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

7. Reserves

 

1) Within six months after the conversion of SASRIA into a public company, the Minister must determine-
a) the percentage of the Company's current reserves which is essential for the Company to do its main business as a short-term insurer for special risks or as a short-term reinsurer for special risks; and
b) the percentage of those reserves which is not essential for that purpose.

 

2) Before making a determination in terms of subsection (1), the Minister must-
a) consult with the board of directors of the Company; and
b) take into the result of an independent actuarial assessment obtained by the Minister for the purposes of that subsection.

 

3) While the State is the sole member of, and sole shareholder in, the Company, the Minister-
a) may declare a dividend to be paid from any excess reserves determined in terms of subsection (1)(b); and
b) must use the proceeds of that dividend to reduce state debt.

 

 


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