a deficiency reported by the valuator of a fund;
- to revise the conditions on which housing loans may be granted by registered pension funds to their members and to widen the scope of the prohibition relating to such loans;
- to authorize the registrar to prohibit undesirable practices and business methods by pension funds and to increase certain fines;
- to amend the Stock Exchanges Control Act, 1985 [repealed in February 2005], so as to extend the definition of "president" and to include the South African Reserve Bank as a designated institution in section 3 (3) of the said Act; and
- to provide for incidental matters.
Commencement
28 May 1986