Financial Institutions Amendment Act 53 of 1989

The Financial Institutions Amendment Act 53 of 1989  intends:

• to amend
  • the Insurance Act, 1943 [repealed in 1999],
  • the Pension Funds Act, 1956, and
  • the Friendly Societies Act, 1956,
• so as
• to abolish the obligation imposed on insurers, pension funds and friendly societies to invest in prescribed assets; and
• to empower the Minister of Finance to make regulations which limit the amount which registered insurers, funds and societies may invest in particular kinds or categories of assets; and
• to provide for matters connected therewith.

Commencement

1 October 1989 (Gazette 12110 of 29 September 1989)