Housing Development Agency Act, 2008
R 385
Short-Term Insurance Act, 1998 (Act No. 53 of 1998)Part VIII : Provisions relating to Lloyd’s60. Security to be furnished by or on behalf of Lloyd's underwriters |
| (1) | Security shall be provided by or on behalf of Lloyd’s underwriters in accordance with Schedule 3 to discharge their obligations under South African short-term insurance policies. |
| (2) | There shall be created by Lloyd’s, subject to the Trust Property Control Act, 1988 (Act No. 57 of 1988)— |
| (a) | the Lloyd’s South African Transitional Trust, for the purposes of paragraph 8(1) of Schedule 3; |
| (b) | the Lloyd’s South African Trust, for the purposes of paragraphs 2 up to and including 7 of Schedule 3, |
after approval of its trustee and trust deed by the Authority, to provide security as contemplated in subsection (1).
| (3) | The Authority may, subject to the Trust Property Control Act, 1988, vary or substitute any of the trust deeds of the Lloyd’s Trusts after consultation with Lloyd’s and the trustee concerned. |
