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

8. Termination of existing agreement with SASRIA

 

1) If the Minister terminates the Agreement in terms of clause 6 of the Agreement-
a) the Government of the Republic is released from its liabilities in terms of section 2 of the Reinsurance of Damage and Losses Act, 1989 (Act No. 56 of 1989), with effect from the date as stipulated in the Agreement; and
b) sections 3 and 4 of that Act, despite the termination of the Agreement, remain applicable as if the Agreement had not been terminated.

 

2) Subsection (1)(b) does not affect the Government of the Republic's reinsurance obligations referred to in clause 6.3 of the Agreement.

 

3) Subsection (1)(b) lapses when the repeal of the Reinsurance of Damage and Losses Act, 1989, takes effect in terms of section 10 of this Act.

 

 


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