Financial Services Laws General Amendment Act
Part 4 of 6 · provisions 601–800
This section states that section 1 of Act 24 of 1956 is being amended.
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- Act 45 of 2013
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About this statute
This section states that section 1 of Act 24 of 1956 is being amended. This section states that section 2 of Act 24 of 1956 is being amended. Section title: amendment of section 4 of Act 24 of 1956. This section lists amendments made to Act 24 of 1956. This section amends section 7D of Act 24 of 1956 and inserts section 7F into that Act.
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Provisions of Financial Services Laws General Amendment Act
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Part 3
- 62 Verify source ↗
Section 20 of the principal Act is hereby amended—
AI-assisted research summary: A deputy executive officer may delegate any power given to the executive officer to a board officer or employee.
62. Section 20 of the principal Act is hereby amended— (a) by the insertion after subsection (3) of the following subsection: ‘‘(3A) A deputy executive officer may— (a) delegate to an officer or employee of the board any power conferred upon the executive officer by or under this Act or any other law, 5 10 15 20 25 30 35 40 45 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 77 Wet No. 45 van 2013 77 Wysiging van artikel 16 van Wet 97 van 1990, soos gewysig deur artikel 4 van Wet 41 van 1992 en artikel 3 van Wet 84 van 1992 - 59 Verify source ↗
Artikel 16 van die Hoofwet word hierby gewysig deur subartikels (4) en (5) te
AI-assisted research summary: This provision amends Article 16 of the principal Act by deleting subsections (4) and (5), and repeals Article 17 of Act 97 of 1990.
59. Artikel 16 van die Hoofwet word hierby gewysig deur subartikels (4) en (5) te skrap. Herroeping van artikel 17 van Wet 97 van 1990 - 60 Verify source ↗
Artikel 17 van die Hoofwet word hierby herroep.
AI-assisted research summary: Article 17 of the Hoofwet is repealed.
60. Artikel 17 van die Hoofwet word hierby herroep. Vervanging van artikel 18 van Wet 97 van 1990, soos vervang deur artikel 13 van Wet 12 van 2000 - 61 Verify source ↗
Artikel 18 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: The board and executive management must consult the Minister about matters tied to their powers and duties, and the Minister must set a code of consultation norms and standards.
61. Artikel 18 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Oorleg 18. (1) (a) Artikel 18(2) en (3) van die Wet op Mededinging, 1998 (Wet No. 89 van 1998), is van toepassing met die veranderinge deur die samehang vereis, op ’n samesmelting wat die goedkeuring van die Minister of die toepaslike Registrateur in wetgewing op die Raad op Finansiële Dienste bedoel. (b) By die toepassing van paragraaf (a), beteken ‘samesmelting’ ’n samesmelting soos omskryf in artikel 12 van die Wet op Mededinging, 1998 (Wet No. 89 van 1998). (c) Artikel 116(4) en (9) van die Wet op Mededinging, 1998 (Wet No. 71 van 1998), is van toepassing met die veranderinge deur die samehang vereis, op ’n amalgamasie of ’n samesmelting wat die goedkeuring vereis van die Minister of die toepaslike Registrateur in wetgewing op die Raad op Finansiële Dienste bedoel. (d) By die toepassing van paragraaf (c), beteken ‘amalgamasie’ of ‘samesmelting’ ’n amalgamasie of samesmelting soos omskryf in artikel 1 van die Wet op Mededinging, 2008 (Wet No. 71 van 2008). (2) Die raad en lede van die uitvoerende bestuur in artikel 9(4) beoog— (a) moet met die Minister oorleg pleeg oor enige aangeleentheid wat verband hou met die uitoefening van sodanige van hul bevoegdhede en die verrigting van sodanige van hul pligte kragtens hierdie Wet of enige ander Wet soos die Minister kan bepaal; en (b) kan met die Minister oorleg pleeg oor enige ander aangeleentheid wat die raad of enige ander sodanige lid onder die aandag van die Minister wil bring. (3) Die Minister moet ’n kode van norme en standaarde voorskryf vir oorleg met die raad en Registrateurs soos in wetgewing op die Raad op Finansiële Dienste bedoel, wat— (a) die volgende beginsels opneem, naamlik dat die— (i) gepaste belanghebbendes waarmee oorleg gepleeg moet word, geïdentifiseer moet word; (ii) die doel en bestek van oorlegpleging duidelik moet wees; (iii) dat die tydsberekening, medium en proses van oorlegpleging gepas, proporsioneel en deursigtig moet wees; (iv) oorlegplegingsmateriaal duidelik moet wees; en (v) belanghebbendes se insette oorweeg moet word en terugvoer verskaf moet word; en (b) vereistes en standaarde aangaande publikasie vasstel.’’. Wysiging van artikel 20 van Wet 97 van 1990, soos gewysig deur artikel 6 van Wet 41 van 1992 en artikel 25 van Wet 22 van 2008 - 62 Verify source ↗
Artikel 20 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This provision changes delegation rules and requires the board, the executive officer, and deputy executive officers to develop a delegation system with checks and balances.
62. Artikel 20 van die Hoofwet word hierby gewysig— (a) deur die volgende subartikel na subartikel (3) in te voeg: ‘‘(3A) ’n Adjunk- uitvoerende beampte kan— (a) enige bevoegdheid gedelegeer aan die adjunk- uitvoerende beampte kragtens hierdie Wet of enige ander wetsbepaling aan ’n beampte of 5 10 15 20 25 30 35 40 45 50 78 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 78 excluding any legislative powers, including a power delegated to the executive officer under this Act; or (b) authorise such officer or employee to perform any duty assigned to the deputy executive officer under this Act or any other law.’’; (b) by the substitution for subsections (4) and (5) of the following subsections, 5 respectively: ‘‘(4) Any delegation under subsection (1), (2)(a) [or], (3)(a) or (3A)(a) does not prohibit the exercise of the power in question by the Minister, board [or], executive officer or deputy executive officer, as the case may be. (5) Anything done or omitted to be done by an officer or employee of the board, or a deputy executive officer, in the exercise of any power or the performance of any duty delegated or assigned [to him] under subsection (3) [, or by the deputy executive officers under any other law,] or subsection (3A) shall be deemed to have been done or omitted by the [executive officer] person that delegated or assigned the power or duty.’’; and (c) by the addition of the following subsection: ‘‘(6) The board, the executive officer and the deputy executive officers must develop an appropriate system of delegation that will maximise administrative and operational efficiency and provide adequate checks and balances in the performance of their functions.’’. 10 15 20 Substitution of section 21 of Act 97 of 1990, as amended by section 69 of Act 104 of 1993 and section 14 of Act 12 of 2000 - 63 Verify source ↗
The following section is hereby substituted for section 21 of the principal Act:
AI-assisted research summary: This section substitutes a new section 21 into the principal Act.
63. The following section is hereby substituted for section 21 of the principal Act: 25 ‘‘Annual report - 21 Verify source ↗
The annual report of the board must include a list of all directives and
AI-assisted research summary: The board’s annual report must list all directives and exemptions issued during the reporting period and say they are available on the official website.
21. The annual report of the board must include a list of all directives and exemptions issued under Financial Services Board legislation during the reporting period and must indicate that the directives and exemptions are available on the official web site.’’. 30 Substitution of section 22 of Act 97 of 1990, as amended by section 7 of Act 41 of 1992, section 15 of Act 12 of 2000 and section 26 of Act 22 of 2008 - 64 Verify source ↗
The following section is hereby substituted for section 22 of the principal Act:
AI-assisted research summary: Certain board-related people must not disclose or use covered information except as allowed by this section, and the board, executive officer, and deputy executive officer must develop a proper delegation system.
64. The following section is hereby substituted for section 22 of the principal Act: ‘‘Utilisation and disclosure of information and co-operation 22. (1) Other than in accordance with this section, no information obtained in the performance of any power or function under this Act, Financial Services Board legislation or sections 45 and 45B of the Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001), may be utilised or disclosed to any person by— (a) a member or alternate member, or former member or former alternate member, of the board; (b) a member or former member of a committee of the board; (c) a member or former member of the appeal board or the enforcement committee; or (d) a person referred to in section 13 (including any employee or contractor or consultant of or person acting on behalf of the board), while appointed or after such appointment has terminated. (2) (a) Information obtained in the performance of any power or function under the Acts referred to in subsection (1), including personal information 35 40 45 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 79 Wet No. 45 van 2013 79 werknemer van die raad delegeer, behalwe enige wetgewende bevoegdhede, met inbegrip van ’n bevoegdheid kragtens hierdie Wet aan die uitvoerende beampte gedelegeer; of sodanige beampte of werknemer magtig om enige plig kragtens hierdie Wet of enige ander wetsbepaling aan die adjunk- uitvoerende beampte toegeken, te verrig.’’; (b) (b) deur subartikels (4) en (5) onderskeidelik deur die volgende subartikels te vervang: ‘‘(4) ’n Delegering kragtens subartikel(1), (2) (a) [of], (3)(a) of (3A)(a) belet nie die uitoefening nie van die betrokke bevoegdheid deur die Minister, raad [of], uitvoerende beampte of adjunk- uitvoerende beampte, na gelang van die geval. (5) Iets wat gedoen of nagelaat is deur ’n beampte of werknemer van die raad, of ’n adjunk- uitvoerende beampte, by die uitoefening van ’n bevoegdheid of die uitvoering van ’n plig kragtens subartikel (3) [aan hom] gedelegeer of opgedra[, of deur die adjunk- uitvoerende beamptes kragtens ’n ander wet,] of subartikel (3A) word geag deur die [uitvoerende beampte] persoon wat die bevoegdheid of plig gedelegeer of toegeken het gedoen of nagelaat te wees.’’; en (c) deur die volgende subartikel by te voeg: ‘‘(6) Die raad, die uitvoerende beampte en die adjunk- uitvoerende ’n gepaste stelsel van delegering ontwikkel wat beampte moet administratiewe en operasionele doeltreffendheid sal maksimeer en voldoende wigte en teenwigte in die verrigting van hul werksaamhede voorsien.’’. 5 10 15 20 25 Vervanging van artikel 21 van Wet 97 van 1990, soos gewysig deur artikel 69 van Wet 104 van 1993 en artikel 14 van Wet 12 van 2000 - 63 Verify source ↗
Artikel 21 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: This section says Article 21 of the main Act is replaced by a new article titled “Year Report.”
63. Artikel 21 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Jaarverslag - 21 Verify source ↗
Die raad se jaarverslag moet ’n lys insluit van alle instruksies en
AI-assisted research summary: The council’s annual report must list all instructions and exemptions issued during the reporting period and state that they are available on the official website.
21. Die raad se jaarverslag moet ’n lys insluit van alle instruksies en vrystellings tydens die verslagtydperk uitgereik kragtens wetgewing op die Raad op Finansiële Dienste en moet aandui dat die voorskrifte en vrystellings op die amptelike webwerf beskikbaar is.’’. 30 Wysiging van artikel 22 van Wet 97 van 1990, soos gewysig deur artikel 7 van Wet 41 van 1992, artikel 15 van Wet 12 van 2000 en artikel 26 van Wet 22 van 2008 35 - 64 Verify source ↗
Artikel 22 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: This section generally prohibits using or disclosing certain information except as allowed, and sets conditions for sharing it with regulatory authorities.
64. Artikel 22 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Benutting en openbaarmaking van inligting en samewerking 22. (1) Behalwe ooreenkomstig hierdie artikel, mag geen inligting wat in die verrigting van enige bevoegdheid of werksaamheid kragtens hierdie Wet, wetgewing op die Raad op Finansiële Dienste of artikels 45 en 45B van die Wet op die Finansiële Intelligensiesentrum, 2001 (Wet No. 38 van 2001), gebruik word of aan enige persoon openbaar gemaak word nie deur— (a) ’n lid of alternatiewe lid, of voormalige lid of voormalige alternatiewe lid, van die raad; ’n lid of voormalige lid van ’n komitee van die raad; ’n lid of voormalige lid van die appèlraad of die afdwingingskomitee; of ’n persoon in artikel 13 bedoel (met inbegrip van ’n werknemer of kontrakteur of konsultant van of persoon wat namens die raad optree), terwyl hy of sy in diens van die raad is of na sodanige aanstelling beëindig is. (b) (c) (d) (2) (a) Inligting wat in die verrigting van enige bevoegdheid of werksaamheid kragtens die Wette in subartikel (1) bedoel verkry is, met inbegrip van persoonlike inligting soos in die Wet op Beskerming van 40 45 50 55 80 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 80 as defined in the Protection of Personal Information Act, 2013, may be utilised or disclosed only— (i) in the course of performing functions under, or as enabled by the Acts referred to in subsection (1); for the purposes of legal proceedings or other proceedings; (ii) (iii) when required to do so by a court; or (iv) by the executive officer or deputy executive officer if in their opinion, disclosure is appropriate— (aa) (bb) (cc) (dd) (ee) for purposes of warning the public against conducting business with a financial institution or other person conducting activities in contravention of Financial Services Board legislation; for purposes of informing the public of actions taken against a financial institution under Financial Services Board legislation; for purposes of alerting the public to activities carried out by one or more financial institutions which the executive officer or deputy executive officer believes to constitute a potential risk to consumers and in respect of which consumers should take care; in the public interest; to a regulatory authority, for the purposes— (A) of ensuring that financial sector institutions conduct their business in a manner that is consistent with and promotes the objectives of consumer and investor protection, the fair treatment of consumers and investors, efficiency and integrity in financial markets and confidence in the financial system; 5 10 15 20 25 (B) of ensuring the safety and soundness of financial institu- tions, in particular the ability of financial institutions to meet the financial commitments and obligations they incur in the course of carrying out their business; (C) of ensuring the stability of the financial system; (D) of coordinating the supervision of financial institutions 30 (ff) (gg) (hh) with other regulatory authorities; for the purposes of disclosing to any regulatory authority in accordance with a cooperation agreement referred to in subsec- tion (3)(a)(v) or otherwise, information relating to a particular financial or other institution or financial or other service or a particular individual who is or was involved in a particular financial if that regulatory institution or financial service, authority has a material interest in the information; for the purposes of developing and implementing policies and activities to deter, prevent, detect, report and remedy fraud or other criminal activity in relation to financial services; or for the purposes of anti-money laundering and combating the financing of terrorism, and the performance of supervisory functions in accordance with the Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001). (b) Information obtained under the Financial Intelligence Centre Act, 2001, other than under sections 45 and 45B of that Act, may be utilised or disclosed in accordance with sections 40 and 41 of that Act only. (c) When information is used or disclosed for the purposes referred to in paragraphs (a) and (b), such utilisation or disclosure constitutes compliance with an obligation imposed by law for purposes of sections 11(1)(c), 12(2)(d)(ii), 15(3)(c)(ii), and 18(4)(c)(ii) of the Protection of Personal Information Act, 2013. 35 40 45 50 (3) (a) The executive officer or a deputy executive officer in pursuing the 55 purposes referred to in subsection (2)(a), may,— (i) liaise with any regulatory authority on matters of common interest; STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 81 Wet No. 45 van 2013 81 Persoonlike Inligting, 2013, omskryf, verkry is, mag slegs gebruik of openbaar gemaak word— (i) in die loop van die verrigting van werksaamhede kragtens, of soos in staat gestel deur die Wette in subartikel (1) bedoel; (ii) vir die doeleindes van geregtelike verrigtinge of ander verrigtinge; (iii) wanneer ’n hof dit vereis; of (iv) deur die uitvoerende beampte of adjunk- uitvoerende beampte indien, na hul mening, openbaarmaking gepas is— (aa) om die publiek te waarsku om nie besigheid te doen nie met ’n finansiële instelling of ander persoon wat aktiwiteite in stryd met wetgewing oor die Raad op Finansiële Dienste verrig; (bb) met die doel om die publiek in te lig van stappe gedoen teen ’n finansiële instelling kragtens wetgewing op die Raad op Finansiële Dienste; (dd) (ee) (cc) met die doel om die publiek se aandag te vestig op aktiwiteite wat deur een of meer finansiële instellings verrig word wat die adjunk- uitvoerende beampte vermoed ’n potensiële risiko vir verbruikers inhou en ten opsigte waarvan verbruikers versigtig moet wees; in die openbare belang; aan ’n reguleringsowerheid, met die doel— (A) om te verseker dat finansiële sektor instellings hul sake doen op ’n wyse wat bestaanbaar is met en bevorderlik is tot die oogmerke van verbruiker- en beleggers- beskerming, die regverdige behandeling van verbruikers en beleggers, doeltreffendheid en integriteit in finansiële markte en vertroue in die finansiële stelsel; (B) om die veiligheid en gesondheid van finansiële instellings te verseker, in die besonder die vermoë van finansiële instellings om die finansiële verbintenisse en verpligtinge wat hulle in die loop van die verrigting van hul sake opdoen, na te kom; (C) om die stabiliteit van die finansiële stelsel te verseker; (D) om toesig oor finansiële instellings met ander regule- ringsowerhede te koördineer; (ff) met die doel om inligting met betrekking tot ’n bepaalde finansiële of ander instelling of finansiële of ander diens of ’n bepaalde individu wat by ’n bepaalde finansiële instelling of finansiële diens betrokke was, aan enige reguleringsowerheid openbaar te maak ooreenkomstig ’n samewerkingsooreenkoms in subartikel (3)(a)(v) bedoel, of andersins, indien daardie reguleringsowerheid ’n wesenlike belang in die inligting het; (gg) met die doel om beleid en aktiwiteite te ontwikkel en te implementeer om bedrog of ander kriminele aktiwiteit met betrekking tot finansiële dienste, af te skrik, te voorkom, te bespeur, aan te meld en reg te stel; (hh) vir anti-geldwassery en om die finansiering van terrorisme te bestry, en vir die verrigting van toesighoudende werksaamhede ooreenkomstig die Wet op die Finansiële Intelligensiesentrum, 2001 (Wet No. 38 van 2001). (b) Inligting wat kragtens die Wet op die Finansiële Intelligensiesentrum, 2001, verkry is, behalwe kragtens artikels 45 en 45B van daardie Wet, mag gebruik of openbaar gemaak word slegs ooreenkomstig artikels 40 en 41 van daardie Wet. (c) Wanneer inligting gebruik of openbaar gemaak word vir die doeleindes in paragrawe (a) en (b) bedoel, stel sodanige gebruik of openbaarmaking voldoening daar aan ’n verpligting by wet opgelê by die toepassing van artikels 11(1)(c), 12(2)(d)(ii), 15(3)(c)(ii), en 18(4)(c)(ii) van die Wet op Beskerming van Persoonlike Inligting, 2013. 5 10 15 20 25 30 35 40 45 50 55 (3) (a) Die uitvoerende beampte of ’n adjunk- uitvoerende beampte, 60 mag, in die nastreef van die doeleindes in subartikel (2)(a) bedoel— (i) met enige reguleringsowerheid skakel oor aangeleenthede van gemeenskaplike belang; 82 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 82 (ii) participate in the proceedings of any regulatory authority; (iii) advise or receive advice from any regulatory authority; (iv) prior to taking regulatory action which the executive officer or a deputy executive officer deems material against a financial institution, inform any regulatory authorities that the executive officer or a deputy executive officer deems to have a material interest in that financial institution of the pending regulatory action, or where this is not possible, inform the relevant regulatory authorities as soon as possible after taking the regulatory action; and (v) negotiate and enter into bilateral or multilateral cooperation agree- ments, including memoranda of understanding, with regulatory authorities, including regulatory authorities in whose countries a subsidiary or holding company of a financial institution is incorpo- rated or a branch is situated, to, amongst others— (aa) co-ordinate and harmonise the reporting and other obligations of (A) financial institutions; and (B) issuers as defined in the Financial Markets Act, 2012 (Act No. 19 of 2012); (bb) provide mechanisms for the exchange of information, includ- ing, but not limited to a provision that the executive officer, deputy executive officer or regulatory authority— (A) be informed of adverse assessments of qualitative aspects of the operations of a financial institution; or (B) may provide information regarding significant problems that are being experienced within a financial institution; (cc) provide procedures for the coordination of supervisory activi- ties to facilitate the monitoring of financial institutions or issuers as defined in the Financial Markets Act, 2012 (Act No. 19 of 2012), on an on-going basis, including, but not limited to, a provision that the executive officer or deputy executive officer may conduct an on-site visit or an inspection of a financial institution or issuers as defined in the Financial Markets Act, 2012, on the request of a regulatory authority, and that the regulatory authority may assist the registrar in such on-site examination or inspection; (dd) assist any regulatory authority in paragraph (a) of the definition of regulatory authority in regulating and enforcing any laws of that regulatory authority that are similar to Financial Services Board legislation. (b) An agreement referred to in paragraph (a)(v), which complies with the requirements set out in subsection (4), constitutes an agreement that complies with the requirements of section 72(1) of the Protection of Personal Information Act, 2013. (4) (a) Information may only be disclosed to another regulatory authority if, prior to providing information, it is established that the regulatory authority that will receive the information has appropriate safeguards in place to protect the information, which safeguards must be similar to those provided for in this section. to (b) A person referred to in subsection (1) may only consent information provided to a regulatory authority being made available to third parties if that person is satisfied that the third parties have appropriate safeguards in place to protect the information received, which safeguards must be similar to those provided for in this section. 5 10 15 20 25 30 35 40 45 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 83 Wet No. 45 van 2013 83 (ii) deelneem in die verrigtinge van enige reguleringsowerheid; (iii) enige reguleringsowerheid van raad bedien of raad van ’n reguleringsowerheid ontvang; (iv) voordat reguleringstappe wat die uitvoerende beampte of ’n adjunk- uitvoerende beampte ag belangrik te wees teen ’n finansiële instelling gedoen word, enige reguleringsowerhede wat die uitvoerende beampte of ’n adjunk- uitvoerende beampte ag ’n wesenlike belang in daardie finansiële instelling te hê van die hangende reguleringstappe verwittig, of dit nie moontlik is nie, die tersaaklike regulerings- owerhede so gou as moontlik verwittig nadat die reguleringstappe gedoen is; en (v) onderhandel oor bilaterale of multilaterale samewerkingsooreen- komste en dit aangaan, met inbegrip van aktes van verstandhouding, met reguleringsowerhede, met inbegrip van reguleringsowerhede in wie se lande ’n filiaal of houermaatskappy van ’n finansiële instelling ingelyf is of ’n tak geleë is, om, onder andere— (aa) die verslagdoenings en ander verpligtinge van— (A) finansiële instellings; en (B) uitreikers soos omskryf in die ‘Financial Markets Act, te koördineer en in 2012’ (Wet No. 19 van 2012), ooreenstemming te bring; (bb) meganismes voorsien vir die uitruil van inligting, met inbegrip van, maar nie beperk nie tot, ’n bepaling dat die uitvoerende beampte, regulerings- owerheid— adjunk- uitvoerende beampte of (A) ingelig moet word van nadelige assesserings van kwalitatiewe aspekte van die bedryf van ’n finansiële instelling; of (B) kan inligting verskaf aangaande beduidende probleme wat in ’n finansiële instelling ervaar word; (cc) prosedures voorsien vir die koördinering van toesighoudende aktiwiteite om die monitering van finansiële instellings of uitreikers soos omskryf in die ‘Financial Markets Act, 2012’ (Wet No. 19 van 2012), op ’n voortgesette grondslag vergemaklik, met inbegrip van, maar nie beperk nie tot, ’n bepaling dat die uitvoerende beampte of adjunk- uitvoerende beampte ’n besoek ter plaatse of ’n inspeksie van ’n finansiële instelling of uitreikers soos omskryf in die ‘Financial Markets Act, 2012’, kan doen, op versoek van ’n reguleringsowerheid, en dat die reguleringsowerheid die registrateur in sodanige ondersoek of inspeksie ter plaatse kan bystaan; (dd) enige reguleringsowerheid in paragraaf (a) van die omskrywing van reguleringsowerheid bedoel, bystaan in die regulering en afdwinging van enige wette aangaande daardie regulerings- owerheid wat soortgelyk is aan wetgewing op die Raad op Finansiële Dienste. (b) ’n Ooreenkoms in paragraaf (a)(v) bedoel, wat voldoen aan die vereistes in subartikel (4) uiteengesit, stel ’n ooreenkoms daar wat voldoen aan die vereistes van artikel 72(1) van die Wet op Beskerming van Persoonlike Inligting, 2013. (4) (a) Inligting kan slegs aan ’n ander reguleringsowerheid openbaar gemaak word indien, voor die inligting verskaf word, daar vasgestel word dat die reguleringsowerheid wat die inligting sal ontvang gepaste veiligheidsmaatreëls in plek het om die inligting te beskerm, welke veiligheidsmaatreëls soortgelyk moet wees aan dié waarvoor in hierdie artikel voorsiening gemaak word. (b) ’n Persoon in subartikel (1) bedoel kan slegs instem dat inligting wat aan ’n reguleringsowerheid voorsien is, aan derde partye beskikbaar gestel word indien daardie persoon tevrede is dat die derde partye gepaste veiligheidsmaatreëls in plek het om die inligting wat ontvang is te beskerm, welke veiligheidsmaatreëls soortgelyk moet wees aan dié waarvoor in hierdie artikel voorsiening gemaak word. 5 10 15 20 25 30 35 40 45 50 55 60 84 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 84 (c) Information may only be requested from another regulatory authority in performing the powers and functions under the Acts referred to in subsection (1). (d) Any information requested from or provided by another regulatory authority— (i) must only be used for the purpose for which it was requested; (ii) must not be made available to third parties without the consent of the (iii) regulatory authority that provided the information; if lawfully compelled to make information provided by a regulatory authority available— (aa) inform that regulatory authority of the event and the circum- stances under which the information will be made available; and reasonable means to oppose the (bb) where possible, use all 5 10 disclosure of or protect the information. (5) For the purposes of this section, information does not include— 15 (a) aggregate statistical data; (b) information and analysis about the financial condition or business conduct practises of a financial services sector or a part thereof.’’. Substitution of section 23 of Act 97 of 1990, as substituted by section 27 of Act 22 of 2008 20 - 65 Verify source ↗
The following section is hereby substituted for section 23 of the principal Act:
AI-assisted research summary: This section substitutes a new section 23 in the principal Act, titled “Limitation of liability.”
65. The following section is hereby substituted for section 23 of the principal Act: ‘‘Limitation of liability - 23 Verify source ↗
No person shall be liable for any loss sustained by, or damage caused
AI-assisted research summary: A person is not liable for loss or damage caused to another person when acting or omitting in good faith, and without gross negligence, while exercising a power or carrying out a duty or function under the listed Acts.
23. No person shall be liable for any loss sustained by, or damage caused to, any other person as a result of anything done or omitted by that person in the bona fide[, but not grossly negligent,] exercise of any power or the carrying out of any duty or the performance of any function under or in terms of this Act, the Acts referred to in the definition of ‘financial institution’, the Inspection of Financial Institutions Act, 1998 (Act No. 80 of 1998), or the Financial Institutions (Protection of Funds) Act, 2001 (Act No. 28 of 2001).’’. 25 30 Substitution of section 28 of Act 97 of 1990, as substituted by section 19 of Act 12 of 2000 - 66 Verify source ↗
The following section is hereby substituted for section 28 of the principal Act:
AI-assisted research summary: This section gives Financial Services Board legislation priority over conflicting laws and limits the Consumer Protection Act’s application to matters covered by that legislation.
66. The following section is hereby substituted for section 28 of the principal Act: ‘‘Application of Act and Financial Services Board legislation in relation to other legislation 35 28. (1) The provisions of this Act shall not affect the operation of any bank or mutual bank registered in terms of the Banks Act, 1990 (Act No. 94 of 1990), or the Mutual Banks Act, 1993 (Act No. 124 of 1993), respectively, in respect of any bank or mutual bank business carried on by such a bank or mutual bank in accordance with the provisions of the said Acts. (2) (a) Subject to subsections (1) and (4), the provisions of Financial Services Board legislation prevail over any provision of other legislation that conflicts with or is inconsistent with a provision of Financial Services Board legislation. (b) Without derogating from the generality of paragraph (a), the Consumer Protection Act, 2008 (Act No. 68 of 2008), does not apply to— (i) any function, act, transaction, goods or services that is or are subject to Financial Services Board legislation; or 40 45 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 85 Wet No. 45 van 2013 85 (c) Inligting mag slegs van ’n ander reguleringsowerheid aangevra word in die verrigting van die bevoegdhede en werksaamhede kragtens die Wette in subartikel (1) bedoel. (d) Enige inligting van ’n ander reguleringsowerheid aangevra of deur ’n ander reguleringsowerheid voorsien— (i) moet slegs gebruik word vir die doel waarvoor dit aangevra is; (ii) moet nie aan derde partye beskikbaar gestel word sonder die toestemming van die reguleringsowerheid wat die inligting voorsien het nie; indien regmatig verplig om inligting wat deur ’n reguleringsowerheid voorsien is beskikbaar te stel— (aa) daardie reguleringsowerheid inlig van die gebeurtenis en die omstandighede waaronder die inligting beskikbaar gestel sal word; en (iii) 5 10 (bb) waar moontlik, alle redelike weë volg om die openbaarmaking 15 teen te staan of die inligting te beskerm. (5) By die toepassing van hierdie artikel, sluit inligting nie— (a) (b) saamgestelde statistiese data; inligting en analise oor die finansiële toestand of sakpraktyke van ’n finansiële dienstesektor of ’n deel daarvan, 20 in nie.’’. Vervanging van artikel 23 van Wet 97 van 1990, soos vervang deur artikel 27 van Wet 22 van 2008 - 65 Verify source ↗
Artikel 23 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: Article 23 of the principal Act is replaced with a new article headed “Limitation of liability”.
65. Artikel 23 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Beperking van aanspreeklikheid - 23 Verify source ↗
Niemand is aanspreeklik vir enige verlies gely deur of skade
AI-assisted research summary: No one is liable for loss or damage caused to another person by acts or omissions done in good faith, unless the conduct is grossly negligent.
23. Niemand is aanspreeklik vir enige verlies gely deur of skade veroorsaak aan enige ander persoon as gevolg van enigiets gedoen of gelaat deur daardie persoon in die bona fide[, maar nie growwe nalatige nie,] uitoefening van enige bevoegdheid of uitvoering van enige plig of verrigting van enige werksaamheid kragtens of ingevolge hierdie Wet, die Wette bedoel in die omskrywing van ‘finansiële instelling’, die Wet op Inspeksie van Finansiële Instellings, 1998 (Wet No. 80 van 1998), of die Wet op Finansiële Instellings (Beskerming van Fondse), 2001 (Wet No. 28 van 2001).’’. 25 30 Vervanging van artikel 28 van Wet 97 van 1990, soos vervang deur artikel 19 van Wet 12 van 2000 35 - 66 Verify source ↗
Artikel 28 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: This section sets priority rules for Financial Services Board legislation over conflicting laws, with exceptions.
