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act-64-1990.pdf | 2.08 MB |
64 of 1990
The Financial Institutions Amendment Act 64 of 1990 intends:
- to amend the Insurance Act, 1943 [repealed in 1998], so as
- to abolish the security to be furnished by long-term insurers;
- to exempt the Minister from the obligation to prescribe the manner In which insurers must comply with additional asset requirements under certain circumstances;
- to increase the maximum permissible life Insurance cover for children; and
- to further regulate the deposit of money and securities for certain purposes;
- to amend the Pension Funds Act, 1956, so as
- to further regulate the safe-keeping of the money and assets of pension funds;
- to determine the period within which pension funds must apply for approval of the appointment of auditors and valuators; and
- to provide for the delegation of certain powers of the Minister;
- to amend the Unit Trusts Control Act, 1981 [repealed in 2003], so as to empower the Registrar to allow the use of the word "Invest" in the name of any unit trust scheme;
- to amend the Stock Exchanges Control Act, 1985 [repealed in 2005], so as
- to further define "securities";
- to provide for the delegation of certain powers by the executive committee; and
- to further regulate the payment for and delivery of securities;
- to exempt the Minister of Finance and certain officers from liability in respect of actions bonafide performed by them under the said laws and certain other laws; and
- to provide for incidental matters.
Commencement
- 6 July 1987, Section 12
- 1 September 1990 (Gazette 12715 of 31 August 1990)