Contingency Fees Act, 1997
R 385.00
Short-Term Insurance Act, 1998 (Act No. 53 of 1998)RegulationsRegulations under the Short-term Insurance Act, 1998 (Act No. 53 of 1998)Part 3 : Limitation on Assets (Section 30)3.4 Liabilities of asset-holding intermediary |
For the purposes of regulation 3.2, the liabilities of an asset-holding intermediary of a short-term insurer, other than a claim of the short-term insurer against that asset-holding intermediary, shall be deemed to be liabilities of the short-term insurer to the extent determined in accordance with the formula—
A x B/C
in which formula—
| A | represents the aggregate value of those liabilities, plus the value of those of the shares, other than equity shares, in the asset-holding intermediary concerned, which are not owned by the short-term insurer concerned; |
| B | represents the value of the equity shares held by the short-term insurer in the asset-holding intermediary; |
| C | represents the aggregate value of all equity shares of the asset-holding intermediary. |