66. Artikel 28 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Toepassing van Wet en wetgewing op die Raad op Finansiële Dienste met betrekking tot ander wetgewing 28. (1) Die bepalings van hierdie Wet raak nie die bedryf nie van ’n bank, of onderlinge bank wat ingevolge onderskeidelik die Bankwet, 1990 (Wet No. 94 van 1990), of die Wet op Onderlinge Banke, 1993 (Wet No. 124 van 1993), geregistreer is, ten opsigte van bank- of onderlinge banksake wat deur so ’n bank of onderlinge bank ooreenkomstig die bepalings van genoemde Wette bedryf word. (2) (a) Behoudens subartikels (1) en (4), geniet die bepalings van wetgewing op die Raad op Finansiële Dienste voorrang oor enige bepaling van ander wetgewing wat in stryd of onbestaanbaar is met ’n bepaling van wetgewing op die Raad op Finansiële Dienste. (b) Sonder om afbreuk te doen aan die algemeenheid van paragraaf (a), is die ‘Consumer Protection Act, 2008’ (Wet No. 68 van 2008), nie van toepassing nie op— (i) ’n werksaamheid, handeling, transaksie, goedere of dienste wat onderhewig is aan wetgewing op die Raad op Finansiële Dienste; of 40 45 50 86 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 86 (ii) the board or a registrar referred to in Financial Services Board legislation. (3) Despite any other law, but subject to subsection (4)— (a) if any conduct regulated by Financial Services Board legislation is, partially or fully, also regulated by any other legislation— 5 (i) (ii) (iii) the Financial Services Board legislation and that other legislation may not be construed as establishing concurrent regulatory jurisdictions in respect of such conduct; the registrar referred to in the Financial Services Board legislation must be regarded as the lead authority regulating that conduct; and any action taken by that registrar in terms of the Financial Services Board legislation overrides any conflicting action taken by the organ of state administering that other legislation; if any other national legislation confers a power on or imposes a duty upon an organ of state in respect of a matter regulated by Financial Services Board legislation, that power or duty must be exercised or performed in consultation with the registrar referred to in the Financial Services Board legislation, and any decision taken in accordance with that power or duty must be taken with the approval of that registrar. (b) (4) Subsections (2) and (3) do not apply— (a) (b) (c) to section 22, to the Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001); to legislation relating to the access to subject information, the protection of information or the administration of justice administered by the Minister of Justice and Constitutional Development; and to regulators established in terms of the legislation referred to in paragraphs (a) and (b).’’. Part 4 Amendment of Long-term Insurance Act, 1998 10 15 20 25 30 Amendment of section 1 of Act 52 of 1998, as amended by section 2 of Act 17 of 2003 and section 1 of Act 27 of 2008
Part
Part 4
- 67 Verify source ↗
Section 1 of the Long-term Insurance Act, 1998 (in this Part referred to as the
AI-assisted research summary: This section amends section 1 of the Long-term Insurance Act, 1998 by changing and adding definitions, and by setting how overlapping regulatory powers are handled.
67. Section 1 of the Long-term Insurance Act, 1998 (in this Part referred to as the principal Act), is hereby amended— (a) by the deletion in subsection (1) of the definition of ‘‘Advisory Committee’’; (b) by the substitution in subsection (1) for the definition of ‘‘Companies Act’’ of 35 the following definition: ‘‘ ‘Companies Act’ means the Companies Act, [1973 (Act No. 61 of 1973)] 2008 (Act No. 71 of 2008);’’; (c) by the substitution in subsection (1) for the definitions of ‘‘financial reporting standards’’ and ‘‘financial statements’’ of the following definitions, respec- tively: ‘‘ ‘financial reporting standards’ has the meaning assigned to it section 1[(1)] of the Companies Act; ‘financial statements’ has the meaning assigned to it in section 1[(1)] of the Companies Act;’’; (d) by the insertion in subsection (1) after the definition of ‘‘Financial Services Board Act’’ of the following definition: ‘‘ ‘fit and proper requirements’ includes such qualities of competence, integrity and financial standing as may be prescribed by the Registrar by notice in the Gazette;’’; (e) by the insertion in subsection (1) after the definition of ‘‘Minister’’ of the following definition: ‘‘ ‘official web site’ means a web site as defined in section 1 of the Electronic Communications and Transactions Act, 2002 (Act No. 25 of 2002), set up by the Board;’’; 40 45 50 55 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 87 Wet No. 45 van 2013 87 (ii) die raad of ’n registrateur in wetgewing op die Raad op Finansiële Dienste bedoel. (3) Ondanks enige ander wet, maar behoudens subartikel (4)— (a) (b) indien enige optrede deur wetgewing op die Raad op Finansiële Dienste, gedeeltelik of ten volle, ook deur enige ander wetgewing gereguleer word— (i) mag die wetgewing op die Raad op Finansiële Dienste nie vertolk word as dat dit gelyktydige regulatoriese regsbevoegdheid ten opsigte van sulke gedrag daarstel nie; (iii) (ii) moet die registrateur in die wetgewing op die Raad op Finansiële Dienste bedoel, beskou word as die leidende owerheid wat daardie gedrag reguleer; en ’n handeling deur daardie registrateur ingevolge die wetgewing op ’n teenstrydige die Raad op Finansiële Dienste kanselleer handeling van die staatsorgaan wat daardie ander wetgewing administreer; indien enige ander nasionale wetgewing ’n bevoegdheid toestaan of ’n plig oplê op ’n staatsorgaan ten opsigte van ’n aangeleentheid wat deur wetgewing op die Raad op Finansiële Dienste gereguleer word, moet daardie bevoegdheid of plig uitgeoefen of verrig word in oorleg met die registrateur in die wetgewing op die Raad op Finansiële Dienste bedoel, en enige besluit ooreenkomstig daardie bevoegdheid of plig moet met die goedkeuring van die registrateur geneem word. 5 10 15 20 (4) Subartikels (2) en (3) is nie van toepassing nie— (a) op die Wet op die Finansiële Intelligensiesentrum, 2001 (Wet No. 38 25 van 2001); (b) behoudens subartikel 22, op wetgewing ten opsigte van toegang tot en beskerming van inligting, of die regspleging deur die Minister van Justisie en Staatkundige Ontwikkeling geadministreer; en (c) op reguleerders ingevolge daardie wetgewing in paragrawe (a) en (b) 30 bedoel, ingestel.’’. Deel 4 Wysiging van Langtermynversekeringswet, 1998 Wysiging van artikel 1 van Wet 52 van 1998, soos gewysig deur artikel 2 van Wet 17 van 2003 en artikel 1 van Wet 27 van 2008 35 - 67 Verify source ↗
Artikel 1 van die Langtermynversekeringswet, 1998 (in hierdie Deel die Hoofwet
AI-assisted research summary: This section amends several definitions in section 1 of the Long-term Insurance Act.
67. Artikel 1 van die Langtermynversekeringswet, 1998 (in hierdie Deel die Hoofwet genoem), word hierby gewysig— (a) deur in subartikel (1) die omskrywing van ‘‘Advieskomitee’’ te skrap; (b) deur die volgende omskrywing na die omskrywing van ‘‘amortisasiepolis’’ in subartikel (1) in te voeg: ‘‘ ‘amptelike webwerf’ ’n webwerf, soos in artikel 1 van die Wet op Elektroniese Kommunikasie en Transaksies, 2002 (Wet No. 25 van 2002), omskryf, deur die Raad opgestel;’’; (c) deur in subartikel (1) die omskrywing van ‘‘filiaal’’ deur die volgende omskrywing te vervang: ‘‘ ‘filiaal’ het die betekenis bepaal ooreenkomstig artikel 3 van die Maatskappywetp;’’; (d) deur in subartikel (1) die omskrywings van ‘‘finansiële state’’ en ‘‘finansiële verslagdoeningstandaarde’’, onderskeidelik, deur die volgende omskrywings te vervang: ‘‘ ‘finansiële state’ dieselfde as die betekenis wat daaraan toegeskryf word in artikel 1 [(1)] van die Maatskappywet; ‘finansiële verslagdoeningstandaarde’ dieselfde as die betekenis wat daaraan toegeskryf word in artikel 1 [(1)] van die Maatskappywet;’’; 40 45 50 (e) deur in subartikel (1) die omskrywing van ‘‘maatskappy met wye aandeel- 55 houding’’ te skrap; 88 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 88 (f) by the substitution in subsection (1) for the definition of ‘‘prescribe’’ of the following definition: ‘‘ ‘prescribe’ means to determine from time to time by notice on the official web site, unless notice in the Gazette is specifically required by this Act;’’; (g) by the substitution in subsection (1) for the definition of ‘‘public company’’ of the following definition: ‘‘ ‘public company’ means a public company [with a share capital which is a public company under section 19] as defined in section 1 of the Companies Act, and includes a state-owned company as defined in section 1 of that Act;’’; (h) by the insertion in subsection (1) after the definition of ‘‘public company’’ of the following definition: ‘‘ ‘publish’ means any direct or indirect communication transmitted by any medium, or any representation or reference written, inscribed, recorded, encoded upon or embedded within any medium, by means of which a person, other than the Registrar, seeks to bring any information to the attention of any other person, or all or part of the public;’’; by the substitution in subsection (1) for the definition of ‘‘Registrar’’ of the following definition: ‘‘ ‘Registrar’ means the [Registrar or the Deputy Registrar of Long-term Insurance] person referred to in section 2;’’; by the substitution in subsection (1) for the definition of ‘‘subsidiary’’ of the following definition: (i) (j) 5 10 15 20 ‘‘ ‘subsidiary’ has the meaning determined in accordance with section 3 of the Companies Act;’’; and 25 (k) by the deletion in subsection (1) of the definition of ‘‘widely-held company’’. Substitution of section 2 of Act 52 of 1998, as substituted by section 2 of Act 27 of 2008 - 68 Verify source ↗
The following section is hereby substituted for section 2 of the principal Act:
AI-assisted research summary: This section says who serves as the Registrar and Deputy Registrar of Long-term Insurance, and lets the Deputy Registrar perform the Registrar’s powers and duties when delegated and authorised.
68. The following section is hereby substituted for section 2 of the principal Act: 30 ‘‘Registrar and Deputy Registrar of Long-term Insurance 2. (1) The person appointed as executive officer in terms of section 13 of the Financial Services Board Act is the Registrar of Long-term Insurance and has the powers and duties provided for by or under this Act or any other law. (2) The person appointed as deputy executive officer in terms of section is the Deputy Registrar of 13 of the Financial Services Board Act Long-term Insurance. (3) The Deputy Registrar of Long-term Insurance exercises or carries out the powers and duties of the Registrar of Long-term Insurance to the extent that such powers have been delegated to the Deputy Registrar under section 20 of the Financial Services Board Act and to such extent that the Deputy Registrar has been authorised under section 20 of the Financial Services Board Act to perform such duties.’’. Amendment of section 3 of Act 52 of 1998 - 69 Verify source ↗
Section 3 of the principal Act is hereby amended by the substitution for subsection
AI-assisted research summary: A person may inspect only the documents the Registrar prescribes, and only after paying the Registrar’s prescribed fees.
69. Section 3 of the principal Act is hereby amended by the substitution for subsection (4) of the following subsection: ‘‘(4) A person may, upon payment of the fees prescribed by the Registrar, inspect only those documents prescribed by the Registrar, [after consultation with the 35 40 45 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 89 Wet No. 45 van 2013 89 (f) deur in subartikel (1) die omskrywing van ‘‘Maatskappywet’’ deur die volgende omskrywing te vervang: ‘‘ ‘Maatskappywet’ die Maatskappywet, [1973 (Wet No. 61 van 1973)] 2008 (Wet No. 71 van 2008);’’; (g) deur in subartikel (1) die omskrywing van ‘‘publieke maatskappy’’ deur die 5 volgende omskrywing te vervang: ‘‘ ‘publieke maatskappy’ ’n aandelekapitaal wat ’n publieke maatskappy kragtens artikel 19 van in artikel 1 van die soos omskryf die Maatskappywet Maatskappywet, en sluit ’n maatskappy in staatsbesit in soos in artikel 1 van daardie Wet omskryf;’’; publieke maatskappy [met is] ’n (h) deur in subartikel (1) die volgende omskrywing na die omskrywing van ‘‘publieke maatskappy’’ in te voeg: ‘‘ ‘publiseer’ enige regstreekse of onregstreekse kommunikasie op enige manier oorgedra, of enige verteenwoordiging of verwysing geskryf, gegraveer, opgeneem, geënkodeer op of vasgelê op enige medium, waarmee iemand behalwe die registrateur enige inligting onder die aandag van ’n persoon, of die geheel of ’n deel van die publiek, wil bring;’’; 10 15 (i) (j) deur in subartikel (1) die omskrywing van ‘‘Registrateur’’ deur die volgende omskrywing te vervang: 20 ‘‘ ‘Registrateur’ die [Registrateur of die Adjunkregistrateur van Langtermynversekering] persoon in artikel 2 bedoel;’’; deur die volgende omskrywing na die omskrywing van ‘‘uitvoerende bestuur’’ in subartikel (1) in te voeg: 25 ‘‘ ‘vereistes vir geskiktheid en gepastheid’ ook sodanige kenmerke van bevoegdheid, integriteit en finansiële status soos die Registrateur by kennisgewing in die Staatskoerant kan voorskryf;’’; en (k) deur die omskrywing van ‘‘voorskryf’’ in subartikel (1) deur die volgende omskrywing te vervang: 30 ‘‘ ‘voorskryf’ om van tyd tot tyd by kennisgewing op die amptelike webwerf, tensy kennisgewing in die Staatskoerant spesifiek deur hierdie Wet vereis word, te bepaal;’’. Vervanging van artikel 2 van Wet 52 van 1998, soos vervang deur artikel 2 van Wet No. 27 van 2008 35 - 68 Verify source ↗
Artikel 2 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: This provision replaces section 2 to define the Registrar and Deputy Registrar of Long-Term Insurance and set out their powers and duties.
68. Artikel 2 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Registrateur en Adjunkregistrateur van langtermynversekering 2. (1) Die persoon ingevolge artikel 13 van die Wet op die Raad op Finansiële Dienste as uitvoerende beampte aangestel, is die Registrateur van Langtermynversekering en het die bevoegdhede en pligte waarvoor kragtens hierdie Wet of enige ander wet voorsiening gemaak word. (2) Die persoon ingevolge artikel 13 van die Wet op die Raad op is die Finansiële Dienste as adjunk- uitvoerende beampte aangestel, Adjunkregistrateur van Langtermynversekering. (3) Die Adjunkregistrateur van Langtermynversekering oefen die bevoegdhede uit of verrig die pligte van die Registrateur van Lang- termynversekering tot die mate wat sodanige bevoegdhede kragtens artikel 20 van die Wet op die Raad op Finansiële Dienste gedelegeer is en tot sodanige mate wat die Adjunkregistrateur kragtens artikel 20 van die Wet op die Raad op Finansiële Dienste gemagtig is om sodanige pligte te verrig.’’. Wysiging van artikel 3 van Wet 52 van 1998 - 69 Verify source ↗
Artikel 3 van die Hoofwet word hierby gewysig deur subartikel (4) deur die
AI-assisted research summary: A person may access only prescribed documents held by the Registrar about a long-term insurer, and may obtain copies or extracts, after paying the fees the Registrar prescribes.
69. Artikel 3 van die Hoofwet word hierby gewysig deur subartikel (4) deur die volgende subartikel te vervang: ‘‘(4) ’n Persoon kan, teen betaling van die gelde deur die Registrateur voorgeskryf, slegs daardie dokumente deur die Registrateur [na oorlegpleging met die Advieskomitee] voorgeskryf, en wat deur die Registrateur met betrekking 40 45 50 55 90 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 90 Advisory Committee,] which are held by the Registrar under this Act in relation to a long-term insurer or obtain a copy of or extract from any such document.’’. Amendment of section 4 of Act 52 of 1998, as amended by section 3 of Act 17 of 2003 and section 3 of Act 27 of 2008 - 70 Verify source ↗
Section 4 of the principal Act is hereby amended—
AI-assisted research summary: The Registrar must publish certain public-protection directives on the official website and may inspect or direct follow-up action after an on-site visit or inspection.
70. Section 4 of the principal Act is hereby amended— (a) by the deletion of subsection (3); (b) by the substitution for paragraph (f) of subsection (4) of the following paragraph: ‘‘(f) The Registrar [may] must, where a directive is issued to ensure the protection of the public in general, publish the directive [in the Gazette] on the official web site and any other media that the Registrar deems appropriate, in order to ensure that the public may easily and reliably access the directive.’’; (c) by the deletion of subsection (6); and (d) by the addition of the following subsection: ‘‘(8) (a) The Registrar may— (i) (ii) conduct an on-site visit under Chapter 1A of the Financial Institutions (Protection of Funds) Act, 2001 (Act No. 28 of 2001); or instruct an inspector to conduct an inspection under the Inspec- tion of Financial Institutions Act, 1998 (Act No. 80 of 1998). (b) After an on-site visit or inspection has been carried out in terms of paragraph (a), the Registrar may, in accordance with section 4(2), direct the person concerned to take any steps, to refrain from performing or continuing to perform any act or to terminate or remedy any contraven- tion of or failure to comply with any provision of this Act: Provided that the registrar may not make an order contemplated in section 6D(2)(b) of the Financial Institutions (Protection of Funds) Act, 2001 (Act No. 28 of 2001).’’. Repeal of section 6 of Act 52 of 1998 - 71 Verify source ↗
Section 6 of the principal Act is hereby repealed.
AI-assisted research summary: Section 6 of the principal Act is repealed.
71. Section 6 of the principal Act is hereby repealed. Amendment of section 8 of Act 52 of 1998, as amended by section 4 of Act 17 of 2003 - 72 Verify source ↗
Section 8 of the principal Act is hereby amended—
AI-assisted research summary: The provision tightens rules on how long-term insurance businesses may be named or advertised, and bars misleading or incomplete policy advertising.
72. Section 8 of the principal Act is hereby amended— (a) by the substitution in subsection (1) for paragraph (a) of the following paragraph: ‘‘(a) subject to section 8(1)(a) of the Short-term Insurance Act, 1998, without the approval of the Registrar apply to his, her or its business or undertaking a name or description which includes the word ‘insure’, ‘assure’ or ‘underwrite’ or any derivative thereof, unless [he, she or it] such person is a long-term insurer; [or]’’; and (b) by the addition to subsection (1) of the following paragraphs: ‘‘(c) publish any advertisement, brochure or similar communication which relates to the business of a long-term insurer, or to a long-term policy, and which is misleading or contrary to the public interest or contains an incorrect statement of fact; or (d) publish any advertisement, brochure or similar communication which relates to a long-term policy that does not prominently include the name of the long-term insurer underwriting the long-term policy.’’. 5 10 15 20 25 30 35 40 45 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 91 Wet No. 45 van 2013 91 tot ’n langtermynversekeraar kragtens hierdie Wet gehou word, besigtig of ’n afskrif van of uittreksel uit so ’n dokument bekom.’’. Wysiging van artikel 4 van Wet 52 van 1998, soos gewysig deur artikel 3 van Wet 17 van 2003 en artikel 3 van Wet 27 van 2008 - 70 Verify source ↗
Artikel 4 van die Hoofwet word hierby gewysig—
AI-assisted research summary: The Registrar must publish a notice online and in other media if it is issued to protect the public, and may carry out or order inspections and then direct a person to fix or stop noncompliance, subject to one express limit.
70. Artikel 4 van die Hoofwet word hierby gewysig— (a) deur subartikel (3) te skrap; (b) deur paragraaf (f) in subartikel (4) deur die volgende paragraaf te vervang: ‘‘(f) Die Registrateur [kan] moet, indien ’n lasgewing uitgereik word om die beskerming van die publiek in die algemeen te verseker, die lasgewing publiseer [in die Staatskoerant] op die amptelike webwerf en enige ander media wat die Registrateur toepaslik ag, ten einde te verseker dat die publiek maklik en betroubaar toegang tot die lasgewing kan verkry.’’; (c) deur subartikel (6) te skrap; en (d) deur die volgende subartikel by te voeg: ‘‘(8) (a) Die Registrateur kan— (i) (ii) ’n besoek ter plaatse aflê kragtens Hoofstuk 1A van die Wet op Finansiële Instellings (Beskerming van Fondse), 2001 (Wet No. 28 van 2001); of ’n inspekteur opdrag gee om ’n inspeksie te doen kragtens die Wet op Inspeksie van Finansiële Instellings, 1998 (Wet No. 80 van 1998). (b) Nadat ’n besoek ter plaatse of inspeksie ingevolge paragraaf (a) gedoen is, kan die Registrateur, ooreenkomstig artikel 4(2), die betrokke persoon opdrag gee om enige stappe te doen, om enige handeling nie te verrig nie of om op te hou om enige handeling te verrig of om enige oortreding van of versuim om te voldoen aan enige bepaling van hierdie Wet te voldoen, te staak en reg te stel: Met dien verstande dat die registrateur nie ’n bevel in artikel 6D(2)(b) van die Wet op Finansiële Instellings (Beskerming van Fondse), 2001 (Wet No. 28 van 2001), mag uitreik nie.’’. 5 10 15 20 25 30 Herroeping van artikel 6 van Wet 52 van 1998 - 71 Verify source ↗
Artikel 6 van die Hoofwet word hierby herroep.
AI-assisted research summary: Article 6 of the Hoofwet is repealed.
71. Artikel 6 van die Hoofwet word hierby herroep. Wysiging van artikel 8 van Wet 52 van 1998, soos gewysig deur artikel 4 van Wet 17 van 2003 35 - 72 Verify source ↗
Artikel 8 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This provision restricts how insurance-related names and advertising may be used unless the Registrateur approves or the person is a long-term insurer.
72. Artikel 8 van die Hoofwet word hierby gewysig— (a) deur paragraaf (a) in subartikel (1) deur die volgende paragraaf te vervang: ‘‘(a) behoudens artikel 8(1)(a) van die Korttermynversekeringswet, 1998, sonder die goedkeuring van die Registrateur, ’n naam of beskrywing wat die woord ‘verseker’, ‘verassureer’ of ‘onderskryf’ of enige afleiding daarvan insluit, in verband met sy of haar besigheid of onderneming gebruik nie, tensy [hy of sy] sodanige persoon ’n langtermynversekeraar is; [of]’’; en (b) deur die volgende paragrawe by subartikel (1) te voeg: ‘‘(c) ’n advertensie, brosjure of soortgelyke kommunikasie publiseer wat verband hou met die besigheid van ’n langtermynversekeraar, of met ’n langtermynbeleid, en wat misleidend of strydig met die openbare belang is of ’n verkeerde stelling of feit bevat; of ’n advertensie, brosjure of soortgelyke kommunikasie publiseer wat met ’n langtermynpolis verband hou waarin die naam van die langtermynversekeraar wat die langtermynbeleid onderskryf, nie prominent verskyn nie.’’. (d) 40 45 50 92 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 92 Amendment of section 10 of Act 52 of 1998, as amended by section 5 of Act 17 of 2003 and section 5 of Act 27 of 2008 - 73 Verify source ↗
Section 10 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: A long-term insurer must have a memorandum of incorporation or equivalent constitution that is suitable for carrying on long-term insurance business.
73. Section 10 of the principal Act is hereby amended by the substitution for paragraph (g) of the following paragraph: ‘‘(g) requiring that the provisions of the [memorandum and articles of association] Memorandum of Incorporation, or equivalent constitution, of the long-term insurer must be suitable to enable it to carry on long-term insurance business; or’’. Amendment of section 12 of Act 52 of 1998 - 74 Verify source ↗
Section 12 of the principal Act is hereby amended—
AI-assisted research summary: The Registrar may, after notice and a reasonable chance to make representations, prohibit a long-term insurer from carrying on specified long-term insurance business.
74. Section 12 of the principal Act is hereby amended— (a) by the substitution in subsection (1) for paragraph (b) of the following paragraph: ‘‘(b) [(i)] has made a material misrepresentation to members of the public in connection with the long-term insurance business carried on by it; [(ii) has failed to comply with a material condition subject to which it is registered or deemed to be registered as a long-term insurer; (iii) has contravened or failed to comply with a material provision of this Act, and has thereafter, within a period determined by the Registrar, failed to remedy such conduct to the satisfaction of the Registrar; or]’’; (b) by the insertion in subsection (1) after paragraph (b) of the following paragraphs: ‘‘(bA) no longer meets the conditions under which it was registered; (bB) has failed to comply with any other condition imposed under this Act; (bC) has failed to comply with any directive issued under this Act; (bD) is in the opinion of the Registrar not managed or owned by persons who are fit and proper; or not managed in accordance with the governance and risk management framework prescribed by the Registrar in the Gazette; (bE) has contravened or failed to comply with a provision of this Act; or’’; (c) by the substitution in subsection (1) for paragraph (c) of the following paragraph: ‘‘(c) were it then to apply for registration in terms of section 9, would not be able to satisfy the Registrar as to the matters referred to in section 9(3)[(b)(i), (iii) or (iv)],’’; (d) by the substitution in subsection (2) for the words preceding paragraph (a) of the following words: ‘‘When the Registrar has given notice to a long-term insurer in accordance with subsection (1), and has allowed that insurer [at least 30 days] a reasonable period in which to make representations to the Registrar in respect of the matter, the Registrar may, by notice to the long-term insurer—’’; and (e) by the substitution in subsection (2) for paragraph (c) of the following paragraph: ‘‘(c) [if it is appropriate and if the Minister has authorised the Registrar in writing to do so,] prohibit the long-term insurer from carrying on such long-term insurance business as the Registrar may specify in the notice, and which has been specified in the first-mentioned notice.’’. 5 10 15 20 25 30 35 40 45 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 93 Wet No. 45 van 2013 93 Wysiging van artikel 10 van Wet 52 van 1998, soos gewysig deur artikel 5 van Wet 17 van 2003 en artikel 5 van Wet 27 van 2008 - 73 Verify source ↗
Artikel 10 van die Hoofwet word hierby gewysig deur paragraaf (g) deur die
AI-assisted research summary: This section amends Article 10 of the principal Act by replacing paragraph (g).
73. Artikel 10 van die Hoofwet word hierby gewysig deur paragraaf (g) deur die volgende paragraaf te vervang: ‘‘(g) waarby vereis word dat die bepalings van die [akte van oprigting en statute] die te stel om Akte konstitusie, langtermynversekeraar, geskik moet wees om hom in staat langtermynversekeringsbesigheid te dryf; of’’. van Oprigting, soortgelyke van die of Wysiging van artikel 12 van Wet 52 van 1998 - 74 Verify source ↗
Artikel 12 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends section 12 of the principal Act and expands the grounds and procedure the Registrar can use against a long-term insurer.
74. Artikel 12 van die Hoofwet word hierby gewysig— (a) deur paragraaf (b) in subartikel (1) deur die volgende paragraaf te vervang: ‘‘(b) [(i)] ’n wesenlike wanvoorstelling aan lede van die publiek gemaak het in verband met die langtermynversekeringsbesigheid wat hy dryf; [(ii) versuim het om te voldoen aan ’n wesenlike voorwaarde behoudens waaraan hy as ’n langtermynversekeraar geregistreer is of geag word geregistreer te wees; of (iii) ’n wesenlike bepaling van hierdie Wet oortree het of versuim het om daaraan te voldoen, en daarna in gebreke gebly het om binne ’n tydperk deur die Registrateur bepaal sodanige gedrag ten genoeë van die Registrateur reg te stel; of]’’; (b) deur na paragraaf (b) in subartikel (1) die volgende paragrawe in te voeg: ‘‘(bA) nie meer voldoen aan die voorwaardes waarkragtens dit geregistreer is nie; (bB) versuim het om aan ’n ander voorwaarde wat kragtens hierdie Wet opgelê is, te voldoen; (bC) versuim het om aan ’n lasgewing wat kragtens hierdie Wet uitgereik is, te voldoen; (bD) na mening van die Registrateur nie deur persone wat gepas en geskik is bestuur of besit word nie; of nie ooreenkomstig die raamwerk vir beheer- en risikobestuur deur die Registrateur in die Staatskoerant voorgeskryf, bestuur word nie; ’n bepaling van hierdie Wet oortree het of versuim het om daaraan te voldoen; of’’; (bE) 5 10 15 20 25 30 35 (c) deur paragraaf (c) in subartikel (1) deur die volgende paragraaf te vervang: ‘‘(c) as hy dan sou aansoek doen om registrasie ingevolge artikel 9, nie in staat sou wees om die Registrateur tevrede te stel nie ten opsigte van die aangeleenthede in artikel 9(3)[(b)(i), (iii) of (iv)],’’; (d) deur in subartikel (2) die woorde wat paragraaf (a) voorafgaan deur die 40 volgende woorde te vervang: ‘‘Wanneer die Registrateur kennis ooreenkomstig subartikel (1) aan ’n langtermynversekeraar gegee het, en daardie versekeraar [minstens 30 dae] ’n redelike tydperk toegelaat is om vertoë aan die Registrateur ten opsigte van die aangeleentheid te rig, kan die Registrateur, by kennisgewing aan die langtermynversekeraar—’’; (e) deur paragraaf (c) in subartikel (2) deur die volgende paragraaf te vervang: ‘‘(c) [indien dit toepaslik is en indien die Minister die Registrateur skriftelik daartoe magtig,] die langtermynversekeraar verbied om dié wat die Registrateur in die kennisgewing vermeld, van die langtermynversekeringsbesigheid wat in eersgenoemde kennisge- wing vermeld is, te dryf.’’. 45 50 94 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 Amendment of section 13 of Act 52 of 1998 94 - 75 Verify source ↗
Section 13 of the principal Act is hereby amended—
AI-assisted research summary: The Registrar may direct a long-term insurer not to take on any more long-term policies and must cancel the insurer’s registration once satisfied that all existing obligations are discharged.
75. Section 13 of the principal Act is hereby amended— (a) by the substitution in subsection (2) for the words following paragraph (c) of the following words: ‘‘by notice direct the long-term insurer concerned, with effect from a date specified in the notice, not to enter into any more long-term policies and require it to make arrangements satisfactory to the Registrar to discharge its obligations under all long-term policies entered into before the specified date and, when the Registrar is satisfied that the long-term insurer concerned no longer has any obligations under any such policy, shall, by notice to the long-term insurer and [in the Gazette] on the official web site, cancel its registration.’’; and 5 10 (b) by the substitution in subsection (3) for the words following paragraph (b) of the following words: ‘‘the Registrar shall by notice [in the Gazette] on the official web site cancel its registration.’’. 15 Substitution of section 14 of Act 52 of 1998 - 76 Verify source ↗
The following section is hereby substituted for section 14 of the principal Act:
AI-assisted research summary: This section replaces section 14 of the principal Act with a new section titled “Deregistration of long-term insurers as companies.”
76. The following section is hereby substituted for section 14 of the principal Act: ‘‘Deregistration of long-term insurers as companies - 14 Verify source ↗
For the purposes of section [73(5)] 82(3) of the Companies Act in
AI-assisted research summary: For long-term insurers, the Companies Act reference is to be read as the Commission acting together with the Registrar.
14. For the purposes of section [73(5)] 82(3) of the Companies Act in relation to a long-term insurer, the reference to the [Registrar of Companies] Commission in that section shall be construed as a reference to the [Registrar of Companies] Commission acting in concurrence with the Registrar.’’. Amendment of section 15 of Act 52 of 1998 - 77 Verify source ↗
Section 15 of the principal Act is hereby amended—
AI-assisted research summary: This section amends Section 15 so the Registrar may only impose certain prohibitions, limitations, or conditions by notice on the official web site.
