Financial Institutions Amendment Act 64 of 1990

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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  • to amend the Insurance Act, 1943 [repealed in 1998], so as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  • to amend the Unit Trusts Control Act, 1981 [repealed in 2003], so as to empower the Registrar to allow the use of the word "Invest" in the name of any unit trust scheme;
  • to amend the Stock Exchanges Control Act, 1985 [repealed in 2005], so as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.


  • 6 July 1987, Section 12
  • 1 September 1990 (Gazette 12715 of 31 August 1990)


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