Conversion of South African Special Risks Insurance Association Act, 1998 (Act No. 134 of 1998)

2. Purpose of Act

Purchase

The purpose of this Act is-

a)	to convert SASRIA into a Public company, having a share capital. as described in section 19 of the Companies Act, with the shares to be held by the State;

b)	to provide flexibility regarding the future restructuring of the Company by entitling the Minister to dispose of all or any of the State's shareholding in the Company; and

c)	generally, to ensure the orderly restructuring of the State's role in the short-term insurance industry as regards special risks and to reduce the State's risk exposure.