77. Section 15 of the principal Act is hereby amended— (a) by the substitution in subsection (3) for the words preceding paragraph (a) of the following words: ‘‘The Registrar may only impose a prohibition or determine a limitation and a condition under subsection (1) or (2) by notice [in the Gazette] on the official web site—’’; and (b) by the substitution in subsection (3)(b) for subparagraph (ii) of the following subparagraph: ‘‘(ii) long-term insurers generally, [in the Gazette] on the official web site; and’’. 20 25 30 35 Amendment of section 19 of Act 52 of 1998, as amended by section 6 of Act 27 of 2008 - 78 Verify source ↗
Section 19 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: A long-term insurer must always have one or more auditors appointed under the Companies Act rules for a public company.
78. Section 19 of the principal Act is hereby amended by the substitution for subsection (1) of the following subsection: ‘‘(1) A long-term insurer shall at all times have one or more auditors appointed by it in accordance with the provisions of the Companies Act applicable to a [widely-held] public company.’’. 40 Amendment of section 21 of Act 52 of 1998 - 79 Verify source ↗
Section 21 of the principal Act is hereby amended by the substitution in subsection
AI-assisted research summary: The Registrar may appoint an auditor for a long-term insurer, subject to section 19 of the Act.
79. Section 21 of the principal Act is hereby amended by the substitution in subsection (1) for paragraph (a) of the following paragraph: 45 ‘‘(a) an auditor in terms of section 19(1), the Registrar may, notwithstanding [sections 269(4) and 271(1)] section 90(1) and (2)(c) of the Companies Act, but subject to section 19 of this Act, appoint an auditor for that long-term insurer;’’. STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 95 Wet No. 45 van 2013 Wysiging van artikel 13 van Wet 52 van 1998 95 - 75 Verify source ↗
Artikel 13 van die Hoofwet word hierby gewysig—
AI-assisted research summary: The Registrar may direct a long-term insurer to stop taking new long-term policies, finish its existing commitments, and then cancel the insurer’s registration by notice.
75. Artikel 13 van die Hoofwet word hierby gewysig— (a) deur in subartikel (2) die woorde wat op paragraaf (c) volg deur die volgende woorde te vervang: ‘‘die betrokke langtermynversekeraar by kennisgewing gelas om, met ingang van ’n datum in die kennisgewing vermeld, nie verder enige langtermynpolisse af te sluit nie en van hom vereis om reëlings ten genoeë van die Registrateur te tref om sy verbintenisse kragtens alle langtermynpolisse wat voor die vermelde datum afgesluit is, af te los en, wanneer die Registrateur tevrede is dat die betrokke langtermyn- versekeraar nie verder enige verbintenisse kragtens enige sodanige polis het nie, moet die Registrateur, by kennisgewing aan die langtermyn- versekeraar en [in die Staatskoerant] op die amptelike webwerf, sy registrasie kanselleer.’’; en 5 10 (b) deur in subartikel (3) die woorde wat op paragraaf (b) volg deur die volgende 15 woorde te vervang: ‘‘moet die Registrateur sy registrasie by kennisgewing [in die Staatskoerant] op die amptelike webwerf kanselleer.’’. Vervanging van artikel 14 van Wet 52 van 1998 - 76 Verify source ↗
Die volgende artikel word hierby deur artikel 14 van die Hoofwet vervang:
AI-assisted research summary: This section says the following article is replaced by section 14 of the main Act.
76. Die volgende artikel word hierby deur artikel 14 van die Hoofwet vervang: 20 ‘‘Deregistrasie van langtermynversekeraars as maatskappye - 14 Verify source ↗
By die toepassing van artikel [73(5)] 82(3) van die Maatskappywet
AI-assisted research summary: For long-term insurers, the cited Companies Act reference is to be read as a reference to the Commissioner acting with the Registrar’s consent.
14. By die toepassing van artikel [73(5)] 82(3) van die Maatskappywet met betrekking tot ’n langtermynversekeraar, word die verwysing na die [Registrateur van Maatskappye] Kommissie in daardie artikel uitgelê as ’n verwysing na die [Registrateur van Maatskappye] Kommissie handelende met die instemming van die Registrateur.’’. Wysiging van artikel 15 van Wet 52 van 1998 - 77 Verify source ↗
Artikel 15 van die Hoofwet word hierby gewysig—
AI-assisted research summary: The Registrar may only impose or determine a prohibition, restriction, or condition under subsection (1) or (2) by notice on the official website.
77. Artikel 15 van die Hoofwet word hierby gewysig— (a) deur in subartikel (3) die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘Die Registrateur kan slegs ’n verbod of ’n beperking en ’n voorwaarde kragtens subartikel (1) of (2) by kennisgewing [in die Staatskoerant] op die amptelike webwerf oplê of bepaal—’’; en (b) deur subparagraaf (ii) in subartikel (3)(b) deur die volgende subparagraaf te vervang: ‘‘(ii) langtermynversekeraars in die algemeen, [in die Staatskoerant] op die amptelike webwerf; en’’. 25 30 35 Wysiging van artikel 19 van Wet 52 van 1998, soos gewysig deur artikel 6 van Wet 27 van 2008 - 78 Verify source ↗
Artikel 19 van die Hoofwet word hierby gewysig deur subartikel (1) deur die
AI-assisted research summary: A long-term insurer must always have one or more auditors appointed in line with the Companies Act rules for a public company.
78. Artikel 19 van die Hoofwet word hierby gewysig deur subartikel (1) deur die 40 volgende subartikel te vervang: ‘‘(1) ’n Langtermynversekeraar moet te alle tye een of meer ouditeurs hê, deur hom aangestel ooreenkomstig die bepalings van die Maatskappywet van toepassing op ’n publieke maatskappy [met wye aandeelhouding].’’. Wysiging van artikel 21 van Wet 52 van 1998 - 79 Verify source ↗
Artikel 21 van die Hoofwet word hierby gewysig deur paragraaf (a) in subartikel
AI-assisted research summary: This provision amends section 21 to let the Registrar appoint an auditor for a long-term insurer, despite the cited Companies Act provisions and subject to section 19.
79. Artikel 21 van die Hoofwet word hierby gewysig deur paragraaf (a) in subartikel (1) deur die volgende paragraaf te vervang: ‘‘(a) ’n ouditeur ingevolge artikel 19(1) aan te stel, kan die Registrateur, ondanks [artikels 269(4) en 271(1)] artikel 90(1) en (2)(c) van die Maatskappywet, maar behoudens artikel 19 van hierdie Wet, ’n ouditeur vir daardie langtermynversekeraar aanstel;’’. 45 50 96 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 96 Amendment of section 23 of Act 52 of 1998, as amended by section 8 of Act 27 of 2008 - 80 Verify source ↗
Section 23 of the principal Act is hereby amended—
AI-assisted research summary: A long-term insurer’s board of directors must appoint an audit committee, despite section 94(2) of the Companies Act.
80. Section 23 of the principal Act is hereby amended— (a) by the substitution for subsection (1) of the following subsection: ‘‘(1) [The] Despite section 94(2) of the Companies Act, the board of directors of a long-term insurer shall appoint an audit committee [of at least three members of whom at least two shall be independent non-executive directors within the meaning of section 269A(4)(b) and (c) of the Companies Act].’’; and 5 (b) by the substitution of subsection (3) for the words preceding paragraph (a) of 10 the following words: ‘‘The functions of the audit committee, in addition to the functions referred to in section [270A(1)] 94(7) of the Companies Act, are—’’. Substitution of section 24 of Act 52 of 1998, as amended by section 8 of Act 17 of 2003 and section 9 of Act 27 of 2008 15 - 81 Verify source ↗
The following section is hereby substituted for section 24 of the principal Act:
AI-assisted research summary: A long-term insurer may not do certain capital or securities actions unless the Registrar approves them or sets conditions that are met.
81. The following section is hereby substituted for section 24 of the principal Act: ‘‘Preference shares, debentures, share capital and share warrants 24. (1) Notwithstanding the provisions of the Companies Act, a the approval of the Registrar or the Registrar long-term insurer shall not without otherwise than in accordance with the conditions that determines— (a) (b) (c) issue any securities or change the capital structure of the company; reduce its share capital; allow its subsidiary to acquire directly or indirectly shares in it in terms of section 48 of the Companies Act; or 20 25 (d) conclude a transaction contemplated in section 44 of the Companies Act. (2) The conditions referred to in subsection (1) may include a new or varied registration condition contemplated in section 10 or 11.’’. Amendment of section 25 of Act 52 of 1998, as amended by section 10 of Act 27 of 2008 30 - 82 Verify source ↗
Section 25 of the principal Act is hereby amended by the substitution in subsection
AI-assisted research summary: This section amends section 25 of the principal Act by replacing paragraph (b) in subsection (2).
82. Section 25 of the principal Act is hereby amended by the substitution in subsection (2) for paragraph (b) of the following paragraph: ‘‘(b) to or in the name of [an executor, administrator, trustee, curator, guardian or liquidator in the circumstances contemplated in section 103(3) of the Companies Act] an executor of the estate of a deceased shareholder of a company, a trustee of a shareholder whose estate has been sequestrated or an administrator, curator or guardian of a shareholder who is otherwise under disability;’’. 35 Amendment of section 26 of Act 52 of 1998, as amended by section 9 of Act 17 of 2003 40 - 83 Verify source ↗
Section 26 of the principal Act is hereby amended—
AI-assisted research summary: A person may not acquire or hold certain interests in a long-term insurer without the Registrar’s prior approval if it would give that person control.
83. Section 26 of the principal Act is hereby amended— (a) by the substitution for subsections (1) and (2) of the following subsections, respectively: ‘‘(1) Subject to this section, no person shall, directly or indirectly and without the prior approval of the Registrar, acquire or hold shares or any other financial interest in a long-term insurer or a related party of that long-term insurer which results in that person, directly or indirectly, alone or with a related party, exercising control over that long-term insurer. (2) No person shall, directly or indirectly and without the prior approval of the Registrar, acquire or hold shares in a long-term insurer or a related party of that long-term insurer if— 45 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 97 Wet No. 45 van 2013 97 Wysiging van artikel 23 van Wet 52 van 1998, soos gewysig deur artikel 8 van Wet 27 van 2008 - 80 Verify source ↗
Artikel 23 van die Hoofwet word hierby gewysig—
AI-assisted research summary: A long-term insurer’s board must appoint an audit committee.
80. Artikel 23 van die Hoofwet word hierby gewysig— (a) deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) [Die] Ondanks artikel 94(2) van die Maatskappywet, stel die raad van direkteure van ’n langtermynversekeraar [moet] ’n ouditkomitee [aanstel van minstens drie lede van wie minstens twee onafhanklike nie-uitvoerende direkteure binne die betekenis van artikel 269A(4)(b) en (c) van die Maatskappywet is] aan.’’; en 5 (b) deur in subartikel (3) die woorde wat paragraaf (a) voorafgaan deur die 10 volgende woorde te vervang: ‘‘Die werksaamhede van die ouditkomitee, benewens die werksaamhede bedoel in artikel [270A(1)] 94(7) van die Maatskappywet, is—’’. Vervanging van artikel 24 van Wet 52 van 1998, soos gewysig deur artikel 8 van Wet 17 van 2003 en artikel 9 van Wet 27 van 2008 15 - 81 Verify source ↗
Artikel 24 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: A long-term insurer may not do certain capital and share-related acts without the Registrar’s approval or unless it follows the Registrar’s conditions.
81. Artikel 24 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Voorkeuraandele, skuldbriewe, aandelekapitaal en aandeelbewyse 24. (1) Ondanks die bepalings van die Maatskappywet, moet ’n langtermynversekeraar nie sonder die goedkeuring van die Registrateur of behalwe ooreenkomstig die voorwaardes wat die Registrateur stel— (a) enige sekuriteite uitreik of die kapitaalstruktuur van die maatskappy (b) (c) (d) verander nie; sy aandelekapitaal verminder nie; sy filiaal toelaat om aandele in die langtermynversekeraar te verkry ingevolge artikel 48 van die Maatskappywet nie; of ’n transaksie in artikel 44 van die Maatskappywet beoog, aangaan. (2) Die voorwaardes in subartikel (1) bedoel, kan ’n nuwe of veranderde 20 25 voorwaarde op registrasie in artikel (10) of (11) beoog, insluit.’’. Wysiging van artikel 25 van Wet 52 van 1998, soos gewysig deur artikel 10 van Wet 27 van 2008 30 - 82 Verify source ↗
Artikel 25 van die Hoofwet word hierby gewysig deur paragraaf (b) in subartikel
AI-assisted research summary: This section amends article 25 of the principal law by replacing paragraph (b) in subsection (2).
82. Artikel 25 van die Hoofwet word hierby gewysig deur paragraaf (b) in subartikel (2) deur die volgende paragraaf te vervang: ‘‘(b) aan of in die naam van [enige eksekuteur, administrateur, trustee, kurator, voog of likwidateur in die omstandighede in artikel 103(3) van die Maatskappyewet beoog] ’n eksekuteur van die boedel van ’n oorlede aandeelhouer van ’n maatskappy, ’n trustee van ’n aandeelhouer wie se boedel gesekwestreer is of ’n administrateur, kurator of voog van ’n aandeelhouer wat andersins regtens onbekwaam is;’’. 35 Wysiging van artikel 26 van Wet 52 van 1998, soos gewysig deur artikel 9 van Wet 17 van 2003 40 - 83 Verify source ↗
Artikel 26 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends rules for buying or holding shares or other financial interests in a long-term insurer, including approval, notice, and voting-right limits.
83. Artikel 26 van die Hoofwet word hierby gewysig— (a) deur subartikels (1) en (2) onderskeidelik deur die volgende subartikels te vervang: ‘‘(1) Behoudens hierdie artikel mag geen persoon, regstreeks of onregstreeks en sonder die vooraf goedkeuring van die Registrateur, aandele of enige ander finansiële belang in ’n langtermynversekeraar of ’n verwante party van daardie langtermynversekeraar verkry of hou wat tot gevolg het dat daardie persoon, regstreeks of onregstreeks, alleen of saam met ’n verwante party, beheer oor daardie langtermynversekeraar uitoefen nie. (2) Geen persoon mag, regstreeks of onregstreeks en sonder die vooraf toestemming van die Registrateur, aandele in ’n langtermynversekeraar of ’n betrokke party van daardie langtermynversekeraar verkry of hou nie indien— 45 50 98 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 98 (a) prior to the conversion of shares issued with a nominal value or par value in accordance with the Companies Act, the aggregate nominal value of those shares, by itself or together with the aggregate nominal value of the shares already owned by that person or by that person and [his, her or its] related parties, will amount to 25 per cent or more of the total nominal value of all of the issued shares of the long-term insurer concerned[, without first having obtained the approval of the Registrar]; (b) after the conversion of shares issued with a nominal value or par value in accordance with the Companies Act, the total number of those shares, by itself or together with the total number of the shares already owned by that person or by that person and related parties, will amount to 25 per cent or more of all the shares in a specific class of shares issued by the long-term insurer concerned.’’; (b) by the insertion after subsection (2) of the following subsection: ‘‘(2A) A long-term insurer must inform the Registrar if a person, directly or indirectly, acquires shares or any other financial interest referred to in subsection (1) or (2) in that long-term insurer.’’; (c) by the substitution in subsection (3)(a) for subparagraph (i) of the following subparagraph: ‘‘(i) subject to the aggregate nominal value of the shares or total number of shares in a specific class of shares or aggregate number of all the shares owned by the person concerned and his, her or its related party not exceeding such percentage as may be determined by the Registrar without further approval in terms of this section;’’; (d) by the substitution in subsection (3)(c) for subparagraph (i) the following subparagraph: ‘‘(i) of the aggregate nominal value or number of a specific class; and’’; (e) by the substitution in subsection (4) for paragraphs (a) and (b) of the following paragraphs: 5 10 15 20 25 30 ‘‘(a) compelling such shareholder to reduce, within a period determined by the Court, that shareholding [with a total nominal value] to a shareholding not exceeding 25 per cent of— (i) the total nominal value or number of all the issued shares of the long-term insurer; or 35 (ii) all the shares in a specific class of shares issued by the long-term insurer; and (b) limiting, with immediate effect, the voting rights that may be exercised by such shareholder by virtue of his, her or its shareholding to [25] 15 per cent of the voting rights attached to all the issued shares of the long-term insurer.’’; (f) by the substitution in subsection (5)(a) for subparagraphs (i) and (ii) of the following subparagraphs, respectively: ‘‘(i) [his or her] a person who is recognised in law or the tenets of a religion as the spouse, life partner or civil union partner of that person; (ii) [his or her] a child[, parent] of that person, including a stepchild [or stepparent and any spouse of any such person], adopted child and a child born out of wedlock;’’; 40 45 (g) by the insertion in subsection (5)(a) after subparagraph (ii) of the following 50 subparagraphs: ‘‘(iiA) a parent or stepparent of that person; (iiB) a person in respect of whom that person is recognised in law or appointed by a Court as the person legally responsible for managing the affairs of or meeting the regular care needs of the first-mentioned person; (iiC) a person who is the permanent life partner or spouse or civil union partner of a person referred to in subparagraphs (ii), (iiA) and (iiB); 55 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 99 Wet No. 45 van 2013 99 (a) voor die omskepping van aandele uitgereik met ’n nominale waarde of pariwaarde ooreenkomstig die Maatskappywet, die totale nominale waarde van daardie aandele, opsigself of tesame met die totale nominale waarde van die aandele alreeds deur daardie persoon of daardie persoon en [sy of haar] verwante partye besit, 25 persent of meer van die totale nominale waarde van al die uitgereikte aandele van die betrokke langtermynversekeraar sal bedra[, sonder om vooraf goedkeuring van die Registrateur te verkry nie]; (b) na die omskepping van aandele uitgereik met ’n nominale waarde of pariwaarde ooreenkomstig die Maatskappywet, die totale getal van daardie aandele, opsigself of tesame met die totale getal van die aandele alreeds deur daardie persoon en verwante partye besit, 25 persent of meer van al die aandele in ’n bepaalde klas aandele uitgereik deur die betrokke langtermynversekeraar sal bedra.’’; (b) deur die volgende subartikel na subartikel (2) in te voeg: ‘‘(2A) ’n Langtermynversekeraar moet die Registrateur inlig indien ’n persoon, regstreeks of onregstreeks, aandele of enige ander finansiële belang in subartikel (1) of (2) bedoel, in daardie langtermynversekeraar verkry.’’; (c) deur subparagraaf (i) in subartikel (3)(a) deur die volgende subparagraaf te vervang: ‘‘(i) behoudens dat die totale nominale waarde van die aandele of totale getal aandele in ’n bepaalde klas aandele of gesamentlike getal van al die aandele deur die betrokke persoon en sy of haar verwante partye besit nie die persentasie oorskry wat deur die Registrateur bepaal word sonder verdere goedkeuring ingevolge hierdie artikel nie;’’; (d) deur subparagraaf (i) in subartikel (3)(c) deur die volgende subparagraaf te vervang: ‘‘(i) van die totale nominale waarde of getal van ’n bepaalde klas; en’’; (e) deur paragrawe (a) en (b) in subartikel (4) onderskeidelik deur die volgende paragrawe te vervang: ‘‘(a) om sodanige aandeelhouer te verplig om, binne ’n tydperk deur die Hof bepaal, daardie aandeelhouding te verminder tot ’n aandeel- houding [met ’n totale nominale waarde] van hoogstens 25 persent van— (i) die totale nominale waarde of getal van al die uitgereikte 5 10 15 20 25 30 35 aandele van die langtermynversekeraar; of (ii) al die aandele in ’n bepaalde klas aandele deur die lang- 40 termynversekeraar uitgereik; en (b) wat, dadelik ingaande, die stemreg wat deur sodanige aandeelhouer uit hoofde van sy of haar aandeelhouding uitgeoefen kan word, beperk tot [25] 15 persent van die stemreg verbonde aan al die uitgereikte aandele van die langtermynversekeraar.’’; (f) deur subparagraaf (i) en (ii) in subartikel (5)(a) onderskeidelik deur die volgende subparagrawe te vervang: ‘‘(i) (ii) [sy of haar] ’n persoon wat deur die wet of deur die leerstellings van ’n geloof as die gade, lewensmaat of burgerlike verbintenismaat van daardie persoon erken word; [sy of haar] ’n kind[, ouer] van daardie persoon, met inbegrip van ’n stiefkind [of stiefouer en enige gade van so ’n persoon], aangenome kind en ’n kind wat buite die eg gebore is;’’; (g) deur die volgende subparagrawe na subparagraaf (ii) in subartikel (5)(a) in te voeg: ‘‘(iiA) (iiB) (iiC) ’n ouer of stiefouer van daardie persoon; ’n persoon ten opsigte van wie daardie persoon volgens wet erken word of deur ’n Hof aangestel is as die persoon wat wettig verantwoordelik is vir die bestuur van die sake van of vervulling van gereelde versorgingsbehoeftes van die eersgenoemde persoon; ’n persoon wat die permanente lewensmaat of gade of burgerlike verbindingsmaat is van ’n persoon in subparagrawe (ii), (iiA) en (iiB) bedoel; 45 50 55 60 100 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 100 (iiD) a person who is in a commercial partnership with that person;’’; (h) by the substitution in subsection (5)(b) for subparagraph (i) of the following subparagraph: ‘‘(i) which is a company, means [its] any subsidiary [and its] or holding company [and] of that company, any other subsidiary [or] of that holding company [thereof] and any other company of which that holding company is a subsidiary;’’; and (i) by the substitution in subsection (6) for paragraphs (a), (b) and (c) of the following paragraphs, respectively: ‘‘(a) holds shares in the long-term insurer of which— (b) (i) (ii) the total nominal value represents 25 per cent or more of the nominal value of all the issued shares thereof; the total number of shares represents 25 per cent or more of all the shares in a specific class of shares issued by that long-term insurer; [holds shares which entitle such person to exercise more than 25 per cent of the voting rights attached to the issued shares of that long-term insurer] is directly or indirectly able to exercise or control the exercise of more than 15 per cent of the voting rights associated with securities of that company, whether pursuant to a shareholder agreement or otherwise; or (c) has the [power to determine the appointment of 25 per cent or more of the directors of that long-term insurer, including the power— (i) to appoint or remove, without the concurrence of another person, 25 per cent or more of the directors; or to prevent a person from being appointed as a director without another person’s consent] right to appoint or elect, or control the appointment or election of, directors of that company who control more than 15 per cent of the votes at a meeting of the board.’’. (ii) Amendment of section 28 of Act 52 of 1998 - 84 Verify source ↗
Section 28 of the principal Act is hereby amended—
AI-assisted research summary: This provision amends section 28 of the principal Act for long-term insurers and related parties.
84. Section 28 of the principal Act is hereby amended— (a) by the substitution in subsection (1) for the words preceding paragraph (a) of the following words: ‘‘No person shall, despite any other law—’’; (b) by the substitution in subsection (1) for the words following paragraph (b) of the following words: ‘‘a share in a long-term insurer or a related party of that long-term insurer allotted or issued to such first-mentioned person or registered in such person’s name contrary to this Act.’’; and (c) by the substitution for subsection (2) of the following subsection: ‘‘(2) The validity of a resolution passed by a long-term insurer or a related party of that long-term insurer shall not be affected solely by reason of a vote being cast contrary to subsection (1)(a).’’. 5 10 15 20 25 30 35 40 45 Amendment of section 32 of Act 52 of 1998 - 85 Verify source ↗
Section 32 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: This provision amends section 32 to define “policy holder fund,” and it also changes section 28 rules about shareholding, voting rights, and director appointment control.
85. Section 32 of the principal Act is hereby amended by the substitution for subsection (3) of the following subsection: ‘‘(3) For the purposes of subsection (2) ‘policy holder fund’ means a fund referred to in paragraph (a), (b) or (c) of section 29A(4) of the Income Tax Act, 1962 (Act No. 58 of 1962).’’. 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 101 Wet No. 45 van 2013 101 (iiD) ’n persoon wat in ’n kommersiële vennootskap met daardie persoon is;’’; (h) deur subparagraaf (i) in subartikel (5)(b) deur die volgende paragraaf te vervang: ‘‘(i) wat ’n maatskappy is, [sy] enige filiaal [en sy] of houermaatskappy [en] van daardie maatskappy, enige ander filiaal of houermaat- skappy [van hom] en enige ander maatskappy waarvan daardie houermaatskappy ’n filiaal is;’’; en 5 (i) deur paragrawe (a), (b) en (c) in subartikel (6) onderskeidelik deur die volgende paragrawe te vervang: 10 ‘‘(a) aandele in die langtermynversekeraar hou waarvan— (b) (i) die totale nominale waarde 25 persent of meer van die nominale waarde van al sy uitgereikte aandele verteen- woordig; (ii) die totale getal aandele 25 persent of meer van al die aandele in ’n bepaalde klas aandele uitgereik deur daardie langter- mynversekeraar verteenwoordig; [aandele hou wat so ’n persoon geregtig maak om meer as 25 persent van die stemreg verbonde aan die uitgereikte aandele van daardie langtermynversekeraar uit te oefen; of] regstreeks of onregstreeks meer as 15 persent van die stemregte wat met sekuriteite van daardie maatskappy gepaard gaan, kan uitoefen of die uitoefening daarvan kan beheer, hetsy ooreenkomstig ’n aandeelhouerooreenkoms of andersins; of (c) die [bevoegdheid het om die aanstelling van 25 persent of meer van die direkteure van daardie langtermynversekeraar te bepaal, met inbegrip van die bevoegdheid— (i) om sonder die instemming van enige ander persoon, 25 persent of meer van die direkteure aan te stel of te verwyder; of (ii) om die aanstelling van enige persoon as direkteur sonder ’n ander persoon se toestemming te verhinder] reg het om direkteure van daardie maatskappy wat meer as 15 persent van die stemme op ’n vergadering van die raad beheer, aan te stel, of om hul aanstelling of verkiesing te beheer.’’. Wysiging van artikel 28 van Wet 52 van 1998 - 84 Verify source ↗
Artikel 28 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This amendment strengthens section 28 by stating that no person may, despite any other law, be allocated, issued, or registered with a share in a long-term insurer or its related party contrary to the Act.
84. Artikel 28 van die Hoofwet word hierby gewysig— (a) deur in subartikel (1) die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘Geen persoon mag, ondanks enige ander wet—’’; (b) deur in subartikel (1) die woorde wat op paragraaf (b) volg deur die volgende woorde te vervang: ‘‘ ’n aandeel in ’n langtermynversekeraar of ’n verwante party van daardie langtermynversekeraar aan eersgenoemde persoon strydig met hierdie Wet toegeken of uitgereik of in so ’n persoon se naam geregistreer nie.’’; en (c) deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) Die geldigheid van ’n besluit deur ’n langtermynversekeraar of ’n verwante party van daardie langtermynversekeraar geneem, word nie geraak slegs omdat ’n stem strydig met subartikel (1)(a) uitgebring word nie.’’. 15 20 25 30 35 40 45 50 Wysiging van artikel 32 van Wet 52 van 1998 - 85 Verify source ↗
Artikel 32 van die Hoofwet word hierby gewysig deur subartikel (3) deur die
AI-assisted research summary: This provision replaces the definition of “polishouerfonds” in section 32(3).
85. Artikel 32 van die Hoofwet word hierby gewysig deur subartikel (3) deur die volgende subartikel te vervang: ‘‘(3) By die toepassing van subartikel (2) beteken ‘polishouerfonds ’n fonds in paragraaf (a), (b) of (c) van artikel 29A(4) van die Inkomstebelastingwet, 1962 (Wet No. 58 van 1962), bedoel.’’. 55 102 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 Amendment of section 37 of Act 52 of 1998 102 - 86 Verify source ↗
Section 37 of the principal Act is hereby amended—
AI-assisted research summary: Section 37 is amended so that certain transactions involving a long-term insurer need Registrar approval before they have legal force.
86. Section 37 of the principal Act is hereby amended— (a) by the substitution for the heading of the following heading: ‘‘[Court] Registrar approval required for compromise, arrange- ment, amalgamation, demutualisation or transfer’’; and 5 (b) by the substitution for subsection (1) of the following subsection: ‘‘(1) No transaction to which a long-term insurer is a party and which constitutes an agreement by which all or any part of the business of a long-term insurer is transferred to another person, or by which a fundamental transaction or compromise[, arrangement or amalgam- ation] contemplated in Part A of Chapter [XII] 5 and section 155 of the Companies Act is effected, or by which a long-term insurer which is not a company having a share capital is to be converted into a public company having a share capital, shall have legal force without the approval of the [Court] Registrar.’’. 10 15 Amendment of section 38 of Act 52 of 1998 - 87 Verify source ↗
Section 38 of the principal Act is hereby amended—
AI-assisted research summary: This section amends section 38 so that applications go to the Registrar and applicants must give notice, publish notice, and file supporting documents within specified timeframes.
87. Section 38 of the principal Act is hereby amended— (a) by the substitution for the heading of the following heading: ‘‘Application to [Court] Registrar’’; (b) by the substitution in subsection (1) for the words preceding paragraph (a) of 20 the following words: ‘‘When application is made to the [Court] Registrar for the approval of a transaction referred to in section 37—’’; (c) by the substitution in subsection (1)(a) for subparagraphs (i), (ii) and (iii) of the following subparagraphs, respectively: ‘‘(i) (ii) (iii) at least 60 days before lodging the application, give notice to the Registrar thereof together with full particulars of the transaction, which particulars must be provided in the form as may be required by the Registrar; at least 30 days before lodging the application, cause a notice, in the form and containing the information required by the Registrar, to be published in such official languages in the Gazette and in such other [newspapers] media as the Registrar may determine; [before lodging the application, serve upon the Registrar a copy of the notice of motion, and of all accompanying affidavits and other documents relating thereto and to be filed in support of the application] upon making the application, provide the Regis- trar with the application and all other documents relating thereto and supporting the application;’’; 25 30 35 (d) by the deletion in subsection (1)(c) of the word ‘‘and’’ at the end of 40 subparagraph (i); (e) by the substitution in subsection (1)(c) for subparagraph (ii) of the following subparagraph: ‘‘(ii) by notice, direct any party to the transaction to provide the Registrar or that person with all information and documents relating to the transaction which [he or she] the Registrar may require; and’’; (f) by the substitution in subsection (1) for paragraph (d) of the following paragraph: ‘‘(d) [the Registrar and] any policyholder, shareholder or creditor of the long-term insurer concerned may, within the period referred to in paragraph (b), file affidavits and other documents relating thereto and may appear before the Registrar and be heard [at the hearing of the application] in connection therewith.’’; 45 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 103 Wet No. 45 van 2013 Wysiging van artikel 37 van Wet 52 van 1998 103 - 86 Verify source ↗
Artikel 37 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends Article 37 so that certain long-term insurer transactions are not legally valid unless the Registrar approves them.
86. Artikel 37 van die Hoofwet word hierby gewysig— (a) deur die opskrif deur die volgende opskrif te vervang: ‘‘Goedkeuring van [Hof] Registrateur vereis vir skikking, reëling, amalgamasie, demutualisering of oordrag’’; en 5 (b) deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) Geen transaksie waarby ’n langtermynversekeraar ’n party is en wat ’n ooreenkoms uitmaak waarby die geheel of ’n gedeelte van die besigheid van ’n langtermynversekeraar aan ’n ander persoon oorgedra word, of waarby ’n wesenlike transaksie of skikking[, reëling of amalgamasie] beoog in Deel A van Hoofstuk [XII] 5 en artikel 155 van die Maatskappywet bewerkstellig word, of waarby ’n langtermyn- versekeraar wat nie ’n maatskappy met ’n aandelekapitaal is nie in ’n publieke maatskappy met ’n aandelekapitaal omskep moet word, is regtens geldig sonder die goedkeuring van die [Hof] Registrateur nie.’’. 10 15 Wysiging van artikel 38 van Wet 52 van 1998 - 87 Verify source ↗
Artikel 38 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This provision amends section 39 so that applications to the Registrar for certain transaction approvals must be preceded by notice and publication steps, with supporting documents supplied to the Registrar.
87. Artikel 38 van die Hoofwet word hierby gewysig— (a) deur die opskrif deur die volgende opskrif te vervang: ‘‘Aansoek by [Hof] Registrateur’’; (b) deur in subartikel (1) die woorde wat paragraaf (a) voorafgaan deur die 20 volgende woorde te vervang: ‘‘Wanneer aansoek by die [Hof] Registrateur gedoen word vir die goedkeuring van ’n transaksie in artikel 37 bedoel—’’; (c) deur subparagrawe (i), (ii) en (iii) in subartikel (1)(a) onderskeidelik deur die volgende subparagrawe te vervang: ‘‘(i) minstens 60 dae voor indiening van die aansoek, die Registrateur daarvan kennis gee tesame met volle besonderhede van die transaksie, welke besonderhede in die vorm wat die Registrateur kan vereis, voorsien moet word; (iii) (ii) minstens 30 dae voor indiening van die aansoek, ’n kennisgewing in die vorm en bevattende die inligting deur die Registrateur vereis, in die Staatskoerant laat publiseer in die amptelike tale en in die ander [nuusblaaie] media wat die Registrateur bepaal; [voor indiening van die aansoek, ’n afskrif van die kennis- gewing van mosie aan die Registrateur beteken, en van alle beëdigde verklarings en ander dokumente wat daarmee saamgaan en wat ter ondersteuning van die aansoek geliasseer staan te word] wanneer die aansoek gedoen word, die aansoek en alle ander dokumente wat daarmee verband hou en die aansoek ondersteun, aan die Registrateur voorsien;’’; (d) deur die woord ‘‘en’’ aan die einde van subparagraaf (i) in subartikel (1)(c) te skrap; (e) deur subparagraaf (ii) in subartikel (1)(c) deur die volgende subparagraaf te vervang: (f) ‘‘(ii) by kennisgewing enige party tot die transaksie gelas om die Registrateur of daardie persoon te voorsien van alle inligting en dokumente met betrekking tot die transaksie wat [hy of sy] die Registrateur kan vereis; en’’; deur paragraaf (d) in subartikel (1) deur die volgende paragraaf te vervang: ‘‘(d) kan [die Registrateur en] enige polishouer, aandeelhouer of skuldeiser van die betrokke langtermynversekeraar, in die tydperk in paragraaf (b) bedoel, beëdigde verklarings en ander dokumente met betrekking daartoe liasseer en [by die verhoor van die aansoek] voor die Registrateur verskyn en in verband daarmee aangehoor word.’’; 25 30 35 40 45 50 55 104 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 104 (g) by the substitution in subsection (3) for the words preceding paragraph (a) of the following words: ‘‘If a long-term insurer which is not a company having a share capital applies to the [Court] Registrar for approval of a transaction or combination of transactions in terms of a scheme which proposes or is in connection with its demutualisation, such scheme may include, and the [Court] Registrar may approve the following matters, namely—’’; and (h) by the substitution in subsection (3) for paragraph (c) of the following 5 paragraph: ‘‘(c) the date on which such scheme takes effect, which date may be a date before or after the date of approval by the [Court] Registrar.’’. 10 Amendment of section 39 of Act 52 of 1998, as amended by section 16 of Act 17 of 2003 - 88 Verify source ↗
Section 39 of the principal Act is hereby amended by the substitution for the
AI-assisted research summary: The Registrar may approve a transaction under section 37(1), but only on conditions the Registrar sets; the text also says approval shall not be granted in some unspecified cases.
88. Section 39 of the principal Act is hereby amended by the substitution for the words preceding paragraph (a) of the following words: ‘‘Notwithstanding the provisions of the Companies Act, the approval of the [Court] Registrar of a transaction referred to in section 37(1) may be granted subject to such conditions as the Registrar may determine and shall not be granted—’’. Amendment of section 40 of Act 52 of 1998 - 89 Verify source ↗
Section 40 of the principal Act is hereby amended—
AI-assisted research summary: This section amends section 40 so that, in certain transactions, the long-term insurer must send the Registrar the special resolution notice and supporting documents within 60 days, and registry officers must record the transfer without extra charges when the required documents are produced.
89. Section 40 of the principal Act is hereby amended— (a) by the substitution for subsections (1) and (2) of the following subsections, respectively: ‘‘(1) A transaction referred to in section 37(1) which is approved by the [Court] Registrar shall be binding on all persons and shall have effect as [ordered] directed by the [Court] Registrar notwithstanding anything to the contrary contained in the constitution or rules of the parties thereto. (2) Notice of the passing of a special resolution (if any) by the members of a long-term insurer confirming a transaction referred to in section 37 (1), together with a copy of the resolution and of the terms and conditions of the transaction, certified by the chairperson of the meeting at which the resolution was passed and by the public officer of the long-term insurer [to be] as a true and correct copy shall be furnished to the Registrar by the long-term insurer concerned, within 60 days of the passing of the resolution[, and certified copy of the order of Court as soon as practicable].’’; (b) by the substitution in subsection (3) for paragraph (a) of the following paragraph: ‘‘(a) The officer in charge of a deeds registry or other office in which is registered any bond or movable or immovable property which is to be transferred in accordance with a transaction referred to in section 37(1) or 70 shall, upon production by the long-term insurer concerned of the relevant bond, title deed or registration certificate and a certified copy of the [order of Court concerned] approval of the Registrar, and without payment of any duty, tax, registration fee or other charge, make the endorsements upon the bond, title deed or registration certificate and the entries in his or her registers that are necessary to effect the transfer concerned.’’; and (c) by the substitution for subsection (4) of the following subsection: ‘‘(4) A long-term insurer which is converted into a public company in accordance with this Part shall continue its corporate existence in the form of a public company incorporated under the Companies Act, and the [Registrar of Companies shall register its memorandum and articles of association in accordance with section 36] Commission shall endorse its Memorandum of Incorporation in accordance with section 14 of the Companies Act.’’. 15 20 25 30 35 40 45 50 55 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 105 Wet No. 45 van 2013 105 (g) deur in subartikel (3) die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘Indien ’n langtermynversekeraar wat nie ’n maatskappy met ’n is nie by die [Hof] Registrateur aansoek doen vir aandelekapitaal goedkeuring van ’n transaksie of kombinasie transaksies ten opsigte van ’n skema wat die demutualisering van die langtermynversekeraar voorstel of in verband daarmee is, kan so ’n skema die volgende aangeleenthede insluit, en kan die [Hof] Registrateur dit goedkeur, naamlik—’’; en (h) deur paragraaf (c) in subartikel (3) deur die volgende paragraaf te vervang: ‘‘(c) die datum waarop so ’n skema van krag word, welke datum ’n datum voor of na die goedkeuring deur die [Hof] Registrateur mag wees.’’. 5 10 Wysiging van artikel 39 van Wet 52 van 1998, soos gewysig deur artikel 16 van Wet 17 van 2003 15 - 88 Verify source ↗
Artikel 39 van die Hoofwet word hierby gewysig deur die woorde wat paragraaf
AI-assisted research summary: This section amends Article 39 so that the Registrar may grant approval for a transaction under section 37(1), subject to conditions set by the Registrar, and approval may also be refused.
88. Artikel 39 van die Hoofwet word hierby gewysig deur die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘Ondanks die bepalings van die Maatskappywet [word] kan die goedkeuring van die [Hof] Registrateur vir ’n transaksie in artikel 37(1) bedoel, verleen word behoudens sodanige voorwaardes wat die Registrateur kan bepaal en word nie verleen nie—’’. Wysiging van artikel 40 van Wet 52 van 1998 - 89 Verify source ↗
Artikel 40 van die Hoofwet word hierby gewysig—
AI-assisted research summary: A long-term insurer must give the Registrar notice and certified documents within 60 days after a special resolution is adopted, and a deeds-office officer must make the required endorsements without charge when the stated documents are provided.
89. Artikel 40 van die Hoofwet word hierby gewysig— (a) deur subartikels (1) en (2) onderskeidelik deur die volgende subartikels te vervang: ‘‘(1) ’n Transaksie bedoel in artikel 37(1) wat deur die [Hof] Registrateur goedgekeur is, is bindend vir alle persone en is van krag soos deur die [Hof beveel] Registrateur gelas ondanks enige anders- luidende bepaling in die konstitusie of reëls van die partye daartoe. (2) Kennisgewing van die aanname van ’n spesiale besluit (as daar is) deur die lede van ’n langtermynversekeraar ter bevestiging van ’n transaksie in artikel 37(1) bedoel, tesame met ’n afskrif van die besluit en van die bedinge en voorwaardes van die transaksie, deur die voorsitter van die vergadering waar die besluit geneem is en deur die openbare beampte van die langtermynversekeraar as ’n getroue en korrekte afskrif gesertifiseer, moet deur die betrokke langtermynversekeraar aan die Registrateur binne 60 dae na die aanname van die besluit verstrek word[, en ’n gesertifiseerde afskrif van die hofbevel so gou doenlik].’’; (b) deur paragraaf (a) in subartikel (3) deur die volgende paragraaf te vervang: ‘‘(a) Die beampte in beheer van ’n aktekantoor of ander kantoor waarin enige verband of roerende of onroerende eiendom geregistreer is wat oorgedra staan te word ooreenkomstig ’n transaksie in artikel 37(1) of 70 bedoel, moet, wanneer deur die betrokke langtermynversekeraar van die betrokke verband, titelakte of registrasiesertifikaat en ’n gesertifiseerde afskrif van die [betrokke hofbevel] goedkeuring van die Registrateur voorsien, en sonder betaling van enige reg, belasting, registrasiegeld of ander heffing, die endossemente op die verband, titelakte of registrasiesertifikaat en die inskrywings in sy of haar registers aanbring wat nodig is om die betrokke oordrag te bewerkstellig.’’; en (c) deur subartikel (4) deur die volgende subartikel te vervang: ‘‘(4) ’n Langtermynversekeraar wat ooreenkomstig hierdie Deel omskep is in ’n publieke maatskappy behou sy regspersoonlikheid in die vorm van ’n publieke maatskappy wat kragtens die Maatskappywet ingelyf is, en die [Registrateur van Maatskappye moet sy akte en statute ooreenkomstig artikel 63] en die Kommissie endosseer die Akte van Oprigting ooreenkomstig artikel 14 van die Maatskappywet [registreer].’’. 20 25 30 35 40 45 50 55 106 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 Substitution of heading of Part VI of Act 52 of 1998 106 - 90 Verify source ↗
The following heading is hereby substituted for the heading of Part VI of the
AI-assisted research summary: This section substitutes the heading of Part VI of the principal Act.
90. The following heading is hereby substituted for the heading of Part VI of the principal Act: ‘‘[Judicial management] Business rescue and winding-up of insurers’’. long-term 5 Substitution of section 41 of Act 52 of 1998 - 91 Verify source ↗
The following section is hereby substituted for section 41 of the principal Act:
AI-assisted research summary: The Registrar may apply for business rescue in relation to a long-term insurer, and several business rescue steps need the Registrar’s approval.
91. The following section is hereby substituted for section 41 of the principal Act: ‘‘Business rescue 41. (1) The Registrar may make an application under section 131 of the Companies Act in respect of a long-term insurer if the Registrar is satisfied, whether in accordance with section 12(3) or 35(2) of this Act, or otherwise, that it is in the interests of the policyholders of the long-term insurer to do so. 10 (2) The following acts are subject to the approval of the Registrar: (a) The resolution of a long-term insurer to begin business rescue 15 (b) (c) (d) proceedings; the appointment of a business rescue practitioner; the adoption of a business rescue plan; and the exercise of a power by the business rescue practitioner under the Companies Act. (3) In the application of Chapter 6 of the Companies Act— (a) a reference to the Commission shall be construed as a reference also to (b) (c) (d) the Registrar; the reference to creditors shall be construed as a reference also to the policyholders of the long-term insurer; a reference relating to the inability of a long-term insurer to pay all its debts, shall be construed as relating also to its inability to comply with section 29(1) of this Act; in addition to any question relating to the business of a long-term insurer, there shall be considered also the question whether any proposed action is in the interests of the policyholders. (4) If an application to a Court for an order relating to the business rescue of a long-term insurer is made by an affected person other than the Registrar— (a) it shall not be heard unless copies of the notice of motion and of all accompanying affidavits and other documents filed in support of the application have been lodged with the Registrar at least 60 days before the application is set down for hearing; the Registrar may, if satisfied that the application is not in the interests of policyholders of the long-term insurer, join in the application as a party and file affidavits and other documents in opposition to the application. (b) (5) As from the date upon which a business rescue practitioner is appointed, the business rescue practitioner of a long-term insurer shall not enter into any new long-term policies, unless the practitioner has been granted permission to do so by the Registrar.’’. 20 25 30 35 40 45 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 107 Wet No. 45 van 2013 Vervanging van opskrif van Deel VI van Wet 52 van 1998 107 - 90 Verify source ↗
Die opskrif van Deel VI van die Hoofwet word hierby deur die volgende opskrif
AI-assisted research summary: This section replaces the heading of Part VI of the principal Act with a new heading about judicial management, business rescue, and liquidation of long-term insurers.
90. Die opskrif van Deel VI van die Hoofwet word hierby deur die volgende opskrif vervang: ‘‘[Geregtelike bestuur] Ondernemingsredding en likwidasie van langtermyn- versekeraars’’. 5 Vervanging van artikel 41 van Wet 52 van 1998 - 91 Verify source ↗
Artikel 41 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: This section lets the Registrar apply for business rescue for a long-term insurer, requires certain business rescue acts to have the Registrar’s approval, and restricts new long-term policies by a business rescue practitioner unless the Registrar consents.
91. Artikel 41 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Ondernemingsredding 41. (1) Die Registrateur kan kragtens artikel 131 van die Maatskappywet ’n aansoek ten opsigte van ’n langtermynversekeraar doen indien die Registrateur oortuig is dat, hetsy ooreenkomstig artikel 12(3) of 35(2) van hierdie Wet, of andersins, dit in die belang van die polishouers van die langtermynversekeraar is om dit te doen. (2) Die volgende handelinge is onderhewig aan die goedkeuring van die 10 Registrateur: (a) Die besluit van ’n langtermynversekeraar om ’n aanvang te neem met 15 ondernemingreddingsverrigtinge; (b) die aanstelling van ’n ondernemingreddingspraktisyn; (c) die aanneming van ’n ondernemingreddingsplan; en (d) die uitoefening van ’n bevoegdheid deur die ondernemingreddings- 20 praktisyn kragtens die Maatskappywet. (3) By die toepassing van Hoofstuk 6 van die Maatskappywet— (a) word ’n verwysing na die Kommissie uitgelê as ook ’n verwysing na die Registrateur; (b) word die verwysing na krediteure uitgelê as ook ’n verwysing na die 25 polishouers van die langtermynversekeraar; (c) word ’n verwysing in verband met die onvermoë van ’n langtermyn- versekeraar om al sy skulde te betaal, uitgelê as ’n verwysing na die versekeraar se onvermoë om aan artikel 29(1) van hierdie Wet te voldoen; (d) bo en behalwe ’n vraag wat met die besigheid van ’n langtermyn- versekeraar verband hou, word ook die vraag of enige voorgestelde handeling in belang van die polishouers is, oorweeg. (4) Indien ’n geraakte persoon behalwe die Registrateur by die Hof aansoek doen om die ondernemingsredding van ’n langtermynverseke- raar— (a) word dit nie aangehoor nie tensy afskrifte van die kennisgewing van mosie en van alle gepaardgaande beëdigde verklarings en ander dokumente wat ter ondersteuning van die aansoek ingedien is, by die Registrateur ingedien is ten minste 60 dae voor die aansoek vir verhoor op die rol geplaas word; (b) kan die Registrateur, indien oortuig dat die aansoek met die belange van die polishouers van die betrokke langtermynversekeraar strydig is, homself of haarself by die aansoek voeg as ’n party en beëdigde verklarings en ander dokumente indien om die aansoek teen te staan. (5) Vanaf die datum waarop ’n ondernemingreddingspraktisyn aangestel word, gaan die ondernemingreddingspraktisyn van ’n langtermyn- versekeraar nie enige nuwe langtermynpolisse aan nie, tensy die praktisyn toestemming van die Registrateur gekry het om dit te doen.’’. 30 35 40 45 108 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 Amendment of section 42 of Act 52 of 1998 108 - 92 Verify source ↗
Section 42 of the principal Act is hereby amended—
AI-assisted research summary: This section lets the Registrar apply to court to wind up a long-term insurer, if the Registrar thinks it is in policyholders’ interests.
92. Section 42 of the principal Act is hereby amended— (a) by the substitution for the heading of the following heading: ‘‘Winding-up [by Court]’’; (b) by the substitution for subsections (1) and (2) of the following subsections, 5 respectively: ‘‘(1) Notwithstanding the provisions of the Companies Act or any other law under which a long-term insurer is incorporated, [Chapter XIV of] sections 79 to 81 of and item 9 of Schedule 5 to the Companies Act shall, subject to this section and with the necessary changes, apply in relation to the winding-up of a long-term insurer, and in such application the Registrar shall be deemed to be a person authorised [by section 346 of] under the Companies Act to make an application to the Court for the winding-up thereof. (2) The Registrar may[, with the written approval of the Minister,] make an application under [section 346 of] the Companies Act for the winding-up of a long-term insurer if [he or she] the Registrar is satisfied, whether as contemplated in section 12(3) or 35(2) of this Act, or otherwise, that it is in the interests of the policyholders of that long-term insurer to do so.’’; (c) by the substitution in subsection (3) for the words preceding paragraph (a) of the following words: ‘‘In the application of [Chapter XIV of] sections 79 to 81 of and item 9 of Schedule 5 to the Companies Act as provided by subsection (1)—’’; and (d) by the substitution in subsection (3) for paragraphs (c), (d) and (e) of the following paragraphs, respectively: ‘‘(c) notwithstanding any other provision of [that Chapter] sections 79 to 81 and item 9 of Schedule 5, there shall be considered whether a person is acting in contravention of section 7(1)(a) of this Act; [in the following sections of the Companies Act, namely— (d) (i) sections 392, 394(5) and 400,] the [reference] references to the Master, Registrar of Companies, Panel and Commission shall be construed as a reference also to the Registrar; [(ii) sections 375(5)(a) and 419(1), the reference to the Registrar of Companies shall be construed as a reference also to the Registrar; and (iii) section 400, the reference to a contravention of any provision of that Act shall be construed as a reference also to a contravention of any provision of this Act;] and [section 346(3) of the Companies Act] the requirement to give security shall not apply where the Registrar makes the application to Court.’’. (e) Amendment of section 43 of Act 52 of 1998 - 93 Verify source ↗
Section 43 of the principal Act is hereby amended—
AI-assisted research summary: Special resolutions about winding up a long-term insurer must not be filed or registered under the Companies Act, and such a resolution in the insurer’s constitution has no legal force.
93. Section 43 of the principal Act is hereby amended— (a) by the substitution for the words preceding paragraph (a) of the following words: ‘‘No special resolution relating to the winding-up of a long-term insurer as contemplated in [section 349 of] sections 79 to 81 of and item 9 of Schedule 5 to the Companies Act shall be filed or registered [in terms of section 200 of] under that Act, and no special resolution to that effect in terms of the constitution of a long-term insurer which is not a company shall have legal force—’’; and 10 15 20 25 30 35 40 45 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 109 Wet No. 45 van 2013 Wysiging van artikel 42 van Wet 52 van 1998 109
Part
Schedule 5 to the Companies Act shall be filed or registered [in terms of
- 92 Verify source ↗
Artikel 42 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends Article 42 of the principal Act about liquidation of a long-term insurer.
92. Artikel 42 van die Hoofwet word hierby gewysig— (a) deur die opskrif deur die volgende opskrif te vervang: ‘‘Likwidasie [deur Hof]’’; (b) deur subartikels (1) en (2) onderskeidelik deur die volgende subartikels te 5 vervang: ‘‘(1) Ondanks die bepalings van die Maatskappywet of enige ander wet waarkragtens ’n langtermynversekeraar ingelyf is, is [Hoofstuk XIV van die maatskappyewet] artikel 79 tot 81 van en item 9 van Bylae 5 tot die Maatskappywet behoudens hierdie artikel en met die nodige veranderinge van toepassing met betrekking tot die likwidasie van ’n langtermynversekeraar, en by so ’n toepassing word die Registrateur geag ’n persoon te wees wat [by artikel 346 van die maatskappyewet] kragtens die Maatskappywet gemagtig is om by die Hof om die likwidasie daarvan aansoek te doen. (2) Die Registrateur kan[, met die skriftelike goedkeuring van die Minister,] kragtens [artikel 346 van] die Maatskappywet om die likwidasie van ’n langtermynversekeraar aansoek doen indien [hy of sy] die Registrateur tevrede is, hetsy soos in artikel 12(3) of 35(2) van hierdie Wet beoog, of andersins, dat dit in die belang van die polishouers van daardie langtermynversekeraar is om dit te doen.’’; (c) deur in subartikel (3) die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘By die toepassing van [Hoofstuk XIV van] artikels 79 tot 81 van en item 9 van Bylae 5 tot die Maatskappywet soos by subartikel (1) bepaal—’’; en (d) deur paragrawe (c), (d) en (e) in subartikel (3) onderskeidelik deur die volgende paragrawe te vervang: ‘‘(c) word, ondanks enige ander bepaling van [daardie Hoofstuk] artikels 79 tot 81 en item 9 van Bylae 5, dit oorweeg of ’n persoon strydig met artikel 7(1)(a) van hierdie Wet optree; (d) word [in die volgende artikels van die Maatskappywet, naamlik— (i) artikels 392, 394(5) en 400,] die [verwysing] verwysings na die Meester, Registrateur van Maatskappye, Paneel en Kommissie ook as ’n verwysing na die Registrateur uitgelê; [(ii) artikels 375(5)(a) en 419(1), die verwysing na die Registrateur van Maatskappye ook as ’n verwysing na die Registrateur uitgelê; en (iii) artikel 400, die verwysing na ’n oortreding van ’n bepaling van daardie Wet ook as ’n verwysing na ’n oortreding van ’n bepaling van hierdie Wet uitgelê;] en is [artikel 346(3) van die Maatskappywet] die vereiste om sekuriteit te verskaf nie van toepassing nie waar die Registrateur die aansoek by die Hof doen.’’. (e) Wysiging van artikel 43 van Wet 52 van 1998 - 93 Verify source ↗
Artikel 43 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This provision amends Article 43 and limits when certain special resolutions about winding up a long-term insurer can be registered or have legal force.
93. Artikel 43 van die Hoofwet word hierby gewysig— (a) deur die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘Geen spesiale besluit wat betrekking het op die likwidasie van ’n langtermynversekeraar soos beoog in [artikel 349 van] artikels 79 tot 81 van en item 9 van Bylae 5 tot die Maatskappywet word [ingevolge artikel 200 van] kragtens daardie Wet geregistreer nie, en geen spesiale besluit met daardie strekking ingevolge die konstitusie van ’n langtermynversekeraar wat nie ’n maatskappy is nie, het regskrag nie—’’; en 10 15 20 25 30 35 40 45 50 55 110 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 110 (b) by the addition of the following subsection, the existing section becoming subsection (1): ‘‘(2) Subject to item 9 of Schedule 5 to the Companies Act, the reference to a long-term insurer in this section shall for the purposes of the application of sections 79, 80 and 81 of the Companies Act be construed as a reference to a financially sound long-term insurer.’’. 5 Substitution of section 45 of Act 52 of 1998 - 94 Verify source ↗
The following section is hereby substituted for section 45 of the principal Act:
AI-assisted research summary: A person must not give or offer valuable consideration to induce someone to enter into, continue, change, or cancel a long-term policy, unless the conduct complies with rules made under section 62.
94. The following section is hereby substituted for section 45 of the principal Act: ‘‘Prohibition on inducements 45. [No] Unless done in accordance with the rules made under section 62, no person shall provide, or offer to provide, directly or indirectly, any valuable consideration as an inducement to a person to enter into, continue, vary or cancel a long-term policy, other than a reinsurance policy.’’. 10 Substitution of section 49 of Act 52 of 1998, as amended by section 17 of Act 27 of 2008 15 - 95 Verify source ↗
The following section is hereby substituted for section 49 of the principal Act:
AI-assisted research summary: This section substitutes section 49 of the principal Act with a provision about limiting remuneration to intermediaries.
95. The following section is hereby substituted for section 49 of the principal Act: ‘‘Limitation of remuneration [to intermediaries] - 49 Verify source ↗
No consideration shall be offered or provided by or on behalf of a
AI-assisted research summary: This section bars offering, providing, or accepting consideration for intermediary services, except for commission or remuneration allowed by the regulations and only if done in accordance with them.
49. No consideration shall be offered or provided by or on behalf of a long-term insurer, a policyholder or [a] any other person [on behalf of the long-term insurer], or accepted by any independent intermediary or any other person, for rendering services [as intermediary as] referred to in the regulations, other than commission or remuneration contemplated in the regulations and otherwise than in accordance with the regulations.’’. Repeal of section 50 of Act 52 of 1998 - 96 Verify source ↗
Section 50 of the principal Act is hereby repealed.
AI-assisted research summary: Section 50 of the principal Act is repealed.
96. Section 50 of the principal Act is hereby repealed. Amendment of section 51 of Act 52 of 1998 20 25 - 97 Verify source ↗
Section 51 of the principal Act is hereby amended by the substitution for the
AI-assisted research summary: This provision amends section 51 by replacing the wording after paragraph (b) with wording about premium arrangements approved to the Registrar’s satisfaction.
97. Section 51 of the principal Act is hereby amended by the substitution for the words following paragraph (b) of the following words: ‘‘or until arrangements to its satisfaction have been made for the provision of the premium by debit order, stop order, credit card or other instrument approved by the Registrar generally by notice [in the Gazette] on the official web site.’’. 30 Amendment of section 53 of Act 52 of 1998 - 98 Verify source ↗
Section 53 of the principal Act is hereby amended—
AI-assisted research summary: A policyholder may demand cash payment for a non-cash policy benefit, and the cash amount must match its value.
98. Section 53 of the principal Act is hereby amended— (a) by the substitution for subsection (1) of the following subsection: ‘‘(1) Despite the terms of an assistance policy entered into before 1 June 2009, the policyholder is entitled to demand that a policy benefit which is expressed otherwise than as a sum of money must be provided as a sum of money, in which case the sum of money must be equal in value to the [cost the long-term insurer] policy benefit that would have [incurred] been provided by the insurer or any person acting on behalf of the insurer had the policy benefit been provided otherwise than as a sum of money.’’; and 35 40 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 111 Wet No. 45 van 2013 111 (b) deur die volgende subartikel by te voeg, terwyl die bestaande artikel subartikel (1) word: ‘‘(2) Behoudens item 9 van Bylae 5 tot die Maatskappywet, word die verwysing na ’n langtermynversekeraar in hierdie artikel vir die doel- eindes van die toepassing van artikels 79, 80 en 81 van die Maatskappy- wet uitgelê dat dit na ’n finansieel gesonde langtermynversekeraar verwys.’’. Vervanging van artikel 45 van Wet 52 van 1998 - 94 Verify source ↗
Artikel 45 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: A person must not give or offer money-worthy consideration to induce another person to take out, keep, change, or cancel a long-term policy, unless the conduct follows rules made under section 62.
94. Artikel 45 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Verbod op aanmoediging 45. [Geen persoon mag] Tensy dit ooreenkomstig die reëls kragtens artikel 62 gemaak gedoen word, mag geen persoon regstreeks of onregstreeks enige geldwaardige teenprestasie verskaf, of aanbied om dit te verskaf, as ’n aanmoediging aan ’n ander persoon om ’n langtermynpolis, behalwe ’n herversekeringspolis, af te sluit, van krag te hou, te wysig of te kanselleer nie.’’. Vervanging van artikel 49 van Wet 52 van 1998, soos gewysig deur artikel 17 van Wet 27 van 2008 - 95 Verify source ↗
Artikel 49 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: This section replaces Article 49 of the Constitution with a new article titled “Limitation on remuneration [to intermediaries]”.
95. Artikel 49 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Beperking op vergoeding [aan tussengangers] - 49 Verify source ↗
Geen teenprestasie word deur of namens ’n langtermynversekeraar,
AI-assisted research summary: A long-term insurer, policyholder, or anyone acting for the insurer must not offer or provide compensation for intermediary services, and an independent intermediary must not accept it, except for commission or remuneration allowed by the regulations.
49. Geen teenprestasie word deur of namens ’n langtermynversekeraar, ’n polishouer of [’n] enige ander persoon namens die langtermyn- versekeraar aangebied of verskaf of deur ’n onafhanklike tussenganger aanvaar vir dienste [as tussenganger] gelewer, soos in die regulasies bedoel, behalwe kommissie of vergoeding in die regulasies beoog en andersins as ooreenkomstig die regulasies nie.’’. 5 10 15 20 25 Herroeping van artikel 50 van Wet 52 van 1998 - 96 Verify source ↗
Artikel 50 van die Hoofwet word hierby herroep.
AI-assisted research summary: Article 50 of the main Act is repealed.
96. Artikel 50 van die Hoofwet word hierby herroep. Wysiging van artikel 51 van Wet 52 van 1998 - 97 Verify source ↗
Artikel 51 van die Hoofwet word hierby gewysig deur die woorde wat op
AI-assisted research summary: This provision amends Article 51 of the principal Act by replacing wording about when payment arrangements are acceptable.
97. Artikel 51 van die Hoofwet word hierby gewysig deur die woorde wat op 30 paragraaf (b) volg deur die volgende woorde te vervang: ‘‘ontvang het, of totdat reëlings ten genoeë van hom getref is vir die verskaffing van die premie by wyse van debietorder, stoporder, kredietkaart of ander instrument deur die Registrateur in die algemeen by kennisgewing [in die Staatskoerant] op die amptelike webwerf goedgekeur.’’. Wysiging van artikel 53 van Wet 52 van 1998 - 98 Verify source ↗
Artikel 53 van die Hoofwet word hierby gewysig—
AI-assisted research summary: A policyholder under an assistance policy concluded before 1 June 2009 may insist that a non-cash policy benefit be provided as cash.
98. Artikel 53 van die Hoofwet word hierby gewysig— (a) deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) Ondanks die bepalings van ’n bystandspolis wat voor 1 Junie 2009 afgesluit is, is die polishouer geregtig om daarop aan te dring dat ’n polisvoordeel wat op ’n ander wyse dan as ’n bedrag geld uitgedruk word, verskaf word as ’n bedrag geld, in welke geval die bedrag geld gelyk moet wees in waarde aan die [koste wat die langtermyn- versekeraar sou aangegaan het] polisvoordeel wat voorsien sou word deur die versekeraar of enige persoon wat namens die versekeraar optree indien die polisvoordeel op ’n ander wyse dan as ’n bedrag geld verskaf is.’’; en 35 40 45 112 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 112 (b) by the substitution in subsection (2) for paragraph (b) of the following paragraph: ‘‘(b) state the amount of the policy benefit that is to be provided as a sum of money, which amount must be equal to the value of the policy benefit expressed otherwise than as a sum of money.’’. 5 Amendment of section 60 of Act 52 of 1998 - 99 Verify source ↗
Section 60 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: A person who took out a long-term policy in the stated circumstances may cancel it by written notice, and the Registrar may also cancel it by notice in the Gazette and on the official web site.
99. Section 60 of the principal Act is hereby amended by the substitution for subsection (2) of the following subsection: ‘‘(2) If a person has entered into a long-term policy with a long-term insurer who was, in terms of this Act, prohibited from entering or not authorised to enter into the long-term policy, or with another person who is not a long-term insurer but who has in terms of a long-term policy undertaken an obligation as insurer, that person, by notice in writing to such long-term insurer or other person, or the Registrar by notice to such long-term insurer or other person and [in the Gazette] on the official web site, may cancel the long-term policy, whereupon that person shall be deemed to be in the same legal position in respect of such long-term insurer or other person as if the policy had been cancelled by that person on account of a breach of contract by such long-term insurer or other person.’’. 10 15 Substitution of section 62 of Act 52 of 1998 - 100 Verify source ↗
The following section is hereby substituted for section 62 of the principal Act:
AI-assisted research summary: The Registrar may make, change, or withdraw insurance rules by notice in the Gazette, and must publish notice before prescribing a rule.
100. The following section is hereby substituted for section 62 of the principal Act: 20 ‘‘Protection of policyholders 62. (1) The Registrar, by notice in the Gazette, may— (a) make rules not inconsistent with this Act, aimed at ensuring for the purpose of policyholder protection that policies are entered into, executed and enforced in accordance with sound insurance principles and practice in the interests of the parties and in the public interest generally; (b) vary or rescind any such rule; and (c) determine the period which must elapse before a rule, variation or rescission takes effect after it has been published in the Gazette. (2) Without derogating from the generality of subsection (1)(a), rules may provide— (a) that provisions with a particular import may not appear in a policy and that they shall be void if they do so appear; that particular information in relation to a policy shall be made known in a particular manner to a prospective policyholder or policyholder, and what the legal consequences shall be if that is not done; that a policyholder may cancel a policy under particular circumstances and within a determined period, and what the legal consequences shall be if he or she does so; for norms and standards with which policies, long-term insurers or types of long-term insurance business must comply; for standardised wording, definitions or provisions that must be included in policies; that in respect of a contravention of, or a failure to comply with, a rule, a penalty or fine referred to in section 66(1)(c) or 67(1)(c) shall apply. (b) (c) (d) (e) (f) (3) Rules referred to in subsection (2) may— (a) apply generally; or (b) be limited in application to a particular kind or type of policies, long-term insurers or long-term insurance business. (4) (a) Before the Registrar prescribes any rule under this section, the Registrar must— (i) publish notice of the release of the proposed rule in the Gazette, indicating that the proposed rule is available on the official web site 25 30 35 40 45 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 113 Wet No. 45 van 2013 113 (b) deur paragraaf (b) in subartikel (2) deur die volgende paragraaf te vervang: ‘‘(b) die bedrag van die polisvoordeel vermeld wat as ’n bedrag geld verskaf moet word, welke bedrag gelyk moet wees aan die waarde van die polisvoordeel uitgedruk anders dan ’n bedrag geld.’’. Wysiging van artikel 60 van Wet 52 van 1998 - 99 Verify source ↗
Artikel 60 van die Hoofwet word hierby gewysig deur subartikel (2) deur die
AI-assisted research summary: A person may cancel a long-term policy by written notice if the policy was made with a prohibited or unauthorised insurer, or with another non-insurer who took on insurer obligations.
99. Artikel 60 van die Hoofwet word hierby gewysig deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) Indien ’n persoon ’n langtermynpolis afgesluit het met ’n langtermyn- versekeraar wat ingevolge hierdie Wet verbied was of nie gemagtig was om daardie langtermynpolis af te sluit nie, of met ’n ander persoon wat nie ’n langtermyn- versekeraar is nie, maar wat ingevolge ’n langtermynpolis ’n verpligting as versekeraar onderneem het, kan daardie persoon, by skriftelike kennisgewing aan daardie langtermynversekeraar of ander persoon, of die Registrateur by kennisgewing aan sodanige langtermynversekeraar of ander persoon en [in die Staatskoerant] op die amptelike webwerf, die langtermynpolis kanselleer, waarop daardie persoon geag word in dieselfde regsposisie ten opsigte van so ’n langtermynversekeraar of ander persoon te wees asof die polis deur daardie persoon gekanselleer is as gevolg van kontrakbreuk deur so ’n langtermyn- versekeraar of ander persoon.’’. Vervanging van artikel 62 van Wet 52 van 1998 - 100 Verify source ↗
Artikel 62 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: The Registrar may make, amend, or withdraw Gazette rules for policyholder protection, and must give public notice and time for comment before making a rule.
100. Artikel 62 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Beskerming van polishouers 62. (1) Die Registrateur kan, by kennisgewing in die Staatskoerant— (a) reëls maak wat nie met hierdie Wet onbestaanbaar is nie, wat daarop gemik is om vir die doeleinde van polishouerbeskerming te verseker, dat polisse afgesluit, verlei en afgedwing word ooreenkomstig gesonde versekeringsbeginsels en -praktyk in die belang van die partye en in die openbare belang in die algemeen; (b) enige sodanige reël wysig of intrek; en (c) die tydperk vasstel wat moet verstryk voordat ’n reël, wysiging of intrekking van krag word nadat dit in die Staatkoerant gepubliseer is. (2) Sonder om afbreuk te doen aan die algemeenheid van subartikel (1)(a), kan reëls bepaal— (a) dat bepalings met ’n besondere strekking nie in ’n polis mag verskyn nie en dat hulle van gener waarde sal wees nie indien hulle wel aldus verskyn; (b) dat besondere inligting met betrekking tot ’n polis op ’n besondere wyse aan ’n voorgenome polishouer of polishouer bekend gemaak moet word, en wat die regsgevolge is indien dit nie gedoen word nie; (c) dat ’n polishouer ’n polis onder sekere omstandighede en binne ’n bepaalde tydperk kan kanselleer, en wat die regsgevolge is indien hy of sy dit doen; (d) vir norme en standaarde waaraan polisse, langtermynversekeraars en tipes langtermynversekeringbesighede moet voldoen; 5 10 15 20 25 30 35 40 (e) vir gestandaardiseerde bewoording, omskrywings of bepalings wat in 45 (f) polisse ingesluit moet word; en dat ten opsigte van ’n oortreding van, of versuim om te voldoen aan, ’n reël, ’n straf of boete in artikel 66(1)(c) of 67(1)(c) bedoel, van toepassing is. (3) Reëls in subartikel (2) bedoel kan— (a) (b) in die algemeen van toepassing wees; of in toepassing beperk wees tot ’n bepaalde soort of tipe polisse, langtermynversekeraars of langtermynversekeringsbesigheid. (4) (a) Voor die Registrateur ’n reël kragtens hierdie artikel maak, moet die Registrateur— (i) kennisgewing van die uitreiking van die voorgestelde reël in die Staatskoerant publiseer, waarin aangedui word dat die voorgestelde 50 55 114 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 114 and calling for public comment in writing within a period stated in the notice, which period may not be less than 30 days from the date of publication of the notice; and is in session, for submit parliamentary scrutiny at least one month before their promulgation. (b) If the Registrar alters a draft rule because of any comment, the the draft rules to Parliament, while it (ii) Registrar need not publish the alteration before making the rule. (c) After consideration of any comments received in response to the publication and tabling of the draft proposed rule in terms of paragraph (a), the Registrar may publish the final rule in the Gazette. (5) Any rule promulgated by the Minister prior to the commencement of the Financial Services Laws General Amendment Act, 2013, must be regarded as having been made under this section, and remains valid and enforceable until repealed or amended by the Registrar.’’. Amendment of section 63 of Act 52 of 1998 - 101 Verify source ↗
Section 63 of the principal Act is hereby amended—
AI-assisted research summary: Policy benefits under certain assistance, life, disability, or health policies are protected from creditors, subject to stated exceptions.
101. Section 63 of the principal Act is hereby amended— (a) by the substitution in subsection (1) for the words preceding paragraph (a) of the following words: ‘‘Subject to subsections (2), (3) and [(3)] (4), the policy benefits provided or to be provided to a person under one or more assistance, life, disability or health policies in which that person or the spouse of that person is the life insured and which has or have been in force for at least three years (or the assets acquired exclusively with those policy benefits) shall, other than for a debt secured by the policy—’’; (b) by the substitution for subsection (2) of the following subsection: ‘‘(2) The protection contemplated in subsection (1) shall apply to policy benefits and assets acquired solely with the policy benefits, for a period of five years from the date on which the policy benefits were provided.’’; and (c) by the addition of the following subsection: ‘‘(4) Policy benefits are protected as provided for in subsection (1)(a) and (b), unless it can be shown that the policy in question was taken out with the intention to defraud creditors.’’. 5 10 15 20 25 30 Amendment of section 66 of Act 52 of 1998, as amended by section 20 of Act 27 of 2008 35 - 102 Verify source ↗
Section 66 of the principal Act is hereby amended—
AI-assisted research summary: This section updates section 66 so that certain non-compliance becomes an offence with higher fines and longer imprisonment terms.
102. Section 66 of the principal Act is hereby amended— (a) by the substitution in subsection (1) for paragraph (c) of the following paragraph: ‘‘(c) where a rule contemplated in section 62(2)[(e)](f) so provides, contravenes or fails to comply with a provision of any rule [promulgated under section 62(5),] to the extent so provided; or’’; (b) by the substitution in subsection (1) for the words following paragraph (d) of the following words: ‘‘shall be guilty of an offence and liable on conviction to a fine not exceeding [R100 000] R5 million or to imprisonment for a period not exceeding [one year] five years, or to both such fine and such imprisonment.’’; and (c) by the substitution for subsection (2) of the following subsection: ‘‘(2) A person, other than a long-term insurer, who contravenes or fails to comply with a provision of section 7(1)(a), 8(3), 20(5)(b)[,] or 26(1) or (2) [or 50(4) or (6)], shall be guilty of an offence and liable on conviction to a fine not exceeding [R1 000 000] R10 million or to imprisonment for a period not exceeding 10 years, or to both such fine and such imprisonment.’’. 40 45 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 115 Wet No. 45 van 2013 115 reël op die amptelike webwerf beskikbaar is en waarin skriftelike openbare kommentaar binne ’n tydperk in die kennisgewing gestel, aangevra word, welke tydperk nie minder as 30 dae vanaf die datum van die publikasie van die kennisgewing mag wees nie; en (ii) die konsepreëls aan die Parlement voorlê, terwyl dit in sessie is, vir parlementêre ondersoek ten minste een maand voor die uitvaardiging van die reëls. (b) Indien die Registrateur ’n konsepreël na aanleiding van kommentaar verander, hoef die Registrateur nie die verandering te publiseer voor die reël gemaak word nie. (c) Na oorweging van enige kommentaar ontvang in reaksie op die publikasie en tertafellegging van die voorgestelde konsepreël ingevolge paragraaf (a), kan die Registrateur die finale reël in die Staatskoerant publiseer. (5) Enige reël wat voor die inwerkingtreding van die Algemene Wysigingswet op Wette op Finansiële Dienste, 2013, deur die Minister in werking gestel is, moet geag word kragtens hierdie artikel gemaak te wees, en geldig en afdwingbaar bly totdat die Registrateur dit herroep of wysig.’’. Wysiging van artikel 63 van Wet 52 van 1998 - 101 Verify source ↗
Artikel 63 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends Article 63 to protect certain life, disability, assistance, or health policy benefits and related assets for set periods, unless the policy was used to defraud creditors.
101. Artikel 63 van die Hoofwet word hierby gewysig— (a) deur in subartikel (1) die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘Behoudens subartikels (2) [en], (3) en (4) is die polisvoordele wat aan ’n persoon verskaf word of verskaf staan te word kragtens een of meer bystands-, lewens-, ongeskiktheids- of gesondheidspolisse waarin daardie persoon of die gade van daardie persoon die versekerde lewe is en wat vir ’n tydperk van minstens drie jaar van krag was (of die bates wat uitsluitlik met daardie polisvoordele verkry is), behalwe vir ’n skuld deur die polis verseker—’’; (b) deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) Die beskerming in subartikel (1) beoog is van toepassing op polisvoordele en bates wat alleenlik met die polisvoordele verkry is, vir ’n tydperk van vyf jaar vanaf die datum waarop die polisvoordele voorsien is.’’; en (c) deur die volgende subartikel by te voeg: ‘‘(4) Polisvoordele word beskerm soos in subartikel (1)(a) en (b) voor voorsiening gemaak, tensy getoon kan word dat die betrokke polis uitgeneem is met die bedoeling om krediteure te bedrieg.’’. 5 10 15 20 25 30 35 Wysiging van artikel 66 van Wet 52 van 1998, soos gewysig deur artikel 20 van Wet 27 van 2008 40 - 102 Verify source ↗
Artikel 66 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends section 66 and increases criminal penalties for breaching specified provisions.
102. Artikel 66 van die Hoofwet word hierby gewysig— (a) deur paragraaf (c) in subartikel (1) deur die volgende paragraaf te vervang: ‘‘(c) waar ’n reël beoog in artikel 62(2)[(e)](f) aldus bepaal, ’n bepaling van enige reël [afgekondig kragtens artikel 62(5),] in die mate aldus bepaal, oortree of versuim om daaraan te voldoen; of’’; (b) deur in subartikel (1) die woorde wat op paragraaf (d) volg deur die volgende woorde te vervang: ‘‘is aan ’n misdryf skuldig en by skuldigbevinding strafbaar met ’n boete van hoogstens [R100 000] R5 miljoen of gevangenisstraf vir ’n tydperk van hoogstens [een jaar] vyf jaar of met daardie boete sowel as daardie gevangenisstraf.’’; en (c) deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) ’n Ander persoon as ’n langtermynversekeraar wat ’n bepaling van artikel 7(1)(a), 8(3), 20(5)(b)[,] of 26(1) of (2) [of 50(4) of (6)] oortree of versuim om daaraan te voldoen, is aan ’n misdryf skuldig en by skuldigbevinding strafbaar met ’n boete van hoogstens [R1 000 000] R10 miljoen of gevangenisstraf vir ’n tydperk van hoogstens 10 jaar, of met daardie boete sowel as daardie gevangenisstraf.’’. 45 50 55 116 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 116 Amendment of section 67 of Act 52 of 1998, as amended by section 21 of Act 27 of 2008 - 103 Verify source ↗
Section 67 of the principal Act is hereby amended—
AI-assisted research summary: Section 67 is amended to broaden offence language and increase fines for non-compliance, including for long-term insurers.
103. Section 67 of the principal Act is hereby amended— (a) by the substitution in subsection (1) for paragraph (c) of the following paragraph: ‘‘(c) where a rule contemplated in section 62(2)[(e)](f) so provides, contravenes or fails to comply with a provision of any rule [promulgated under section 62(5),] to the extent so provided;’’; (b) by the substitution in subsection (1) for the words following paragraph (c) of the following words: ‘‘shall be guilty of an offence and liable on conviction to a fine not exceeding [R100 000] R5 million.’’; and (c) by the substitution for subsection (2) of the following subsection: ‘‘(2) A long-term insurer who contravenes or fails to comply with a condition contemplated in section 9(2)(a) or a provision of a notice under section 12(2)(c) or 13(2), or of section 7(1)(a), 15(1) or (2), 19(1) or (3), 20(1), (3) or (4), 24, 26(1) or (2), 29(1), 30, 31(1), 34[,] or 46 [or 50(4) or (6)], shall be guilty of an offence and liable on conviction to a fine not exceeding [R1 000 000] R10 million.’’. Amendment of section 68 of Act 52 of 1998 - 104 Verify source ↗
Section 68 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: A person must give the Registrar any required return, information, or document on time, or face a daily penalty. The Registrar may waive all or part of the penalty for good cause, and must adjust the amount annually for CPI.
104. Section 68 of the principal Act is hereby amended by the substitution for subsection (1) of the following subsection: ‘‘(1) (a) A person who fails to furnish the Registrar with a return, information or document, as provided by this Act, within the prescribed or specified period or any extension thereof, shall, irrespective of any criminal proceedings instituted against the person under this Act, be liable to a penalty not exceeding [R1 000] R5 000 for every day during which the failure continues, unless the Registrar, on good cause shown, waives the penalty or any part thereof. (b) The amount referred to in paragraph (a) must be adjusted by the Registrar annually in order to reflect the Consumer Price Index, as published by Statistics South Africa.’’. Amendment of section 71 of Act 52 of 1998, as amended by section 22 of Act 27 of 2008 - 105 Verify source ↗
Section 71 of the principal Act is hereby amended—
AI-assisted research summary: This amendment makes certain long-term insurers follow Companies Act rules as if they were public companies, and requires their financial statements to follow the standards for a widely-held public company.
105. Section 71 of the principal Act is hereby amended— (a) by the substitution for subsection (1) of the following subsection: ‘‘(1) Notwithstanding anything to the contrary in any law contained, a long-term insurer which is not a public company, shall be subject to section [36] 20 of the Companies Act with the necessary changes, as if it were a public company having a share capital.’’; and (b) by the substitution for subsection (3) of the following subsection: ‘‘(3) The financial statements of a long-term insurer, other than the financial statements drawn up by the statutory actuary, shall be drawn up and presented in accordance with financial reporting standards appli- cable to a [widely-held] public company having a share capital.’’. 5 10 15 20 25 30 35 40 Amendment of Schedule 1 to Act 52 of 1998, as amended by section 21 of Act 17 of 2003 and section 24 of Act 27 of 2008 45 - 106 Verify source ↗
Schedule 1 to the principal Act is hereby amended by the substitution for the
AI-assisted research summary: This provision changes Schedule 1 so that references to “in the Gazette” are replaced with “on the official web site” wherever they appear.
106. Schedule 1 to the principal Act is hereby amended by the substitution for the expression ‘‘in the Gazette’’, wherever it occurs, of the expression ‘‘on the official web site’’. STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 117 Wet No. 45 van 2013 117 Wysiging van artikel 67 van Wet 52 van 1998, soos gewysig deur artikel 21 van Wet 27 van 2008 - 103 Verify source ↗
Artikel 67 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This amendment increases fines for certain offences under Article 67, including a higher fine for long-term insurers that do not comply with listed requirements.
103. Artikel 67 van die Hoofwet word hierby gewysig— (a) deur paragraaf (c) in subartikel (1) deur die volgende paragraaf te vervang: ‘‘(c) waar ’n reël beoog in artikel 62(2)[(e)](f) aldus bepaal, ’n bepaling van enige reël [afgekondig kragtens artikel 62(5),] in die mate aldus bepaal, oortree of versuim om daaraan te voldoen,’’; (b) deur in subartikel (1) die woorde wat op paragraaf (c) volg deur die volgende woorde te vervang: ‘‘is aan ’n misdryf skuldig en by skuldigbevinding strafbaar met ’n boete van hoogstens [R100 000] R5 miljoen.’’; en (c) deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) ’n Langtermynversekeraar wat ’n voorwaarde in artikel 9(2)(a) beoog, of ’n bepaling van ’n kennisgewing kragtens artikel 12(2)(c) of 13(2) of van artikel 7(1)(a), 15(1) of (2), 19(1) of (3), 20(1), (3) of (4), 24, 26(1) of (2), 29(1), 30, 31(1), 34[,] of 46 [of 50(4) of (6)] oortree of versuim om daaraan te voldoen, is aan ’n misdryf skuldig en by skuldigbevinding strafbaar met ’n boete van hoogstens [R1 000 000] R10 miljoen.’’. Wysiging van artikel 68 van Wet 52 van 1998 - 104 Verify source ↗
Artikel 68 van die Hoofwet word hierby gewysig deur subartikel (1) deur die
AI-assisted research summary: A person who does not file a required return, information, or document with the Registrar on time can be fined up to R5,000 per day until the failure ends, unless the Registrar waives the fine for good reason.
104. Artikel 68 van die Hoofwet word hierby gewysig deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) (a) ’n Persoon wat versuim om ’n opgawe, inligting of dokument, soos by hierdie Wet bepaal, binne die voorgeskrewe of bepaalde tydperk of enige verlenging daarvan, aan die Registrateur te verstrek, is, ongeag enige strafregtelike vervolging teen die persoon kragtens hierdie Wet ingestel, aanspreeklik vir ’n boete van hoogstens [Rl 000] R5 000 vir elke dag waartydens die versuim voortduur, tensy die Registrateur, om goeie rede aangevoer, van daardie boete of van enige gedeelte daarvan afstand doen. (b) Die bedrag in paragraaf (a) bedoel moet jaarliks deur die Registrateur aangepas word ten einde die Verbruikersprysindeks, soos deur Statistiek Suid- Afrika gepubliseer, te weerspieël.’’. Wysiging van artikel 71 van Wet 52 van 1998, soos gewysig deur artikel 22 van Wet 27 van 2008 - 105 Verify source ↗
Artikel 71 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This amendment makes certain long-term insurers follow company-law rules and requires their financial statements to comply with the standards for a public company with share capital, except where prepared by the statutory actuary.
105. Artikel 71 van die Hoofwet word hierby gewysig— (a) deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) Ondanks enige andersluidende wetsbepaling, is ’n langtermyn- versekeraar wat nie ’n publieke maatskappy is nie onderworpe aan artikel [36] 20 van die Maatskappywet met die nodige veranderinge asof hy ’n publieke maatskappy met ’n aandelekapitaal is.’’; en (b) deur subartikel (3) deur die volgende subartikel te vervang: ‘‘(3) Die finansiële state van ’n langtermynversekeraar, behalwe die finansiële state wat deur die statutêre aktuaris opgestel word, word opgestel en aangebied ooreenkomstig finansiële verslagdoening- standaarde van toepassing op ’n publieke maatskappy [met wye aandeelhouding] met aandelekapitaal.’’. 5 10 15 20 25 30 35 40 45 Wysiging van Bylae 1 tot Wet 52 van 1998, soos gewysig deur artikel 21 van Wet 17 van 2003 en artikel 24 van Wet 27 van 2008 - 106 Verify source ↗
Bylae 1 tot die Hoofwet word hierby gewysig deur die uitdrukking ‘‘in die
AI-assisted research summary: This section amends Schedule 1 of the Main Act by replacing one phrase with another.
106. Bylae 1 tot die Hoofwet word hierby gewysig deur die uitdrukking ‘‘in die Staatskoerant’’, waar dit ook al voorkom, deur die uitdrukking ‘‘op die amptelike webwerf’’ te vervang. 50 118 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 118 Amendment of Schedule 3 to Act 52 of 1998, as substituted by section 23 of Act 17 of 2003 and amended by section 25 of Act 27 of 2008 - 107 Verify source ↗
Schedule 3 to the principal Act is hereby amended by the substitution in item 7
AI-assisted research summary: A long-term insurer must determine its liabilities in line with financial reporting standards used for public companies, except contingent liabilities under long-term policies.
107. Schedule 3 to the principal Act is hereby amended by the substitution in item 7 for subitem (1) of the following subitem: ‘‘(1) The liabilities of a long-term insurer, other than its contingent liabilities under long-term policies, shall be determined in accordance with financial reporting standards applicable to [widely-held] public companies.’’. 5 Amendment of Arrangement of Sections of Act 52 of 1998, as amended by section 1 of Act 17 of 2003 and section 27 of Act 27 of 2008 - 108 Verify source ↗
The Arrangement of Sections of the principal Act is hereby amended—
AI-assisted research summary: This provision amends the Arrangement of Sections of the principal Act by replacing, deleting, and renumbering listed section items and headings.
108. The Arrangement of Sections of the principal Act is hereby amended— 10 (a) by the substitution for item 2 of the following item: ‘‘2. Registrar and Deputy Registrar of Long-term Insurance’’; (b) by the deletion of item 6; (c) by the substitution for item 37 of the following item: ‘‘37. Registrar approval required for compromise, arrangement, amal- 15 gamation, demutualisation or transfer’’; (d) by the substitution for item 38 of the following item: ‘‘38. Application to Registrar’’; (e) by the substitution for the heading of Part VI of the following heading: ‘‘Business rescue and winding-up of long-term insurers’’; (f) by the substitution for items 41 and 42 of the following items, respectively: ‘‘41. Business rescue - 42 Verify source ↗
Winding-up’’;
AI-assisted research summary: This provision makes a set of amendment changes, including replacing item 49 with a new item titled “Limitation of remuneration” and deleting item 50.
42. Winding-up’’; (g) by the substitution for item 49 of the following item: ‘‘49. Limitation of remuneration’’; and (h) by the deletion of item 50. Part 5 Amendment of Short-term Insurance Act 20 25 Amendment of section 1 of Act 53 of 1998, as amended by section 25 of Act 17 of 2003 and section 27 of Act 27 of 2008 30 - 134 Verify source ↗
The following section is hereby substituted for section 44 of the principal Act:
AI-assisted research summary: No person may give or offer valuable consideration to induce someone to enter into, continue, vary, or cancel a short-term policy, unless the conduct complies with rules made under section 55.
134. The following section is hereby substituted for section 44 of the principal Act: 5 10 15 20 25 30 35 ‘‘Prohibition on inducements 44. [No] Unless done in accordance with the rules made under section 55, no person shall provide, or offer to provide, directly or indirectly, any valuable consideration as an inducement to a person to enter into, continue, vary or cancel a short-term policy, other than a reinsurance policy.’’. 40 Substitution of section 48 of Act 53 of 1998, as substituted by section 45 of Act 27 of 2008 - 135 Verify source ↗
The following section is hereby substituted for section 48 of the principal Act:
AI-assisted research summary: This section replaces section 48 of the principal Act with a new section called “Limitation of remuneration.”
135. The following section is hereby substituted for section 48 of the principal Act: ‘‘Limitation of remuneration 45 - 48 Verify source ↗
No consideration shall be offered or provided by or on behalf of a
AI-assisted research summary: The provision says certain listed persons must not offer or provide consideration.
48. No consideration shall be offered or provided by or on behalf of a short-term insurer, a Lloyd’s broker, a policyholder or any other person, or intermediary or any other person, for accepted by any independent STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 139 Wet No. 45 van 2013 139 (d) deur paragrawe (c), (d) en (e) in subartikel (3) onderskeidelik deur die volgende paragrawe te vervang: ‘‘(c) word, ondanks enige ander bepaling van [daardie Hoofstuk] artikels 79 tot 81 en item 9 van Bylae 5, dit oorweeg of ’n persoon strydig met artikel 7(1)(a) van hierdie Wet optree; [word, naamlik— in die volgende artikels van die Maatskappywet, (d) (i) artikels 392, 394(5) en 400,] die [verwysing] verwysings na die Meester, Registrateur van Maatskappye, Paneel en Kommissie ook as ’n verwysing na die Registrateur uitgelê; [(ii) artikels 375(5)(a) en 419(1), die verwysing na die Registrateur van Maatskappye ook as ’n verwysing na die Registrateur uitgelê; en (iii) artikel 400, die verwysing na ’n oortreding van ’n bepaling van daardie Wet, ook as ’n verwysing na ’n oortreding van ’n bepaling van hierdie Wet uitgelê;] en is [artikel 346(3) van die Maatskappywet] die vereiste om waarborg te gee nie van toepassing nie waar die Registrateur die aansoek by die Hof doen.’’. (e) Wysiging van artikel 42 van Wet 53 van 1998 - 133 Verify source ↗
Artikel 42 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends Article 42 and adds a rule about how certain references to a short-term insurer are interpreted for company-law liquidation provisions.
133. Artikel 42 van die Hoofwet word hierby gewysig— (a) deur die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘Geen spesiale besluit wat betrekking het op die likwidasie van ’n korttermynversekeraar soos beoog in [artikel 349 van] artikels 79 tot 81 van en item 9 tot Bylae 5 tot die Maatskappywet word [ingevolge artikel 200 van] kragtens daardie Wet ingedien of geregistreer nie, en geen spesiale besluit met daardie strekking ingevolge die konstitusie van ’n korttermynversekeraar wat nie ’n maatskappy is nie, het regskrag nie—’’; en (b) deur die volgende subartikel by te voeg, terwyl die bestaande subartikel subartikel (1) word: ‘‘(2) Behoudens item 9 van bylae 5 tot die Maatskappywet, word die in hierdie artikel vir die verwysing na ’n korttermynversekeraar doeleindes van die toepassing van artikels 79, 80 en 81 van die Maatskappywet as ’n verwysing na ’n finansieel gesonde kortter- mynversekeraar uitgelê.’’. Vervanging van artikel 44 van Wet 53 van 1998 - 134 Verify source ↗
Artikel 44 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: No person may directly or indirectly give or offer money-valued consideration to induce someone to take out, keep, change, or cancel a short-term policy, unless the rules under section 55 allow it.
134. Artikel 44 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Verbod op aanmoediging 44. [Geen persoon mag] Tensy dit volgens die reëls kragtens artikel 55 gemaak, gedoen word, mag geen persoon regstreeks of onregstreeks enige geldwaardige teenprestasie verskaf, of aanbied om dit te verskaf, as ’n aanmoediging aan ’n ander persoon om ’n korttermynpolis, behalwe ’n korttermynherversekeringspolis, af te sluit, van krag te hou, te wysig of te kanselleer nie.’’. Vervanging van artikel 48 van Wet 53 van 1998, soos vervang deur artikel 45 van Wet 27 van 2008 - 135 Verify source ↗
Artikel 48 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: Article 48 of the main Act is replaced by a new article titled “Limitation of remuneration.”
135. Artikel 48 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Beperking van besoldiging - 48 Verify source ↗
Geen vergoeding sal aangebied of voorsien word deur of namens ’n
AI-assisted research summary: This section prohibits certain people from offering, providing, or accepting compensation, except for commission or remuneration allowed by the regulations.
48. Geen vergoeding sal aangebied of voorsien word deur of namens ’n korttermynversekeraar, ’n Lloyd’s-makelaar, ’n polishouer of enige ander persoon, of aanvaar word deur ’n onafhanklike tussenganger of enige ander 5 10 15 20 25 30 35 40 45 50 140 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 140 rendering services referred to in the regulations, other than commission or remuneration contemplated in the regulations and otherwise than in accordance with the regulations.’’. Repeal of section 49 of Act 53 of 1998 - 136 Verify source ↗
Section 49 of the principal Act is hereby repealed.
AI-assisted research summary: Section 49 of the principal Act is repealed.
136. Section 49 of the principal Act is hereby repealed. Amendment of section 54 of Act 53 of 1998 - 137 Verify source ↗
Section 54 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: A person who entered a short-term policy in the stated circumstances may cancel it by written notice, and the Registrar may also give notice.
137. Section 54 of the principal Act is hereby amended by the substitution for subsection (2) of the following subsection: ‘‘(2) If a person has entered into a short-term policy with a short-term insurer who was, in terms of this Act, prohibited from entering or not authorised to enter into the short-term policy, or with another person who is not a short-term insurer but who has in terms of a short-term policy undertaken an obligation as insurer, that person, by notice in writing to such short-term insurer or other person, or the Registrar by notice to such short-term insurer or other person and [in the Gazette] on the official web site, may cancel the short-term policy, whereupon that person shall be deemed to be in the same legal position in respect of such short-term insurer or other person as if the policy had been cancelled by that person on account of a breach of contract by such short-term insurer or other person.’’. Substitution of section 55 of Act 53 of 1998 5 10 15 - 138 Verify source ↗
The following section is hereby substituted for section 55 of the principal Act:
AI-assisted research summary: The Registrar may make, change, or cancel Gazette rules for policyholder protection, and set when those rules take effect.
138. The following section is hereby substituted for section 55 of the principal Act: 20 ‘‘Protection of policyholders 55. (1) The Registrar, by notice in the Gazette, may— (a) make rules not inconsistent with this Act, aimed at ensuring for the purpose of policyholder protection that policies are entered into, executed and enforced in accordance with sound insurance principles and practice in the interests of the parties and in the public interest generally; (b) vary or rescind any such rule; and (c) determine the period which must elapse before a rule, variation or rescission takes effect after it has been published in the Gazette. (2) Without derogating from the generality of subsection (1)(a), rules may provide— (a) that provisions with a particular import may not appear in a policy and that they shall be void if they do so appear; that particular information in relation to a policy shall be made known in a particular manner to a prospective policyholder or policyholder, and what the legal consequences shall be if that is not done; that a policyholder may cancel a policy under particular circumstances and within a determined period, and what the legal consequences shall be if he or she does so; for norms and standards with which policies, short-term insurers or types of short-term insurance business must comply; for standardised wording, definitions or provisions that must be included in policies; that in respect of a contravention of, or a failure to comply with, a rule, a penalty or fine referred to in section 64(1)(c) or 65(1)(c) shall apply. (b) (c) (d) (e) (f) (3) Rules referred to in subsection (2) may— (a) apply generally; or (b) be limited in application to a particular kind or type of policies, short-term insurers or short-term insurance business. 25 30 35 40 45 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 141 Wet No. 45 van 2013 141 persoon nie, vir die lewer van dienste in die regulasies bedoel, behalwe as kommissie of besoldiging in die regulasies beoog en anders as ooreenkomstig die regulasies.’’. Herroeping van artikel 49 van Wet 53 van 1998 - 136 Verify source ↗
Artikel 49 van die Hoofwet word hierby herroep.
AI-assisted research summary: Article 49 of the Constitution/Basic Law is repealed.
136. Artikel 49 van die Hoofwet word hierby herroep. Wysiging van artikel 54 van Wet 53 van 1998 - 137 Verify source ↗
Artikel 54 van die Hoofwet word hierby gewysig deur subartikel (2) deur die
AI-assisted research summary: A person may cancel a short-term policy if it was entered into with a prohibited or unauthorised short-term insurer, or with another non-insurer who took on insurer obligations; the Registrar may also cancel by notice.
137. Artikel 54 van die Hoofwet word hierby gewysig deur subartikel (2) deur die volgende subartikel te vervang: te sluit nie, of met ‘‘(2) Indien ’n persoon ’n korttermynpolis afgesluit het met ’n korttermyn- versekeraar wat ingevolge hierdie Wet verbied was of nie gemagtig was om daardie korttermynpolis af ’n ander persoon wat nie ’n korttermynversekeraar is nie, maar wat ingevolge ’n korttermynpolis ’n verbintenis as versekeraar onderneem het, kan daardie persoon, by skriftelike kennisgewing aan daardie korttermynversekeraar of ander persoon, of die Registrateur by kennisgewing aan so ’n korttermynversekeraar of ander persoon en [in die Staatskoerant] op die amptelike webwerf, die korttermynpolis kanselleer, waarop daardie persoon geag word in dieselfde regsposisie ten opsigte van so ’n korttermynversekeraar of ander persoon te wees asof die polis deur daardie persoon gekanselleer is as gevolg van kontrakbreuk deur so ’n korttermynversekeraar of ander persoon.’’. Vervanging van artikel 55 van Wet 53 van 1998 - 138 Verify source ↗
Artikel 55 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: The Registrar may make, change, or withdraw policyholder-protection rules, but must publish notice, allow at least 30 days for public comment, and give Parliament draft rules for scrutiny before promulgation.
138. Artikel 55 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Beskerming van polishouers (a) 55. (1) Die Registrateur, by kennisgewing in die Staatskoerant, kan— reëls maak wat daarop gemik is om, vir die doel van polis- houerbeskerming, te verseker dat polisse afgesluit, verlei en afgedwing word ooreenkomstig gesonde versekeringsbeginsels en -praktyk in die belang van die partye en in die openbare belang oor die algemeen; (b) enige sodanige reël wysig of intrek; en (c) die tydperk bepaal wat moet verstryk voordat ’n reël, wysiging of intrekking van krag word nadat dit in die Staatskoerant gepubliseer is. (2) Sonder om afbreuk te doen aan die algemeenheid van subartikel (1)(a), kan reëls bepaal— (a) dat bepalings met ’n besondere strekking nie in ’n polis kan verskyn nie en dat hul van gener waarde sal wees nie indien hul wel aldus verskyn; (b) dat besondere inligting met betrekking tot ’n polis op ’n besondere wyse aan ’n voorgenome polishouer of polishouer bekend gemaak moet word, en wat die regsgevolge is indien dit nie gedoen word nie; (c) dat ’n polishouer ’n polis onder sekere omstandighede en binne ’n bepaalde tydperk kan kanselleer, en wat die regsgevolge is indien hy of sy dit doen; (d) vir norme en standaarde waaraan polisse, langtermynversekeraars en tipes langtermynversekeringsbesighede moet voldoen; (e) vir gestandaardiseerde bewoording, omskrywings of bepalings wat in (f) polisse ingesluit moet word; en dat ten opsigte van ’n oortreding van, of ’n versuim om te voldoen aan ’n reël, ’n straf of boete in artikel 64(1)(c) of 65(1)(c) bedoel, van toepassing is. (3) Reëls in subartikel (2) bedoel mag— (a) (b) in die algemeen van toepassing wees; of in toepassing beperk wees tot ’n bepaalde soort of tipe polisse, korttermynversekeraars of korttermynversekeringsbesigheid. 5 10 15 20 25 30 35 40 45 50 142 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 142 (4) (a) Before the Registrar prescribes any rule under this section, the Registrar must— (i) publish notice of the release of the proposed rule in the Gazette, indicating that the proposed rule is available on the official web site and calling for public comment in writing within a period stated in the notice, which period may not be less than 30 days from the date of publication of the notice; and submit is in session, for parliamentary scrutiny at least one month before their promulgation. (b) If the Registrar alters a proposed rule because of any comment, the the draft rules to Parliament, while it (ii) Registrar need not publish the alteration before making the rule. (c) After consideration of any comments received in response to the publication and tabling of the proposed rule in terms of paragraph (a), the Registrar may publish the final rule in the Gazette. (5) Any rule promulgated by the Minister prior to the commencement of the Financial Services Laws General Amendment Act, 2013, must be regarded as having been made under this section, and remains valid and enforceable until repealed or amended by the Registrar.’’. 5 10 15 Amendment of section 64 of Act 53 of 1998, as amended by section 49 of Act 27 of 2008 20 - 139 Verify source ↗
Section 64 of the principal Act is hereby amended—
AI-assisted research summary: A person other than a short-term insurer commits an offence if they fail to comply with certain listed sections, and may be fined up to R10 million, imprisoned for up to 10 years, or both.
139. Section 64 of the principal Act is hereby amended— (a) by the substitution in subsection (1) for paragraph (c) of the following paragraph: ‘‘(c) where a rule contemplated in section 55(2)[(e)](f) so provides, contravenes or fails to comply with a provision of any rule [promulgated under section 55(5),] to the extent so provided; or’’; (b) by the substitution in subsection (1) for the words following paragraph (c) of the following words: ‘‘shall be guilty of an offence and liable on conviction to a fine not exceeding [R100 000] R5 million or to imprisonment for a period not exceeding [one year] five years, or to both such fine and such imprisonment.’’; and (c) by the substitution for subsection (2) of the following subsection: ‘‘(2) A person, other than a short-term insurer, who contravenes or fails to comply with a provision of section 7(1)(a) or (b), 8(2), 19A(5)(b)[,] or 25(1) or (2) [or 49(4) or (6)], shall be guilty of an offence and liable on conviction to a fine not exceeding [R1 000 000] R10 million or to imprisonment for a period not exceeding 10 years, or to both such fine and such imprisonment.’’. 25 30 35 Amendment of section 65 of Act 53 of 1998, as amended by section 50 of Act 27 of 2008 40 - 140 Verify source ↗
Section 65 of the principal Act is hereby amended—
AI-assisted research summary: The Registrar must publish notice and allow public comment before making a rule, and table draft rules in Parliament at least a month before issuing them.
140. Section 65 of the principal Act is hereby amended— (a) by the substitution in subsection (1) for paragraphs (b) and (c) of the following paragraphs, respectively: ‘‘(b) contravenes or fails to comply with a provision of section 16(1), 17, 18, [19A(5)(b),] 22(1) or (2), 24(1), 35(1), 43(1), 44, 45, 46, 47, 48 or 48A; or (c) where a rule contemplated in section 55(2)[(e)](f) so provides, contravenes or fails to comply with a provision of any rule [promulgated under section 55(5),] to the extent so provided,’’; (b) by the substitution in subsection (1) for the words following paragraph (c) of 45 50 the following words: ‘‘shall be guilty of an offence and liable on conviction to a fine not exceeding [R100 000] R5 million.’’; and STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 143 Wet No. 45 van 2013 143 (4) (a) Voor die Registrateur ’n reël kragtens hierdie artikel maak, moet die Registrateur— (i) kennisgewing van die uitreiking van die voorgestelde reël in die Staatskoerant publiseer, waarin aangedui word dat die voorgestelde reël op die amptelike webwerf beskikbaar is en waarin skriftelike openbare kommentaar binne ’n tydperk in die kennisgewing gestel, aangevra word, welke tydperk nie minder as 30 dae vanaf die datum van die publikasie van die kennisgewing mag wees nie; en (ii) die konsepreëls aan die Parlement voorlê, terwyl dit in sessie is, vir parlementêre betragting ten minste een maand voor die uitvaardiging van die reëls. (b) Indien die Registrateur ’n konsepreël na aanleiding van kommentaar verander, hoef die Registrateur nie die verandering te publiseer voor die reël gemaak word nie. (c) Na oorweging van enige kommentaar ontvang in antwoord op die publikasie en tertafellegging van die voorgestelde konsepreël ingevolge paragraaf (a), kan die Registrateur die finale reël in die Staatskoerant publiseer. (5) Enige reël deur die Minister uitgevaardig voor die inwerkingtreding van die Algemene Wysigingswet op Wette op Finansiële Dienste, moet geag word kragtens hierdie artikel gemaak te wees, en bly geldig en afdwingbaar totdat die Registrateur dit herroep of wysig.’’. Wysiging van artikel 64 van Wet 53 van 1998, soos gewysig deur artikel 49 van Wet 27 van 2008 - 139 Verify source ↗
Artikel 64 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This provision amends article 64 to expand offence and penalty wording, including higher fines and imprisonment for non-compliance with specified provisions.
139. Artikel 64 van die Hoofwet word hierby gewysig— 5 10 15 20 25 (a) deur paragraaf (c) in subartikel (1) deur die volgende paragraaf te vervang: ‘‘(c) waar ’n reël beoog in artikel 55(2)[(e)] (f) aldus bepaal, ’n bepaling van enige reël [afgekondig kragtens artikel 55(5),] in die mate aldus bepaal, oortree of versuim om daaraan te voldoen;’’; (b) deur in subartikel (1) die woorde wat op paragraaf (c) volg deur die volgende 30 woorde te vervang: ‘‘is aan ’n misdryf skuldig en by skuldigbevinding strafbaar met ’n boete van hoogstens [R100 000] R5 miljoen of tot gevangenisstraf vir ’n tydperk van hoogstens [een] vyf jaar of met daardie boete sowel as daardie gevangenisstraf.’’; en (c) deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) ’n Ander persoon as ’n korttermynversekeraar wat ’n bepaling van artikel 7(1)(a) of (b), 8(2), 19A(5)(b)[,] of 25(1) of (2) [of 49(4) of (6)] oortree of versuim om daaraan te voldoen, is aan ’n misdryf skuldig en by skuldigbevinding strafbaar met ’n boete van hoogstens [R1 000 000] R10 miljoen of gevangenisstraf vir ’n tydperk van hoogstens 10 jaar, of met daardie boete sowel as daardie gevangenis- straf.’’. 35 40 Wysiging van artikel 65 van Wet 53 van 1998, soos gewysig deur artikel 50 van Wet 27 van 2008 45 - 140 Verify source ↗
Artikel 65 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends section 65 and raises the fines for certain offences by short-term insurers.
140. Artikel 65 van die Hoofwet word hierby gewysig— (a) deur paragrawe (b) en (c) in subartikel (1) onderskeidelik deur die volgende paragrawe te vervang: ‘‘(b) ’n bepaling van artikel 16(1), 17, 18, [19A(5)(b),] 22(1) of (2), 24(1), 35(1), 43(1), 44, 45, 46, 47, 48 of 48A; of (c) waar ’n reël beoog in artikel 55(2)(e) aldus bepaal, ’n bepaling van enige reël [afgekondig kragtens artikel 55(5),] in die mate aldus bepaal, oortree of versuim om daaraan te voldoen,’’; (b) deur in subartikel (1) die woorde wat op paragraaf (c) volg deur die volgende woorde te vervang: 50 55 ‘‘is aan ’n misdryf skuldig en by skuldigbevinding strafbaar met ’n boete van hoogstens [R100 000] R5 miljoen.’’; en 144 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 144 (c) by the substitution for subsection (2) of the following subsection: ‘‘(2) A short-term insurer who contravenes or fails to comply with a condition contemplated in section 9(2)(a) or a provision of a notice under section 12(2)(c) or 13(2), or of section 7(1)(a), 15(1), (2), (4) or (5), 19(1) or (3), 23, 25(1) or (2), 28(1), (3) or (4)[,] or 33 [or 49(4) or (6)], shall be guilty of an offence and liable on conviction to a fine not exceeding [R1 000 000] R10 million.’’. Amendment of section 66 of Act 53 of 1998 - 141 Verify source ↗
Section 66 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: A person who does not file a required return, information, or document on time may be fined up to R5,000 per day until the failure ends.
141. Section 66 of the principal Act is hereby amended by the substitution for subsection (1) of the following subsection: ‘‘(1) (a) A person who fails to furnish the Registrar with a return, information or document, as provided by this Act, within the prescribed or specified period or any extension thereof, shall, irrespective of any criminal proceedings instituted against the person under this Act, be liable to a penalty not exceeding [R1 000] R5 000 for every day during which the failure continues, unless the Registrar, on good cause shown, waives the penalty or any part thereof. (b) The amount referred to in paragraph (a) must be adjusted by the Registrar annually in order to reflect the Consumer Price Index, as published by Statistics South Africa.’’. 5 10 15 Amendment of section 69 of Act 53 of 1998, as amended by section 51 of Act 27 of 2008 20 - 142 Verify source ↗
Section 69 of the principal Act is hereby amended—
AI-assisted research summary: Short-term insurers that are not public companies must comply with Companies Act section 20 as if they were public companies, and their financial statements must follow the reporting standards for a widely-held public company.
142. Section 69 of the principal Act is hereby amended— (a) by the substitution for subsection (1) of the following subsection: ‘‘(1) Notwithstanding anything to the contrary in any law contained, a short-term insurer which is not a public company shall be subject to section [36] 20 of the Companies Act with the necessary changes as if it were a public company having a share capital.’’; and (b) by the substitution for subsection (3) of the following subsection: ‘‘(3) The financial statements of a short-term insurer, other than the financial statements drawn up by the statutory actuary, shall be drawn up and presented in accordance with financial reporting standards appli- cable to a [widely-held] public company having a share capital.’’. 25 30 Amendment of Schedule 1 to Act 53 of 1998, as amended by section 36 of Act 17 of 2003 and section 53 of Act 27 of 2008 - 143 Verify source ↗
Schedule 1 to the principal Act is hereby amended by the substitution for the
AI-assisted research summary: Schedule 1 is amended so that references to “in the Gazette” are replaced with “on the official web site” wherever they appear.
143. Schedule 1 to the principal Act is hereby amended by the substitution for the expression ‘‘in the Gazette’’, wherever it occurs, of the expression ‘‘on the official web site’’. 35 Amendment of Schedule 2 to Act 53 of 1998, as amended by section 37 of Act 17 of 2003 and section 27 of Act 27 of 2008 - 144 Verify source ↗
Schedule 2 to the principal Act is hereby amended by the substitution in
AI-assisted research summary: A short-term insurer’s liabilities must be valued using financial reporting standards for widely-held public companies, except for liabilities prescribed by the Registrar and referred to in paragraph 2.
144. Schedule 2 to the principal Act is hereby amended by the substitution in 40 paragraph 7 for subparagraph (1) of the following subparagraph: ‘‘(1) For the purposes of section 29, the value of the liabilities of a short-term insurer, other than those prescribed by the Registrar and referred to in paragraph 2, shall be determined in accordance with financial reporting standards applicable to [widely-held] public companies.’’. 45 Amendment of Arrangement of Sections of Act 53 of 1998, as amended by section 24 of Act 17 of 2003 and section 56 of Act 27 of 2008 - 145 Verify source ↗
The Arrangement of Sections of the principal Act is hereby amended—
AI-assisted research summary: This section amends the arrangement of sections of the principal Act and states that a short-term insurer commits an offence if it breaches or fails to comply with specified conditions or notice provisions.
145. The Arrangement of Sections of the principal Act is hereby amended— (a) by the substitution for item 2 of the following item: ‘‘2. Registrar and Deputy Registrar of Short-term Insurance’’; 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 145 Wet No. 45 van 2013 145 (c) deur subartikel 2 deur die volgende subartikel te vervang: ‘‘(2) ’n Korttermynversekeraar wat ’n voorwaarde in artikel 9(2)(a) beoog of ’n bepaling van ’n kennisgewing kragtens artikel 12(2)(c) of 13(2), of van artikel 7(1)(a), 15(1), (2), (4) of (5), 19(1) of (3), 23, 25(1) of (2), 28(1), (3) of (4)[,] of 33 [of 49(4) of (6)] oortree of versuim om daaraan te voldoen, is aan ’n misdryf skuldig en by skuldigbevinding strafbaar met ’n boete van hoogstens [R1 000 000] R10 miljoen.’’. Wysiging van artikel 66 van Wet 53 van 1998 - 141 Verify source ↗
Artikel 66 van die Hoofwet word hierby gewysig deur subartikel (1) deur die
AI-assisted research summary: A person who fails to give the required return, information, or document to the Registrar on time can be fined up to R5,000 for each day the failure continues.
141. Artikel 66 van die Hoofwet word hierby gewysig deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) (a) ’n Persoon wat versuim om ’n opgawe, inligting of dokument, soos by hierdie Wet bepaal, binne die voorgeskrewe of bepaalde tydperk of enige verlenging daarvan, aan die Registrateur te verstrek, is, ongeag enige strafregtelike vervolging teen die persoon kragtens hierdie Wet ingestel, aanspreeklik vir ’n boete van hoogstens [R1 000] R5 000 vir elke dag waartydens die versuim voortduur, tensy die Registrateur, om goeie rede aangevoer, van daardie boete of van enige gedeelte daarvan afstand doen. (b) Die bedrag in paragraaf (a) bedoel moet jaarliks deur die Registrateur aangepas word ten einde die Verbruikersprysindeks, soos deur Statistiek Suid- Afrika gepubliseer, te weerspieël.’’. Wysiging van artikel 69 van Wet 53 van 1998, soos gewysig deur artikel 51 van Wet 27 van 2008 - 142 Verify source ↗
Artikel 69 van die Hoofwet word hierby gewysig—
AI-assisted research summary: A short-term insurer that is not a public company must be treated like a public company with share capital for section 20 of the Companies Act, and its financial statements must follow the reporting standards for such a company, except statements prepared by the statutory actuary.
142. Artikel 69 van die Hoofwet word hierby gewysig— (a) deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) Ondanks enige andersluidende wetsbepaling, is ’n korttermyn- versekeraar wat nie ’n publieke maatskappy is nie onderworpe aan artikel [36] 20 van die Maatskappywet met die nodige veranderinge asof hy ’n publieke maatskappy met ’n aandelekapitaal is.’’; en (b) deur subartikel (3) deur die volgende subartikel te vervang: ‘‘(3) Die finansiële state van ’n korttermynversekeraar, behalwe die finansiële state deur die statutêre aktuaris opgestel, word opgestel en aangebied ooreenkomstig finansiële verslagdoeningstandaarde van toepassing op ’n publieke maatskappy [met wye aandeelhouding] met ’n aandelekapitaal.’’. 5 10 15 20 25 30 Wysiging van Bylae 1 tot Wet 53 van 1998, soos gewysig deur artikel 36 van Wet 17 van 2003 en artikel 53 van Wet 27 van 2008 35 - 143 Verify source ↗
Bylae 1 tot die Hoofwet word hierby gewysig deur die uitdrukking ‘‘in die
AI-assisted research summary: Schedule 1 of the principal Act is amended by replacing the words “in the Government Gazette” with “on the official website” wherever they appear.
143. Bylae 1 tot die Hoofwet word hierby gewysig deur die uitdrukking ‘‘in die Staatskoerant’’, waar dit ook al voorkom, deur die uitdrukking ‘‘op die amptelike webwerf’’ te vervang. Wysiging van Bylae 2 tot Wet 53 van 1998, soos gewysig deur artikel 37 van Wet 17 van 2003 en artikel 27 van Wet 27 van 2008 40 - 144 Verify source ↗
Bylae 2 tot die Hoofwet word hierby gewysig deur subparagraaf (1) in paragraaf
AI-assisted research summary: For section 29, the liabilities of a short-term insurer must be valued according to financial reporting standards for public companies, except liabilities prescribed by the Registrar and mentioned in paragraph 2.
144. Bylae 2 tot die Hoofwet word hierby gewysig deur subparagraaf (1) in paragraaf 7 deur die volgende subparagraaf te vervang: ‘‘(1) By die toepassing van artikel 29 word die waarde van die verpligtinge van ’n ’n korttermynversekeraar, behalwe daardie deur die Registrateur voorgeskryf en in paragraaf 2 bedoel, ooreenkomstig finansiële verslagdoeningstandaarde van toepassing op publieke maatskappye [met wye aandeelhouding] bepaal.’’. 45 Wysiging van Indeling van Artikels van Wet 53 van 1998, soos gewysig deur artikel 24 van Wet 17 van 2003 en artikel 56 van Wet 27 van 2008 - 145 Verify source ↗
Die Indeling van Artikels van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends the schedule of the principal Act by replacing, deleting, and substituting specified items and headings.
145. Die Indeling van Artikels van die Hoofwet word hierby gewysig— 50 (a) deur item 2 deur die volgende item te vervang: ‘‘2. Registrateur en Adjunkregistrateur van korttermynversekering’’; 146 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 146 (b) by the deletion of item 6; (c) by the substitution for the heading of Part VI of the following heading: ‘‘Business rescue and winding-up of short-term insurers’’; (d) by the substitution for items 40 and 41 of the following items, respectively: ‘‘40. Business rescue - 41 Verify source ↗
Winding-up’’; and
AI-assisted research summary: This provision refers to a winding-up amendment and the deletion of item 49.
41. Winding-up’’; and (e) by the deletion of item 49. Part 6 5 Amendment of Inspection of Financial Institutions Act, 1998 Amendment of section 1 of Act 80 of 1998, as amended by section 21 of Act 12 of 2000 10
Part
Part 5
- 109 Verify source ↗
Section 1 of the Short-term Insurance Act, 1998 (in this Part referred to as the
AI-assisted research summary: This provision amends section 1 of the Short-term Insurance Act, 1998 by updating, adding, and deleting definitions.
109. Section 1 of the Short-term Insurance Act, 1998 (in this Part referred to as the principal Act), is hereby amended— (a) by the deletion in subsection (1) of the definition of ‘‘Advisory Committee’’; (b) by the substitution in subsection (1) for the definition of ‘‘Companies Act’’ of the following definition: ‘‘ ‘Companies Act’ means the Companies Act, [1973 (Act No. 61 of 1973)] 2008 (Act No. 71 of 2008);’’; (c) by the substitution in subsection (1) for the definitions of ‘‘financial reporting standards’’ and ‘‘financial statements’’ of the following definitions, respec- tively: ‘‘ ‘financial reporting standards’ has the meaning assigned to it section 1[(1)] of the Companies Act; ‘financial statements’ has the meaning assigned to it in section 1[(1)] of the Companies Act;’’; 35 40 (d) by the insertion in subsection (1) after the definition of ‘‘Financial Services 45 Board Act’’ of the following definition: ‘‘ ‘fit and proper requirements’ includes such qualities of competence, integrity and financial standing as may be prescribed by the Registrar by notice in the Gazette;’’; (e) by the deletion in subsection (1) of the definition of ‘‘independent 50 (f) intermediary’’; by the insertion in subsection (1) after the definition of ‘‘motor policy’’ of the following definition: ‘‘ ‘official web site’ means a web site as defined in section 1 of the Electronic Communications and Transactions Act, 2002 (Act No. 25 of 2002), set up by the Board;’’; 55 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 119 Wet No. 45 van 2013 119 Wysiging van Bylae 3 tot Wet 52 van 1998, soos vervang deur artikel 23 van Wet 17 van 2003 en gewysig deur artikel 25 van Wet 27 van 2008 - 107 Verify source ↗
Bylae 3 tot die Hoofwet word hierby gewysig deur in item 7, subitem (1) deur die
AI-assisted research summary: A long-term insurer must determine its obligations under the financial reporting standards that apply to public companies, except for contingent liabilities under long-term policies.
107. Bylae 3 tot die Hoofwet word hierby gewysig deur in item 7, subitem (1) deur die volgende subitem te vervang: ‘‘(1) Die verpligtinge van ’n langtermynversekeraar, behalwe sy voorwaardelike verpligtinge kragtens langtermynpolisse, word bepaal ooreenkomstig finansiële verslagdoeningstandaarde van toepassing op publieke maatskappye [met wye aandeelhouding].’’. 5 Wysiging van Indeling van Artikels van Wet 52 van 1998, soos gewysig deur artikel 1 van Wet 17 van 2003 en artikel 27 van Wet 27 van 2008 10 - 108 Verify source ↗
Die Indeling van Artikels van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends the principal Act’s list of articles by replacing several items, deleting item 6, and changing the heading of Part VI.
108. Die Indeling van Artikels van die Hoofwet word hierby gewysig— (a) deur item 2 deur die volgende item te vervang: ‘‘2. Registrateur en adjunkregistrateur van langtermynversekering’’; (b) deur item 6 te skrap; (c) deur item 37 deur die volgende item te vervang: ‘‘37. Goedkeuring van Registrateur vereis vir skikking, reëling, amalgamasie, demutualisering of oordrag’’; (d) deur item 38 deur die volgende item te vervang: ‘‘38. Aansoek tot Registrateur’’; (e) deur die opskrif van Deel VI deur die volgende opskrif te vervang: ‘‘Ondernemingsredding en likwidasie van langtermynverseke- raars’’; (f) deur items 41 en 42 onderskeidelik deur die volgende items te vervang: ‘‘41. Ondernemingsredding - 42 Verify source ↗
Likwidasie’’;
AI-assisted research summary: This provision amends listed items in the schedule and changes item 49 to “Beperking op vergoeding” while deleting item 50.
42. Likwidasie’’; (g) deur item 49 deur die volgende item te vervang: ‘‘49. Beperking op vergoeding’’; en (h) deur item 50 te skrap. Deel 5 Wysiging van Korttermynversekeringswet 15 20 25 30 Wysiging van artikel 1 van Wet 53 van 1998, soos gewysig deur artikel 25 van Wet 17 van 2003 en artikel 27 van Wet 27 van 2008 - 109 Verify source ↗
Artikel 1 van die Korttermynversekeringswet, 1998 (in hierdie Deel die Hoofwet
AI-assisted research summary: This provision amends section 1 by deleting, inserting, and replacing several definitions, including “prescribe,” “public company,” “publish,” “Registrar,” and “subsidiary.”
109. Artikel 1 van die Korttermynversekeringswet, 1998 (in hierdie Deel die Hoofwet genoem), word hierby gewysig— (a) deur in subartikel (1) die omskrywing van ‘‘Advieskomitee’’ te skrap; (b) deur in subartikel (1), na die omskrywing van ‘‘aanspreeklikheidspolis’’ die 35 volgende omskrywing in te voeg: ‘‘ ‘amptelike webwerf’ ’n webwerf, soos in artikel 1 van die Wet op Elektroniese Kommunikasie en Transaksies, 2002 (Wet No. 25 van 200), omskryf, deur die Raad opgestel;’’; 40 (c) deur in subartikel (1) die omskrywing van ‘‘dienste as tussenganger’’ te skrap; (d) deur in subartikel (1) die omskrywing van ‘‘filiaal’’ deur die volgende omskrywing te vervang: ‘‘ ‘filiaal’ dit wat ooreenkomstig artikel 3 van die Maatskappywet daaraan toegeskryf is;’’; en 45 (e) deur in subartikel (1) die omskrywings van ‘‘finansiële state’’ en ‘‘finansiële verslagdoeningstandaarde’’ onderskeidelik deur die volgende omskrywings te vervang: ‘‘ ‘finansiële state’ dieselfde as die betekenis wat daaraan toegeskryf word in artikel 1[(1)] van die Maatskappywet; ‘finansiële verslagdoeningstandaarde’ dieselfde as die betekenis wat daaraan toegeskryf word in artikel 1[(1)] van die Maatskappywet;’’; 50 (f) deur in subartikel aandeelhouding’’ te skrap; (1) die omskrywing van ‘‘maatskappy met wye 120 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 120 (g) by the substitution in subsection (1) for the definition of ‘‘prescribe’’ of the following definition: ‘‘ ‘prescribe’ means to determine from time to time by notice on the official web site, unless notice in the Gazette is specifically required under a provision of this Act;’’; (h) by the substitution in subsection (1) for the definition of ‘‘public company’’ of the following definition: ‘‘ ‘public company’ means a public company [with a share capital which is a public company under section 19] as defined in section 1 of the Companies Act, and includes a state-owned company as defined in section 1 of that Act;’’; (i) (j) by the insertion in subsection (1) after the definition of ‘‘public company’’ of the following definition: ‘‘ ‘publish’ means any direct or indirect communication transmitted by any medium, or any representation or reference written, inscribed, recorded, encoded upon or embedded within any medium, by means of which a person, other than the Registrar, seeks to bring any information to the attention of any other person, or all or part of the public;’’; by the substitution in subsection (1) for the definition of ‘‘Registrar’’ of the following definition: ‘‘ ‘Registrar’ means the [Registrar or the Deputy Registrar of Short-term Insurance] person referred to in section 2;’’; (k) by the deletion in subsection (1) of the definition of ‘‘representative’’; (l) by the deletion in subsection (1) of the definition of ‘‘services as intermedi- ary’’; (m) by the substitution in subsection (1) for the definition of ‘‘subsidiary’’ of the 5 10 15 20 25 following definition: ‘‘ ‘subsidiary’ has the meaning determined in accordance with section 3 of the Companies Act;’’; and (n) by the deletion in subsection (1) of the definition of ‘‘widely-held company’’. 30 Substitution of section 2 of Act 53 of 1998, as substituted by section 28 of Act 27 of 2008 - 110 Verify source ↗
The following section is hereby substituted for section 2 of the principal Act:
AI-assisted research summary: This section says who serves as the Registrar and Deputy Registrar of Short-term Insurance, and what powers and duties they have.
110. The following section is hereby substituted for section 2 of the principal Act: ‘‘Registrar and Deputy Registrar of Short-term Insurance 2. (1) The person appointed as executive officer in terms of section 13 of the Financial Services Board Act is the Registrar of Short-term Insurance and has the powers and duties provided for by or under this Act or any other law. (2) The person appointed as deputy executive officer in terms of section is the Deputy Registrar of 13 of the Financial Services Board Act Short-term Insurance. (3) The Deputy Registrar of Short-term Insurance exercises or carries out the powers and duties of the Registrar of Short-term Insurance to the extent that such powers have been delegated to the Deputy Registrar under section 20 of the Financial Services Board Act and to such extent that the Deputy Registrar has been authorised under section 20 of the Financial Services Board Act to perform such duties.’’. Amendment of section 3 of Act 53 of 1998 - 111 Verify source ↗
Section 3 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: A person may inspect only the documents prescribed by the Registrar, and only after paying the prescribed fees.
111. Section 3 of the principal Act is hereby amended by the substitution for subsection (4) of the following subsection: ‘‘(4) A person may, upon payment of the fees prescribed by the Registrar, inspect only those documents prescribed by the Registrar, [after consultation with the 35 40 45 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 121 Wet No. 45 van 2013 121 (g) deur in subartikel (1) die omskrywing van ‘‘Maatskappywet’’ deur die volgende omskrywing te vervang: ‘‘ ‘Maatskappywet’ die Maatskappywet, [1973 (Wet No. 61 van 1973)] 2008 (Wet No. 71 van 2008);’’; (h) deur in subartikel (1) die omskrywing van ‘‘onafhanklike tussenganger’’ te 5 (i) skrap; deur in subartikel (1) die omskrywing van ‘‘publieke maatskappy’’ deur die volgende omskrywing te vervang: ’n ‘‘ ‘publieke maatskappy’ aandelekapitaal wat ’n publieke maatskappy kragtens artikel 19] soos omskryf in artikel 1 van die Maatskappywet, en sluit ’n maatskappy in staatsbesit in soos in artikel 1 van daardie Wet omskryf;’’; publieke maatskappy [met ’n (j) deur in subartikel (1) die volgende omskrywing na die omskrywing van ‘‘publieke maatskappy’’ in te voeg: ‘‘ ‘publiseer’ enige regstreekse of onregstreekse kommunikasie op enige manier oorgedra, of enige verteenwoordiging of verwysing geskryf, gegraveer, opgeneem, geënkodeer op of vasgelê op enige medium, waarmee iemand behalwe die registrateur, enige inligting onder die aandag van ’n persoon, of die geheel of ’n deel van die publiek, wil bring;’’; 10 15 20 (k) deur in subartikel (1) die omskrywing van ‘‘Registrateur’’ deur die volgende omskrywing te vervang: ‘‘ ‘Registrateur’ die [Registrateur of die Adjunkregistrateur van Korttermynversekering] persoon in artikel 2 bedoel;’’; (l) deur in subartikel (1) na die omskrywing van ‘‘uitvoerende bestuurder’’ die volgende omskrywing in te voeg: 25 ‘‘ ‘vereistes vir geskiktheid en gepastheid’ ook sodanige kenmerke van bevoegdheid, integriteit en finansiële status soos die Registrateur by kennisgewing in die Staatskoerant kan voorskryf;’’; (m) deur in subartikel (1) die omskrywing van ‘‘verteenwoordiger’’ te skrap; en (n) deur in subartikel (1) die omskrywing van ‘‘voorskryf’’ deur die volgende 30 omskrywing te vervang: ‘‘ ‘voorskryf’ om van tyd tot tyd by kennisgewing op die amptelike webwerf te bepaal, tensy kennisgewing in die Staatskoerant [te bepaal] spesifiek deur ’n bepaling van hierdie Wet vereis word;’’. 35 Vervanging van artikel 2 van Wet 53 van 1998, soos vervang deur artikel 28 van Wet 27 van 2008 - 110 Verify source ↗
Artikel 2 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: The provision names the Registrar and Deputy Registrar of short-term insurance and says the deputy may exercise the registrar’s powers and duties when delegated and authorised.
110. Artikel 2 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Registrateur en Adjunkregistrateur van korttermynversekering 2. (1) Die persoon aangestel as uitvoerende beampte ingevolge artikel 13 van die Wet op die Raad op Finansiële Dienste is die Registrateur van Korttermynversekering en het die bevoegdhede en pligte deur of kragtens hierdie Wet of enige ander wet voor voorsiening gemaak. (2) Die persoon aangestel as adjunk- uitvoerende beampte ingevolge artikel 13 van die Wet op die Raad op Finansiële Dienste is die Adjunk-registrateur van korttermynversekering. (3) Die Adjunk-registrateur van Korttermynversekering oefen die bevoegdhede en pligte van die Registrateur van Korttermynversekering uit tot die mate wat sodanige bevoegdhede kragtens artikel 20 van die Wet op die Raad op Finansiële Dienste gedelegeer is en tot sodanige mate wat die Adjunk-registrateur kragtens artikel 20 van die Wet op die Raad op Finansiële Dienste gemagtig is om sodanige pligte uit te voer.’’. Wysiging van artikel 3 van Wet 53 van 1998 - 111 Verify source ↗
Artikel 3 van die Hoofwet word hierby gewysig deur subartikel (4) deur die
AI-assisted research summary: A person may, on payment of fees set by the Registrar, access certain documents held by the Registrar or get copies/extracts of them.
111. Artikel 3 van die Hoofwet word hierby gewysig deur subartikel (4) deur die volgende subartikel te vervang: ‘‘(4) ’n Persoon kan, teen betaling van die gelde deur die Registrateur voorgeskryf, slegs daardie dokumente deur die Registrateur [na oorlegpleging 40 45 50 55 122 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 122 Advisory Committee,] which are held by the Registrar under this Act in relation to a short-term insurer, Lloyd’s underwriter or an intermediary, or obtain a copy of or extract from any such document.’’. Amendment of section 4 of Act 53 of 1998, as amended by section 26 of Act 17 of 2003 and section 29 of Act 27 of 2008 5 - 112 Verify source ↗
Section 4 of the principal Act is hereby amended—
AI-assisted research summary: The Registrar must publish certain public-protection directives on the official website and may use other media; the Registrar may also conduct or direct inspections, and may direct a person to take steps or stop/remedy non-compliance, but may not make one specified order.
112. Section 4 of the principal Act is hereby amended— (a) by the deletion of subsection (3); (b) by the substitution in subsection (4) for paragraph (f) of the following paragraph: ‘‘(f) The Registrar [may] must, where a directive is issued to ensure the protection of the public in general, publish the directive [in the Gazette] on the official web site and any other media that the Registrar deems appropriate, in order to ensure that the public may easily and reliably access the directive.’’; (c) by the deletion of subsection (6); and (d) by the addition of the following subsection: ‘‘(8) (a) The Registrar may— (i) (ii) conduct an on-site visit under Chapter 1A of the Financial Institutions (Protection of Funds) Act, 2001 (Act No. 28 of 2001); or instruct an inspector to conduct an inspection under the Inspec- tion of Financial Institutions Act, 1998 (Act No. 80 of 1998). (b) After an on-site visit or inspection has been carried out in terms of paragraph (a), the Registrar may, in accordance with section 4(2), direct the person concerned to take any steps, to refrain from performing or continuing to perform any act or to terminate or remedy any contraven- tion of or failure to comply with any provision of this Act: Provided that the Registrar may not make an order contemplated in section 6D(2)(b) of the Financial Institutions (Protection of Funds) Act, 2001 (Act No. 28 of 2001).’’. Repeal of section 6 of Act 53 of 1998 - 113 Verify source ↗
Section 6 of the principal Act is hereby repealed.
AI-assisted research summary: Section 6 of the principal Act is repealed.
113. Section 6 of the principal Act is hereby repealed. Amendment of section 8 of Act 53 of 1998, as amended by section 27 of Act 17 of 2003 - 114 Verify source ↗
Section 8 of the principal Act is hereby amended—
AI-assisted research summary: A person may not use an insurance-related name for a business without the Registrar’s approval, unless the person is a short-term insurer or a Lloyd’s underwriter.
114. Section 8 of the principal Act is hereby amended— (a) by the substitution in subsection (1) for paragraph (a) of the following paragraph: ‘‘(a) subject to section 8(1)(a) of the Long-term Insurance Act, 1998, without the approval of the Registrar apply to his, her or its business or undertaking a name or description which includes the word ‘insure’, ‘assure’ or ‘underwrite’ or any derivative thereof, unless [he, she or it] such person is a short-term insurer or a Lloyd’s underwriter ; [or]’’; (b) by the addition to subsection (1) of the following paragraphs: ‘‘(c) publish any advertisement, brochure or similar communication which relates to the business of a short-term insurer or a Lloyd’s underwriter, or to a short-term policy, and which is misleading or contrary to the public interest or contains an incorrect statement of fact; or (d) publish any advertisement, brochure or similar communication which relates to a short-term policy that does not prominently include the name of the short-term insurer or Lloyd’s underwriter underwriting the short-term policy.’’; 10 15 20 25 30 35 40 45 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 123 Wet No. 45 van 2013 123 met die Advieskomitee] voorgeskryf, en wat deur die Registrateur met betrekking tot ’n korttermynversekeraar, Lloyd’s-onderskrywer of ’n tussenganger kragtens hierdie Wet gehou word, besigtig of ’n afskrif van of uittreksel uit so ’n dokument bekom.’’. Wysiging van artikel 4 van Wet 53 van 1998, soos gewysig deur artikel 26 van Wet 17 van 2003 en artikel 29 van Wet 27 van 2008 5 - 112 Verify source ↗
Artikel 4 van die Hoofwet word hierby gewysig—
AI-assisted research summary: The Registrar must publish certain orders on the official website and other media, may conduct a site visit or direct an inspection, and may then tell the relevant person to take or stop specified steps; one kind of order is barred.
112. Artikel 4 van die Hoofwet word hierby gewysig— (a) deur subartikel (3) te skrap; (b) deur paragraaf (f) in subartikel (4) deur die volgende paragraaf te vervang: ‘‘(f) Die Registrateur [kan] moet, indien ’n lasgewing uitgereik word om die beskerming van die publiek in die algemeen te verseker, die lasgewing publiseer [in die Staatskoerant] op die amptelike webwerf en enige ander media wat die Registrateur toepaslik ag, ten einde te verseker dat die publiek maklik en betroubaar toegang tot die lasgewing kan kry.’’; (c) deur subartikel (6) te skrap; en (d) deur die volgende subartikel by te voeg: ‘‘(8) (a) Die Registrateur kan— (i) (ii) ’n besoek ter plaatse aflê kragtens Hoofstuk 1A van die Wet op Finansiële Instellings (Beskerming van Fondse), 2001 (Wet No. 28 van 2001); of ’n inspekteur opdrag gee om ’n inspeksie kragtens die Wet op Inspeksie van Finansiële Instellings, 1998 (Wet No. 80 van 1998), te doen. (b) Nadat ’n besoek ter plaatse of inspeksie ingevolge paragraaf (a) gedoen is, kan die Registrateur, ooreenkomstig artikel 4(2), die betrokke persoon opdrag gee om enige stappe te doen, om enige handeling nie te verrig nie of om op te hou om enige handeling te verrig of om enige oortreding van of versuim om te voldoen aan enige bepaling van hierdie Wet te voldoen, te beëindig of reg te stel: Met dien verstande dat die registrateur nie ’n bevel in artikel 6D(2)(b) van die Wet op Finansiële Instellings (Beskerming van Fondse), 2001 (Wet No. 28 van 2001), beoog, mag uitreik nie.’’. Herroeping van artikel 6 van Wet 53 van 1998 - 113 Verify source ↗
Artikel 6 van die Hoofwet word hierby herroep.
AI-assisted research summary: Article 6 of the Main Act is repealed.
113. Artikel 6 van die Hoofwet word hierby herroep. Wysiging van artikel 8 van Wet 53 van 1998, soos gewysig deur artikel 27 van Wet 17 van 2003 - 114 Verify source ↗
Artikel 8 van die Hoofwet word hierby gewysig—
AI-assisted research summary: The provision restricts the use of insurance-related words in business names and bars misleading insurance advertising, while allowing the Registrar to issue notices subject to conditions.
114. Artikel 8 van die Hoofwet word hierby gewysig— (a) deur paragraaf (a) in subartikel (1) deur die volgende paragraaf te vervang: ‘‘(a) behoudens artikel 8(1)(a) van die Langtermynversekeringswet, 1998, sonder die goedkeuring van die Registrateur, ’n naam of beskrywing wat die woord ‘verseker, ‘verassureer’ of ‘onderskryf’ of enige afleiding daarvan insluit, in verband met sy of haar besigheid of onderneming gebruik nie, tensy [hy of sy] sodanige persoon ’n korttermynversekeraar of ’n Lloyd’s-onderskrywer is; [of]’’; (b) deur die volgende paragrawe by subartikel (1) te voeg: ‘‘(c) enige advertensie, brosjure of soortgelyke kommunikasie publiseer nie wat verband hou met die besigheid van ’n korttermynverse- keraar of ’n Lloyd’s-onderskrywer, of met ’n korttermynpolis, en wat misleidend of strydig met die openbare belang is of ’n verkeerde stelling of feit bevat; of (d) enige advertensie, brosjure of soortgelyke kommunikasie publiseer nie wat verband hou met ’n korttermynpolis wat nie die naam van die korttermynversekeraar of Lloyd’s-onderskrywer wat die korttermynpolis onderskryf, duidelik vertoon nie.’’; 10 15 20 25 30 35 40 45 50 55 124 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 124 (c) by the substitution in subsection (3) for the words preceding paragraph (a) of the following words: ‘‘The Registrar may from time to time by notice [in the Gazette] on the official web site or, in the case of any particular person, by notice to such person, subject to such conditions as the Registrar determines—’’; and 5 (d) by the deletion of subsection (5). Amendment of section 10 of Act 53 of 1998, as amended by section 31 of Act 27 of 2008 - 115 Verify source ↗
Section 10 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: The short-term insurer’s constitution must be suitable for carrying on short-term insurance business.
115. Section 10 of the principal Act is hereby amended by the substitution for paragraph (g) of the following paragraph: ‘‘(g) requiring that the provisions of the [memorandum and articles of association] Memorandum of Incorporation, or equivalent constitution, of the short-term insurer must be suitable to enable it to carry on short-term insurance business; or’’. Amendment of section 12 of Act 53 of 1998 - 116 Verify source ↗
Section 12 of the principal Act is hereby amended—
AI-assisted research summary: This section amends the rules for when the Registrar may act against a short-term insurer, including giving notice and prohibiting specified business.
116. Section 12 of the principal Act is hereby amended— (a) by the substitution in subsection (1) for paragraph (b) of the following paragraph: 10 15 ‘‘(b) [(i)] has made a material misrepresentation to members of the public in connection with the short-term insurance business carried on by it; 20 [(ii) has failed to comply with a material condition subject to which it is registered or deemed to be registered as a short-term insurer; or (iii) has contravened or failed to comply with a material 25 provision of this Act, and has thereafter, within a period determined by the Registrar, failed to remedy such conduct to the satisfaction of the Registrar; or]’’; (b) by the insertion in subsection (1) after paragraph (b) of the following 30 paragraphs: ‘‘(bA) no longer meets the conditions under which it was registered; (bB) has failed to comply with any other condition imposed under this Act; (bC) has failed to comply with any directive issued under this Act; (bD) is in the opinion of the Registrar not managed or owned by persons who are fit and proper; or not managed in accordance with the governance and risk management framework prescribed by the Registrar in the Gazette; 35 (bE) has contravened or failed to comply with a provision of this Act; 40 or’’; (c) by the substitution in subsection (1) for paragraph (c) of the following paragraph: ‘‘(c) were it then to apply for registration in terms of section 9, would not be able to satisfy the Registrar as to the matters referred to in section 9(3)[(b)(i), (iii) or (iv)],’’; (d) by the substitution in subsection (2) for the words preceding paragraph (a) of the following words: ‘‘When the Registrar has given notice to a short-term insurer in accordance with subsection (1), and has allowed that insurer [at least 30 days] a reasonable period in which to make representations to the Registrar in respect of the matter, the Registrar may, by notice to the short-term insurer—’’; and (e) by the substitution in subsection (2) for paragraph (c) of the following paragraph: ‘‘(c) [if it is appropriate and if the Minister has authorised the Registrar in writing to do so,] prohibit the short-term insurer from carrying on such short-term insurance business as the Registrar may specify in the notice, and which has been specified in the first-mentioned notice.’’. 45 50 55 60 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 125 Wet No. 45 van 2013 125 (c) deur in subartikel (3) die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘Die Registrateur kan van tyd tot tyd by kennisgewing [in die Staatskoerant] op die amptelike webwerf of, in die geval van enige besondere persoon, by kennisgewing aan so ’n persoon, behoudens die voorwaardes wat die Registrateur bepaal—’’; en 5 (d) deur subartikel (5) te skrap. Wysiging van artikel 10 van Wet 53 van 1998, soos gewysig deur artikel 31 van Wet 27 van 2008 - 115 Verify source ↗
Artikel 10 van die Hoofwet word hierby gewysig deur paragraaf (g) deur die
AI-assisted research summary: Section 115 amends Article 10 of the Main Act by replacing paragraph (g).
115. Artikel 10 van die Hoofwet word hierby gewysig deur paragraaf (g) deur die 10 volgende paragraaf te vervang: ‘‘(g) waarby vereis word dat die bepalings van die [akte van oprigting en statute] Akte van Oprigting, of die soortgelyke konstitusie, van die korttermyn- versekeraar, geskik moet wees om hom in staat te stel om korttermyn- versekeringsbesigheid te dryf; of’’. Wysiging van artikel 12 van Wet 53 van 1998 - 116 Verify source ↗
Artikel 12 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section changes when the Registrar may take enforcement action against a short-term insurer, including giving notice and then prohibiting the insurer from carrying on the business mentioned in the notice.
116. Artikel 12 van die Hoofwet word hierby gewysig— (a) deur paragraaf (b) in subartikel (1) deur die volgende paragraaf te vervang: ‘‘(b) [(i)] ’n wesenlike wanvoorstelling aan lede van die publiek gemaak het in verband met die korttermynversekeringsbesigheid wat hy dryf; [(ii) versuim het om te voldoen aan ’n wesenlike voorwaarde behoudens waaraan hy as ’n korttermynversekeraar geregistreer is of geag word geregistreer te wees; of (iii) ’n wesenlike bepaling van hierdie Wet oortree het of versuim het om daaraan te voldoen, en daarna in gebreke gebly het om binne ’n tydperk deur die Registrateur bepaal, sodanige gedrag ten genoeë van die Registrateur reg te stel; of]’’; 15 20 25 (b) deur na paragraaf (b) in subartikel (1) die volgende paragrawe in te voeg: 30 ‘‘(bA) nie meer voldoen aan die voorwaardes waarvolgens dit (bB) (bC) (bD) (bE) geregistreer is nie; versuim het om te voldoen aan enige ander voorwaarde kragtens hierdie Wet opgelê; versuim het om aan enige voorskrif kragtens hierdie Wet uitgereik te voldoen; na mening van die Registrateur nie deur persone wat gepas en geskik is bestuur of besit word nie; of nie ooreenkomstig die raamwerk vir beheer- en risikobestuur deur die Registrateur in die Staatskoerant voorgeskryf, bestuur word nie; ’n bepaling van hierdie Wet oortree het of versuim het om daaraan te voldoen; of’’; (c) deur paragraaf (c) in subartikel (1) deur die volgende paragraaf te vervang: ‘‘(c) as hy dan sou aansoek doen om registrasie ingevolge artikel 9, nie in staat sou wees om die Registrateur tevrede te stel nie ten opsigte van die aangeleenthede in artikel 9(3)[(b)(i), (iii) of (iv)] bedoel,’’; (d) deur in subartikel (2) die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘Wanneer die Registrateur kennis ooreenkomstig subartikel (1) aan ’n korttermynversekeraar gegee het, en daardie versekeraar [minstens 30 dae] ’n redelike tydperk toegelaat is om vertoë aan die Registrateur ten opsigte van die aangeleentheid te rig, kan die Registrateur, by kennisgewing aan die korttermynversekeraar—’’; en (e) deur paragraaf (c) in subartikel (2) deur die volgende paragraaf te vervang: ‘‘(c) [indien dit toepaslik is en indien die Minister die Registrateur skriftelik daartoe magtig,] die korttermynversekeraar verbied om dié wat die Registrateur in die kennisgewing vermeld, van die korttermynversekeringsbesigheid wat in eersgenoemde kennis- gewing vermeld is, te dryf.’’. 35 40 45 50 55 126 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 Amendment of section 13 of Act 53 of 1998 126 - 117 Verify source ↗
Section 13 of the principal Act is hereby amended—
AI-assisted research summary: The Registrar may direct a short-term insurer to stop taking new short-term policies and later cancel its registration by notice.
117. Section 13 of the principal Act is hereby amended— (a) by the substitution in subsection (2) for the words following paragraph (c) of the following words: ‘‘by notice direct the short-term insurer concerned, with effect from a date specified in the notice, not to enter into any more short-term policies and require it to make arrangements satisfactory to the Registrar to discharge its obligations under all short-term policies entered into before the specified date and, when the Registrar is satisfied that the short-term insurer concerned no longer has any obligations under any such policy, shall, by notice to the short-term insurer and [in the Gazette] on the official web site, cancel its registration.’’; and 5 10 (b) by the substitution in subsection (3) for the words following paragraph (b) of the following words: ‘‘the Registrar shall by notice [in the Gazette] on the official web site cancel its registration.’’. 15 Substitution of section 14 of Act 53 of 1998 - 118 Verify source ↗
The following section is hereby substituted for section 14 of the principal Act:
AI-assisted research summary: This provision replaces section 14 of the principal Act with a section titled “Deregistration of short-term insurers as companies.”
118. The following section is hereby substituted for section 14 of the principal Act: ‘‘Deregistration of short-term insurers as companies - 14 Verify source ↗
For the purposes of section [73(5)] 82(3) of the Companies Act in
AI-assisted research summary: For short-term insurers, the Commission mentioned in the cited Companies Act section is to be read as the Commission acting together with the Registrar.
14. For the purposes of section [73(5)] 82(3) of the Companies Act in relation to a short-term insurer, the reference to the [Registrar of Companies] Commission in that section shall be construed as a reference to the [Registrar of Companies] Commission acting in concurrence with the Registrar.’’. Amendment of section 15 of Act 53 of 1998 20 25 - 119 Verify source ↗
Section 15 of the principal Act is hereby amended—
AI-assisted research summary: The Registrar may only impose a prohibition or set a limitation and condition under subsection (1) or (2) by notice on the official web site.
119. Section 15 of the principal Act is hereby amended— (a) by the substitution in subsection (3) for the words preceding paragraph (a) of the following words: ‘‘The Registrar may only impose a prohibition or determine a limitation and a condition under subsection (1) or (2) by notice [in the Gazette] on the official web site—’’; and 30 (b) by the substitution in subsection (3)(b) for subparagraph (ii) of the following subparagraph: ‘‘(ii) short-term insurers generally, [in the Gazette] on the official web site; and’’. 35 Amendment of section 19 of Act 53 of 1998, as amended by section 32 of Act 27 of 2008 - 120 Verify source ↗
Section 19 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: A short-term insurer must always have one or more auditors appointed in line with the Companies Act rules for a public company.
120. Section 19 of the principal Act is hereby amended by the substitution for subsection (1) of the following subsection: ‘‘(1) A short-term insurer shall at all times have[,] one or more auditors appointed by it in accordance with the provisions of the Companies Act applicable to a [widely-held] public company.’’. 40 Amendment of section 20 of Act 53 of 1998, as substituted by section 34 of Act 27 of 2008 - 121 Verify source ↗
Section 20 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: If a short-term insurer fails to appoint an auditor or statutory actuary, the Registrar may act despite the cited sections.
121. Section 20 of the principal Act is hereby amended by the substitution for 45 subsection (1) of the following subsection: ‘‘(1) If a short-term insurer for any reason fails to appoint an auditor or statutory actuary, the Registrar may, notwithstanding [sections 269(4) and 271(1)] section STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 127 Wet No. 45 van 2013 Wysiging van artikel 13 van Wet 53 van 1998 127 - 117 Verify source ↗
Artikel 13 van die Hoofwet word hierby gewysig—
AI-assisted research summary: The Registrar may require a short-term insurer to stop writing new short-term policies, arrange to meet existing policy obligations, and then cancel the insurer’s registration by notice once those obligations are cleared.
117. Artikel 13 van die Hoofwet word hierby gewysig— (a) deur in subartikel (2) die woorde wat op paragraaf (c) volg deur die volgende woorde te vervang: ‘‘die betrokke korttermynversekeraar by kennisgewing gelas om, met ingang van ’n datum in die kennisgewing vermeld, nie verder enige korttermynpolisse af te sluit nie en van hom vereis om reëlings ten genoeë van die Registrateur te tref om sy verbintenisse kragtens alle korttermynpolisse wat voor die vermelde datum afgesluit is, af te los en, wanneer die Registrateur tevrede is dat die betrokke kortter- mynversekeraar nie verder enige verbintenisse kragtens enige sodanige polis het nie, moet die Registrateur, by kennisgewing aan die korttermynversekeraar en [in die Staatskoerant] op die amptelike webwerf, sy registrasie kanselleer.’’; en 5 10 (b) deur in subartikel (3) die woorde wat op paragraaf (b) volg deur die volgende 15 woorde te vervang: ‘‘moet die Registrateur sy registrasie by kennisgewing [in die Staatskoerant] op die amptelike webwerf kanselleer.’’. Vervanging van artikel 14 van Wet 53 van 1998 - 118 Verify source ↗
Artikel 14 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: This section says Article 14 of the principal Act is replaced with a new article about deregistration of short-term insurers as companies.
118. Artikel 14 van die Hoofwet word hierby deur die volgende artikel vervang: 20 ‘‘Deregistrasie van korttermynversekeraars as maatskappye - 14 Verify source ↗
By die toepassing van artikel [73(5)] 82(3) van die Maatskappywet
AI-assisted research summary: For short-term insurers, the reference in section 82(3) of the Companies Act is to be read as a reference to the Commission acting with the Registrar’s consent.
14. By die toepassing van artikel [73(5)] 82(3) van die Maatskappywet met betrekking tot ’n korttermynversekeraar, word die verwysing na die [Registrateur van Maatskappye] Kommissie in daardie artikel uitgelê as ’n verwysing na die [Registrateur van Maatskappye] Kommissie handelende met die instemming van die Registrateur.’’. Wysiging van artikel 15 van Wet 53 van 1998 - 119 Verify source ↗
Artikel 15 van die Hoofwet word hierby gewysig—
AI-assisted research summary: The Registrar may only impose or determine certain prohibitions, restrictions, and conditions by notice on the official website.
119. Artikel 15 van die Hoofwet word hierby gewysig— (a) deur in subartikel (3) die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘Die Registrateur kan slegs ’n verbod of ’n beperking en ’n voorwaarde kragtens subartikel (1) of (2) by kennisgewing [in die Staatskoerant] op die amptelike webwerf oplê of bepaal—’’; en (b) deur subparagraaf (ii) in subartikel (3)(b) deur die volgende subparagraaf te vervang: ‘‘(ii) korttermynversekeraars in die algemeen, [in die Staatskoerant] op die amptelike webwerf; en’’. 25 30 35 Wysiging van artikel 19 van Wet 53 van 1998, soos gewysig deur artikel 32 van Wet 27 van 2008 - 120 Verify source ↗
Artikel 19 van die Hoofwet word hierby gewysig deur subartikel (1) deur die
AI-assisted research summary: A short-term insurer must always have one or more auditors appointed under the Companies Act rules for a widely held public company.
120. Artikel 19 van die Hoofwet word hierby gewysig deur subartikel (1) deur die 40 volgende subartikel te vervang: ‘‘(1) ’n Korttermynversekeraar moet te alle tye een of meer ouditeurs hê[,] deur hom aangestel ooreenkomstig die bepalings van die Maatskappywet van toepassing op ’n publieke maatskappy [met wye aandeelhouding].’’. Wysiging van artikel 20 van Wet 53 van 1998, soos vervang deur artikel 34 van Wet No. 27 van 2008 45 - 121 Verify source ↗
Artikel 20 van die Hoofwet word hierby gewysig deur subartikel (1) deur die
AI-assisted research summary: If a short-term insurer fails to appoint an auditor or statutory actuary, the Registrar may appoint one for it.
121. Artikel 20 van die Hoofwet word hierby gewysig deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) Indien ’n korttermynversekeraar om enige rede versuim om ’n ouditeur of statutêre aktuaris aan te stel, kan die Registrateur, ondanks [artikels 269(4) en 271(1)] artikel 90(1) en (2)(c) van die Maatskappywet, maar behoudens artikel 19 50 128 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 128 90(1) and (2)(c) of the Companies Act, but subject to section 19 or 19A of this Act, appoint an auditor or statutory actuary for that short-term insurer.’’. Amendment of section 22 of Act 53 of 1998, as amended by section 36 of Act 27 of 2008 - 122 Verify source ↗
Section 22 of the principal Act is hereby amended—
AI-assisted research summary: A short-term insurer’s board must appoint an audit committee.
122. Section 22 of the principal Act is hereby amended— (a) by the substitution for subsection (1) of the following subsection: ‘‘(1) [The] Despite section 94(2) of the Companies Act, the board of directors of a short-term insurer shall appoint an audit committee [of at least three members of whom at least two shall be independent non-executive directors within the meaning of section 269A(4)(b) and (c) of the Companies Act].’’; and (b) by the substitution in subsection (3) for the words preceding paragraph (a) of the following words: ‘‘The functions of the audit committee, in addition to the functions referred to in section [270A(1)] 94(7) of the Companies Act, [shall be] are—’’. 5 10 15 Substitution of section 23 of Act 53 of 1998, as amended by section 31 of Act 17 of 2003 and section 37 of Act 27 of 2008 - 123 Verify source ↗
The following section is hereby substituted for section 23 of the principal Act:
AI-assisted research summary: A short-term insurer may not issue securities, change its capital structure, reduce share capital, let a subsidiary acquire its shares, or conclude a section 44 transaction unless the Registrar approves or sets conditions.
123. The following section is hereby substituted for section 23 of the principal Act: ‘‘Preference shares, debentures, share capital and share warrants 20 23. (1) Notwithstanding the provisions of the Companies Act, a short-term insurer shall not without the approval of the Registrar or otherwise than in accordance with the conditions that the Registrar determines— (a) (b) (c) issue any securities or change the capital structure of the company; reduce its share capital; allow its subsidiary to acquire directly or indirectly shares in it in terms of section 48 of the Companies Act; or (d) conclude a transaction contemplated in section 44 of the Companies Act. (2) The conditions referred to in subsection (1) may include a new or varied registration condition contemplated in section 10 or 11.’’. 25 30 Amendment of section 24 of Act 53 of 1998, as amended by section 38 of Act 27 of 2008 - 124 Verify source ↗
Section 24 of the principal Act is hereby amended by the substitution in
AI-assisted research summary: This section amends section 24(2)(b) of the principal Act so that the relevant reference reads: an executor of a deceased shareholder’s estate, a trustee of a sequestrated shareholder’s estate, or an administrator, curator or guardian of a shareholder under disability.
124. Section 24 of the principal Act is hereby amended by the substitution in 35 subsection (2) for paragraph (b) of the following paragraph: ‘‘(b) to or in the name of [an executor, administrator, trustee, curator, guardian or liquidator in the circumstances contemplated in section 103(3) of the Companies Act] an executor of the estate of a deceased shareholder of a company, a trustee of a shareholder whose estate has been sequestrated or an administrator, curator or guardian of a shareholder who is otherwise under disability.’’. Amendment of section 25 of Act 53 of 1998, as amended by section 32 of Act 17 of 2003 - 125 Verify source ↗
Section 25 of the principal Act is hereby amended—
AI-assisted research summary: A person may not acquire or hold certain interests in a short-term insurer, or its related party, if that would give control, unless the Registrar has given prior approval.
125. Section 25 of the principal Act is hereby amended— (a) by the substitution for subsections (1) and (2) of the following subsections, respectively: ‘‘(1) Subject to this section, no person shall, directly or indirectly, and without the prior approval of the Registrar, acquire or hold shares or any other financial interest in a short-term insurer or a related party of that short-term insurer which results in that person, directly or indirectly, alone or with a related party, exercising control over that short-term insurer. 40 45 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 129 Wet No. 45 van 2013 129 van 19A van hierdie Wet, ’n ouditeur of statutêre aktuaris vir daardie korttermyn- versekeraar aanstel.’’. Wysiging van artikel 22 van Wet 53 van 1998, soos gewysig deur artikel 36 van Wet 27 van 2008 - 122 Verify source ↗
Artikel 22 van die Hoofwet word hierby gewysig—
AI-assisted research summary: The board of directors of a short-term insurer must appoint an audit committee.
122. Artikel 22 van die Hoofwet word hierby gewysig— (a) deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) [Die] Ondanks artikel 94(2) van die Maatskappywet, moet die raad van direkteure van ’n korttermynversekeraar ’n ouditkomitee aanstel [van minstens drie lede van wie minstens twee onafhanklike nie-uitvoerende direkteure binne die betekenis van artikel 269A(4)(b) en (c) van die Maatskappywet is].’’; en (b) deur in subartikel (3) die woorde wat paragraaf (a) voorafgaan deur die [moet] volgende woorde te vervang: 5 10 ‘‘Die werksaamhede van die ouditkomitee, benewens die werksaamhede bedoel in artikel [270A(1)] 94(7) van die Maatskappywet, is—’’. 15 Vervanging van artikel 23 van Wet 53 van 1998, soos gewysig deur artikel 31 van Wet 17 van 2003 en artikel 37 van Wet 27 van 2008 - 123 Verify source ↗
Artikel 23 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: A short-term insurer may not do the listed capital and share-related actions unless the Registrar approves or sets conditions.
123. Artikel 23 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Voorkeuraandele, skuldbriewe, aandelekapitaal en aandeelbewyse 23. (1) Ondanks die bepalings van die Maatskappywet, sal ’n kortter- mynversekeraar nie sonder die goedkeuring van die Registrateur of andersins as ooreenkomstig die voorwaardes wat die Registrateur bepaal nie— (a) enige sekuriteite uitreik of die kapitaalstruktuur van die maatskappy (b) (c) (d) verander; sy aandelekapitaal verminder nie; sy filiaal toelaat om ingevolge artikel 48 van die Maatskappywet regstreeks of onregstreeks aandele daarin te kry nie; of ’n transaksie in artikel 44 van die Maatskappywet beoog, sluit nie. (2) Die voorwaardes in subartikel (1) bedoel kan ’n nuwe of veranderde registrasievoorwaarde in artikel 10 of 11 beoog, insluit.’’. Wysiging van artikel 24 van Wet 53 van 1998, soos gewysig deur artikel 38 van Wet 27 van 2008 - 124 Verify source ↗
Artikel 24 van die Hoofwet word hierby gewysig deur paragraaf (b) in subartikel
AI-assisted research summary: This section amends Article 24 by replacing paragraph (b) in subsection (2) with a new list of persons who may act in certain shareholder-related capacities.
124. Artikel 24 van die Hoofwet word hierby gewysig deur paragraaf (b) in subartikel (2) deur die volgende paragraaf te vervang: ‘‘(b) aan of in die naam van [enige eksekuteur, administrateur, trustee, kurator, voog of likwidateur in die omstandighede in artikel 103(3) van die Maatskappywet beoog] ’n eksekuteer van die boedel van ’n gestorwe aandeelhouer van ’n maatskappy, ’n trustee van ’n aandeelhouer wie se boedel gesekwestreer is of ’n administrateur, kurator of voog van ’n aandeelhouer wat andersins regtens onbekwaam is.’’. Wysiging van artikel 25 van Wet 53 van 1998, soos gewysig deur artikel 32 van Wet 17 van 2003 20 25 30 35 40 - 125 Verify source ↗
Artikel 25 van die Hoofwet word hierby gewysig—
AI-assisted research summary: A person generally may not acquire or hold shares in a short-term insurer without the Registrar’s prior approval, and a short-term insurer must notify the Registrar about certain share or financial interest acquisitions.
125. Artikel 25 van die Hoofwet word hierby gewysig— (a) deur subartikels (1) en (2) onderskeidelik deur die volgende subartikels te 45 vervang: ‘‘(1) Behoudens hierdie artikel mag geen persoon, regstreeks of onregstreeks, en sonder die vooraf goedkeuring van die Registrateur, aandele of enige ander finansiële belang in ’n korttermynversekeraar of verwante party van daardie korttermynversekeraar verkry of hou wat tot gevolg het dat daardie persoon, regstreeks of onregstreeks, alleen of saam met ’n verwante party, beheer oor daardie korttermynversekeraar uitoefen nie. 50 130 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 130 (2) No person shall, directly or indirectly and without the prior approval of the Registrar, acquire or hold shares in a short-term insurer or a related party of that short-term insurer if— (a) prior to the conversion of shares issued with a nominal value or par value in accordance with the Companies Act, the aggregate nominal value of those shares, by itself or together with the aggregate nominal value of the shares already owned by that person or by that person and [his, her or its] related parties, will amount to 25 per cent or more of the total nominal value of all of the issued shares of the short-term insurer concerned[, without first having obtained the approval of the Registrar]; (b) after the conversion of shares issued with a nominal value or par value in accordance with the Companies Act, the total number of those shares, by itself or together with the total number of the shares already owned by that person or by that person and related parties, will amount to 25 per cent or more of all the shares in a specific class of shares issued by the short-term insurer concerned.’’; (b) by the insertion after subsection (2) of the following subsection: ‘‘(2A) A short-term insurer must inform the Registrar if any person, directly or indirectly, acquires shares or any other financial interests referred to in subsection (1) or (2) in that short-term insurer.’’; (c) by the substitution in subsection (3)(a) for subparagraph (i) of the following subparagraph: ‘‘(i) subject to the aggregate nominal value of the shares or total number of shares in a specific class of shares or aggregate number of all the shares owned by the person concerned and his, her or its related parties not exceeding such percentage as may be determined by the Registrar without further approval in terms of this section;’’; (d) by the substitution in subsection (3)(c) for subparagraph (i) of the following subparagraph: ‘‘(i) of the aggregate nominal value or number of a specific class; and’’; (e) by the substitution in subsection (4) for paragraphs (a) and (b) of the following paragraphs, respectively: ‘‘(a) compelling such shareholder to reduce, within a period determined by the Court, that shareholding [with a total nominal value] to a shareholding not exceeding 25 per cent of— (i) the total nominal value or number of all the issued shares of the short-term insurer; or (ii) all the shares in a specific class of shares issued by the short-term insurer; and (b) limiting, with immediate effect, the voting rights that may be exercised by such shareholder by virtue of his, her or its shareholding to [25] 15 per cent of the voting rights attached to all the issued shares of the short-term insurer.’’; 5 10 15 20 25 30 35 40 (f) by the substitution in subsection (5)(a) for subparagraphs (i) and (ii) of the following subparagraphs, respectively: 45 ‘‘(i) (ii) [his or her] a person who is recognised in law or the tenets of a religion as the spouse, permanent life partner or civil union partner of that person; [his or her] a child[, parent] of that person, including a stepchild [or stepparent and any spouse of any such person], an adopted child and a child born out of wedlock;’’; (g) by the insertion in subsection (5)(a) after subparagraph (ii) of the following subparagraphs: ‘‘(iiA) a parent or stepparent of that person; (iiB) a person in respect of whom that person is recognised in law or appointed by a court as the person legally responsible for 50 55 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 131 Wet No. 45 van 2013 131 (2) Geen persoon mag, regstreeks of onregstreeks en sonder die vooraf goedkeuring van die Registrateur, aandele in ’n korttermynversekeraar of verwante party van daardie korttermynversekeraar verkry of hou nie indien— (a) voor die omskakeling van aandele uitgereik met ’n nominale waarde of pariwaarde ooreenkomstig die Maatskappywet, indien die totale nominale waarde van daardie aandele, opsigself of tesame met die totale nominale waarde van die aandele alreeds deur daardie persoon of daardie persoon en [sy of haar] verwante partye besit, 25 persent of meer van die totale nominale waarde van al die uitgereikte aandele van die betrokke korttermynversekeraar sal bedra[, sonder om vooraf goedkeuring van die Registrateur te verkry nie]; (b) na die omskakeling van aandele met ’n nominale waarde of pariwaarde uitgereik ooreenkomstig die Maatskappywet, die totale getal van daardie aandele, opsigself of tesame met die aandele wat daardie persoon of daardie persoon en verwante partye reeds besit, meer as 25 persent of meer van al die aandele in ’n bepaalde klas aandele deur die betrokke korttermynversekeraar uitgereik, sal beloop.’’; (b) deur die volgende subartikel na subartikel (2) in te voeg: ‘‘(2A) ’n Korttermynversekeraar moet die Registrateur inlig indien enige persoon, regstreeks of onregstreeks, aandele of enige ander finansiële belang in subartikel (1) of (2) bedoel, in daardie kortter- mynversekeraar verkry.’’; (c) deur subparagraaf (i) in subartikel (3)(a) deur die volgende subparagraaf te vervang: ‘‘(i) behoudens dat die totale nominale waarde van die aandele of totale getal aandele in ’n bepaalde klas aandele of totale getal van al die aandele deur die betrokke persoon en sy of haar verwante partye besit nie die persentasie oorskry wat deur die Registrateur bepaal word sonder verdere goedkeuring ingevolge hierdie artikel nie;’’; (d) deur subparagraaf (i) in subartikel (3)(c) deur die volgende subparagraaf te vervang: 5 10 15 20 25 30 ‘‘(i) van die totale nominale waarde van ’n bepaalde klas; en’’; (e) deur paragrawe (a) en (b) in subartikel (4) onderskeidelik deur die volgende 35 paragrawe te vervang: ‘‘(a) om so ’n aandeelhouer te verplig om, binne ’n tydperk deur die Hof bepaal, daardie aandeelhouding te verminder tot ’n aandeelhouding [met ’n totale nominale waarde] van hoogstens 25 persent van— (i) die totale nominale waarde of getal van al die uitgereikte aandele van die korttermynversekeraar; of (ii) al die aandele in ’n bepaalde klas aandele uitgereik deur ’n korttermynversekeraar; en (b) wat, dadelik ingaande, die stemreg wat deur so ’n aandeelhouer uit hoofde van sy of haar aandeelhouding uitgeoefen kan word, beperk tot [25] 15 persent van die stemreg verbonde aan al die uitgereikte aandele van die korttermynversekeraar.’’; 40 45 (f) deur subparagrawe (i) en (ii) in subartikel (5)(a) onderskeidelik deur die volgende subparagrawe te vervang: 50 ‘‘(i) (ii) [sy of haar] ’n persoon wat volgens wet of die leerstellings van ’n geloof as die gade, permanente lewensmaak of burgerlike verbin- tenismaat van daardie persoon erken word; [sy of haar] ’n kind[, ouer] van daardie persoon, met inbegrip van ’n stiefkind [of stiefouer en enige gade van so persoon], aangenome kind en ’n kind wat buite die eg gebore is;’’; (g) deur na subparagraaf (ii) in subartikel (5)(a) die volgende subparagrawe in te voeg: ‘‘(iiA) ’n ouer of stiefouer van daardie persoon; (iiB) ’n persoon ten opsigte van wie daardie persoon regtens erken word of deur ’n Hof aangestel is as die persoon wat wetlik verantwoordelik is vir die bestuur van die sake of voldoening aan 55 60 132 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 132 managing the affairs of or meeting the regular care needs of the first-mentioned person; (iiC) a person who is the permanent life partner or spouse or civil union partner of a person referred to in subparagraphs (ii), (iiA) and (iiB); (iiD) a person who is in a commercial partnership with that person;’’; (h) by the substitution in subsection (5)(b) for subparagraph (i) of the following subparagraph: ‘‘(i) which is a company, means [its] any subsidiary [and its] or holding company [and] of that company, any other subsidiary [or] of that holding company [thereof] and any other company of which that holding company is a subsidiary;’’; and (i) by the substitution in subsection (6) for paragraphs (a), (b) and (c) of the following paragraphs, respectively: ‘‘(a) holds shares in the short-term insurer of which— (b) (i) (ii) the total nominal value represents 25 per cent or more of the nominal value of all the issued shares thereof; the total number of shares represents 25 per cent or more of all the shares in a specific class of shares issued by that short-term insurer; [holds shares which entitle such person to exercise 25 per cent or more of the voting rights attached to the issued shares of that short-term insurer] is directly or indirectly able to exercise or control the exercise of more than 15 per cent of the voting rights associated with securities of that company, whether pursuant to a shareholder agreement or otherwise; or 5 10 15 20 25 (c) has the [power to determine the appointment of 25 per cent or more of the directors of that short-term insurer, including the power— (i) to appoint or remove, without the concurrence of another 30 person, 25 per cent or more of the directors; or (ii) to prevent a person from being appointed as a director without another person’s consent] right to appoint or elect, or control the appointment or election of, directors of that company who control more than 15 per cent of the votes at a meeting of the board.’’. Amendment of section 27 of Act 53 of 1998 - 126 Verify source ↗
Section 27 of the principal Act is hereby amended—
AI-assisted research summary: This provision amends section 27 of the principal Act, including a rule that no person may act contrary to subsection (1)(a) and a clarification about the validity of certain resolutions.
126. Section 27 of the principal Act is hereby amended— (a) by the substitution in subsection (1) for the words preceding paragraph (a) of the following words: ‘‘No person shall, despite any other law—’’; (b) by the substitution in subsection (1) for the words following paragraph (b) of the following words: ‘‘a share in a short-term insurer or a related party of that short-term insurer allotted or issued to such first-mentioned person or registered in such person’s name contrary to this Act.’’; and (c) by the substitution for subsection (2) of the following subsection: ‘‘(2) The validity of a resolution passed by a short-term insurer or a related party of that short-term insurer shall not be affected solely by reason of a vote being cast contrary to subsection (1)(a).’’. 35 40 45 50 Amendment of section 36 of Act 53 of 1998 - 127 Verify source ↗
Section 36 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: This section amends section 36 and replaces subsection (1) with a rule limiting certain transactions involving a short-term insurer.
127. Section 36 of the principal Act is hereby amended by the substitution for subsection (1) of the following subsection: ‘‘(1) No transaction to which a short-term insurer is a party and which constitutes an agreement by which all or any part of the business of a short-term insurer is 55 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 133 Wet No. 45 van 2013 133 die gereelde behoeftes vir versorging van die eersgenoemde persoon; (iiC) ’n persoon wat die permanente lewensmaat of gade of burgerlike verbindingsmaat van ’n persoon in subparagrawe (ii), (iiA) en (iiB) bedoel, is; (iiD) ’n persoon wat in ’n handelsvennootskap met daardie persoon is;’’; (h) deur subparagraaf (i) in subartikel (5)(b) deur die volgende subparagraaf te vervang: ‘‘(i) wat ’n maatskappy is, [sy] enige filiaal [en sy] of houermaatskappy [en] van daardie maatskappy, enige ander filiaal [of] van daardie houermaatskappy [van hom] en enige ander maatskappy waarvan daardie houermaatskappy ’n filiaal is;’’; en 5 10 (i) deur paragrawe (a), (b) en (c) in subartikel (6) onderskeidelik deur die volgende paragrawe te vervang: 15 ‘‘(a) aandele in die korttermynversekeraar hou waarvan— (i) die totale nominale waarde 25 persent of meer van die nominale waarde van al sy uitgereikte aandele verteen- woordig; (ii) die totale getal aandele verteenwoordig 25 persent of meer van al die aandele in ’n bepaalde klas aandele deur daardie korttermynversekeraar uitgereik; (b) [aandele hou wat so ’n persoon geregtig maak om 25 persent of meer van die stemreg verbonde aan die uitgereikte aandele van daardie korttermynversekeraar uit regstreeks of onregstreeks beheer oor die uitoefening van 15 persent van die stemregte vereenselwig met sekuriteite van daardie maatskappy het, hetsy ooreenkomstig ’n aandeelhouer ooreenkoms of andersins; of (c) die [bevoegdheid het om die aanstelling van 25 persent of meer van die direkteure van daardie korttermynversekeraar te bepaal, met inbegrip van die bevoegdheid— te oefen] (i) om sonder die instemming van enige ander persoon, 25 persent of meer van die direkteure aan te stel of te verwyder; of (ii) om die aanstelling van enige persoon as direkteur sonder ’n ander persoon se toestemming te verhinder] reg het om direkteure van daardie maatskappy aan te stel of te verkies, of om hul aanstelling of verkiesing te beheer, wat meer as 15 persent van die stemme by ’n raadsvergadering beheer.’’. Wysiging van artikel 27 van Wet 53 van 1998 20 25 30 35 40 - 126 Verify source ↗
Artikel 27 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends Article 27 of the main law to prohibit certain share transactions and registrations that are contrary to the Act.
126. Artikel 27 van die Hoofwet word hierby gewysig— (a) deur in subartikel (1) die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘Geen persoon mag, ondanks enige ander wet—’’; (b) deur in subartikel (1) die woorde wat op paragraaf (b) volg deur die volgende 45 woorde te vervang: ‘‘ ’n aandeel in ’n korttermynversekeraar of ’n verwante party van daardie korttermynversekeraar aan eersgenoemde persoon strydig met hierdie Wet toegeken of uitgereik of in so ’n persoon se naam geregistreer nie.’’; en (c) deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) Die geldigheid van ’n besluit deur ’n korttermynversekeraar of ’n verwante party tot die korttermynversekeraar geneem, word nie geraak slegs omdat ’n stem strydig met subartikel (1)(a) uitgebring word nie.’’. Wysiging van artikel 36 van Wet 53 van 1998 - 127 Verify source ↗
Artikel 36 van die Hoofwet word hierby gewysig deur subartikel (1) deur die
AI-assisted research summary: Certain transactions involving a short-term insurer do not have legal force unless the Registrar approves them.
127. Artikel 36 van die Hoofwet word hierby gewysig deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) Geen transaksie waarby ’n korttermynversekeraar ’n party is en wat ’n ooreenkoms uitmaak waarby die geheel of ’n gedeelte van die besigheid van ’n 50 55 134 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 134 transferred to another person, or by which a fundamental transaction or compromise[, arrangement or amalgamation] contemplated in Part A of Chapter [XII] 5 and section 155 of the Companies Act is effected, or by which a short-term insurer which is not a company having a share capital is to be converted into a public company having a share capital, shall have legal force without the approval of the Registrar.’’. Amendment of section 37 of Act 53 of 1998 - 128 Verify source ↗
Section 37 of the principal Act is hereby amended—
AI-assisted research summary: This provision amends section 37 to require advance notice and publication before lodging an application, and gives the Registrar power to require further transaction information and documents.
128. Section 37 of the principal Act is hereby amended— (a) by the substitution in paragraph (a) for subparagraphs (i) and (ii) of the following subparagraphs, respectively: ‘‘(i) (ii) at least 60 days before lodging the application, give notice to the Registrar thereof together with full particulars of the transaction, which particulars must be provided in such form as the Registrar may require; at least 30 days before lodging the application, cause a notice, in the form and containing the information required by the Registrar, to be published in such official languages in the Gazette and in such other [newspapers] media as the Registrar may determine;’’; (b) by the deletion in paragraph (c) of the word ‘‘and’’ at the end of subparagraph (i); and (c) by the substitution in paragraph (c) for subparagraph (ii) of the following subparagraph: ‘‘(ii) by notice, direct any party to the transaction to provide the Registrar or that person with all information and documents relating to the transaction which [he or she] the Registrar may require; and’’. 5 10 15 20 25 Amendment of section 38 of Act 53 of 1998 - 129 Verify source ↗
Section 38 of the principal Act is hereby amended by the substitution for the
AI-assisted research summary: The Registrar may approve a transaction referred to in section 36(1), and may attach conditions.
129. Section 38 of the principal Act is hereby amended by the substitution for the words preceding paragraph (a) of the following words: ‘‘Notwithstanding the provisions of the Companies Act, the approval of the Registrar of a transaction referred to in section 36(1) may be granted subject to such conditions as the Registrar may determine and shall not be granted—’’. 30 Substitution of heading of Part VI of Act 53 of 1998 - 130 Verify source ↗
The following heading is hereby substituted for the heading of Part VI of the
AI-assisted research summary: The heading of Part VI is replaced with “Business rescue and winding-up of short-term insurers”.
130. The following heading is hereby substituted for the heading of Part VI of the principal Act: ‘‘[Judicial management] Business rescue and winding-up of short-term insurers’’. 35 Substitution of section 40 of Act 53 of 1998 - 131 Verify source ↗
The following section is hereby substituted for section 40 of the principal Act:
AI-assisted research summary: Business rescue rules apply to a short-term insurer, and certain acts need the Registrar’s approval.
131. The following section is hereby substituted for section 40 of the principal Act: ‘‘Business rescue 40. (1) Notwithstanding the provisions of the Companies Act or any other law under which a short-term insurer is incorporated, Chapter 6 of the Companies Act shall, subject to this section and with the necessary changes, apply in relation to the business rescue of a short-term insurer, whether or not it is a company. (2) The Registrar may make an application under section 131 of the Companies Act in respect of a short-term insurer if the Registrar is satisfied, whether in accordance with section 12(2) or 34(2) of this Act or otherwise, that it is in the interests of the policyholders of the short-term insurer to do so. 40 45 (3) The following acts are subject to the approval of the Registrar: 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 135 Wet No. 45 van 2013 135 korttermynversekeraar aan ’n ander persoon oorgedra word, of waarby ’n wesenlike transaksie of skikking[, reëling of amalgamasie] beoog in Deel A van Hoofstuk [XII] 5 en artikel 155 van die Maatskappywet bewerkstellig word, of waarvolgens ’n korttermynversekeraar wat nie ’n maatskappy met aandelekapitaal is nie, in ’n openbare maatskappy omskep moet word wat ’n aandelekapitaal het, is regtens geldig sonder die goedkeuring van die Registrateur nie.’’. Wysiging van artikel 37 van Wet 53 van 1998 - 128 Verify source ↗
Artikel 37 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This amendment requires transaction parties to notify the Registrar and publish a notice before filing an application, and to provide required information and documents when directed.
128. Artikel 37 van die Hoofwet word hierby gewysig— (a) deur subparagrawe (i) en (ii) in paragraaf (a) onderskeidelik deur die volgende subparagrawe te vervang: ‘‘(i) minstens 60 dae voor indiening van die aansoek, die Registrateur daarvan kennis gee tesame met volle besonderhede van die transaksie, welke besonderhede voorsien moet word in sodanige vorm wat die Registrateur vereis; (ii) minstens 30 dae voor indiening van die aansoek, ’n kennisgewing in die vorm en bevattende die inligting deur die Registrateur vereis, in die Staatskoerant laat publiseer in die amptelike tale en in die ander [nuusblaaie] media wat die Registrateur bepaal;’’; (b) deur aan die einde van subparagraaf (i) in paragraaf (c) die woord ‘‘en’’ te skrap; en (c) deur subparagraaf (ii) in paragraaf (c) deur die volgende subparagraaf te vervang: ‘‘(ii) by kennisgewing enige party tot die transaksie gelas om die Registrateur of daardie persoon te voorsien van alle inligting en dokumente met betrekking tot die transaksie wat [hy of sy] die Registrateur mag vereis; en’’. 5 10 15 20 25 Wysiging van artikel 38 van Wet 53 van 1998 - 129 Verify source ↗
Artikel 38 van die Hoofwet word hierby gewysig deur die woorde wat paragraaf
AI-assisted research summary: The Registrar may grant approval for a transaction in article 36(1), and may attach conditions or refuse approval.
129. Artikel 38 van die Hoofwet word hierby gewysig deur die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘Ondanks die bepalings van die Maatskappywet [word] kan die goedkeuring van die Registrateur vir ’n transaksie in artikel 36(1) bedoel, verleen word behoudens sodanige voorwaarde wat die Registrateur kan bepaal en nie verleen nie—’’. 30 Vervanging van opskrif van Deel VI van Wet 53 van 1998 - 130 Verify source ↗
Die opskrif van Deel VI van die Hoofwet word hierby deur die volgende opskrif
AI-assisted research summary: This provision replaces the heading of Part VI of the Principal Act.
130. Die opskrif van Deel VI van die Hoofwet word hierby deur die volgende opskrif vervang: ‘‘[Geregtelike bestuur] Ondernemingsredding en likwidasie van kortter- mynversekeraars’’. Vervanging van artikel 40 van Wet 53 van 1998 - 131 Verify source ↗
Artikel 40 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: This section makes Companies Act business rescue rules apply to short-term insurers, but only with the changes and approvals set out here.
131. Artikel 40 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Ondernemingsredding 40. (1) Ondanks die bepalings van die Maatskappywet of enige ander wet waarkragtens ’n korttermynversekeraar ingelyf is, is Hoofstuk 6 van die Maatskappywet, behoudens hierdie artikel en met die nodige veranderinge, van toepassing op die ondernemingsredding van ’n korttermynversekeraar, hetsy dit ’n maatskappy is al dan nie. (2) Die Registrateur kan ingevolge artikel 131 van die Maatskappywet ’n aansoek doen ten opsigte van ’n korttermynversekeraar indien die Registrateur tevrede is, hetsy ooreenkomstig artikel 12(2) of 34(2) van hierdie Wet of andersins, dat dit in die belang is van die polishouers van die korttermynversekeraar om dit te doen. (3) Die volgende handelinge is onderhewig aan die goedkeuring van die Registrateur: 35 40 45 50 136 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 136 (a) The resolution of a short-term insurer to begin business rescue (b) (c) (d) proceedings; the appointment of a business rescue practitioner; the adoption of a business rescue plan; and the exercise of a power by the business rescue practitioner under the Companies Act. (4) In the application of Chapter 6 of the Companies Act— (a) a reference to the Commission shall be construed as a reference also to (b) (c) (d) the Registrar; the reference to creditors shall be construed as a reference also to the policyholders of the short-term insurer; a reference relating to the inability of a short-term insurer to pay all its debts, shall be construed as relating also to its inability to comply with section 28(1) of this Act; in addition to any question relating to the business of a short-term insurer, there shall be considered also the question whether any proposed action is in the interests of the policyholders. (5) If an application to a Court for an order relating to the business rescue of a short-term insurer is made by an affected person other than the Registrar— (a) it shall not be heard unless copies of the notice of motion and of all accompanying affidavits and other documents filed in support of the application have been lodged with the Registrar at least 60 days before the application is set down for hearing; and the Registrar may, if satisfied that the application is not in the interests of the policyholders of the short-term insurer, join in the application as a party and file affidavits and other documents in opposition to the application. (b) (6) As from the date upon which a business rescue practitioner is appointed, the business rescue practitioner of a short-term insurer shall not enter into any new short-term policies, unless the practitioner has been granted permission to do so by the Registrar.’’. Amendment of section 41 of Act 53 of 1998 - 132 Verify source ↗
Section 41 of the principal Act is hereby amended—
AI-assisted research summary: This section changes how winding-up and business rescue rules apply to short-term insurers, gives the Registrar power to apply for winding-up, requires extra policyholder-focused consideration, limits third-party business rescue applications unless notice is filed 60 days ahead, and restricts new short-term policies after a business rescue practitioner is appointed unless the Registrar permits it.
132. Section 41 of the principal Act is hereby amended— (a) by the substitution for the heading of the following heading: ‘‘Winding-up [by Court]’’; (b) by the substitution for subsections (1) and (2) of the following subsections, respectively: ‘‘(1) Notwithstanding the provisions of the Companies Act or any other law under which a short-term insurer is incorporated, [Chapter XIV of] sections 79 to 81 of and item 9 of Schedule 5 to the Companies Act shall, subject to this section and with the necessary changes, apply in relation to the winding-up of a short-term insurer, and in such application the Registrar shall be deemed to be a person authorised [by section 346 of] under the Companies Act to make an application to the Court for the winding-up thereof. (2) The Registrar may[, with the written approval of the Minister,] make an application under [section 346 of] the Companies Act for the winding-up of a short-term insurer if [he or she] the Registrar is satisfied, whether as contemplated in section 12(3) or 34(2) of this Act, or otherwise, that it is in the interests of the policyholders of that short-term insurer to do so.’’; (c) by the substitution in subsection (3) for the words preceding paragraph (a) of the following words: ‘‘In the application of [Chapter XIV of] sections 79 to 81 of and item 9 of Schedule 5 to the Companies Act as provided by subsection (1)—’’; and 5 10 15 20 25 30 35 40 45 50 55 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 137 Wet No. 45 van 2013 137 (a) Die besluit van ’n korttermynversekeraar om ’n aanvang te neem met ondernemingreddingsverrigtinge; (b) die aanstelling van ’n ondernemingreddingspraktisyn; (c) die aanneming van ’n ondernemingreddingsplan; en (d) die uitoefening van ’n bevoegdheid deur die ondernemingreddings- 5 praktisyn kragtens die Maatskappywet. (4) By die toepassing van Hoofstuk 6 van die Maatskappywet— (a) word ’n verwysing na die Kommissie uitgelê as ook ’n verwysing na die Registrateur; (b) word die verwysing na krediteure uitgelê as ook ’n verwysing na die 10 (c) polishouers van die korttermynversekeraar; ’n verwysing wat verband hou met die onvermoë van ’n korttermynversekeraar om al sy skulde te betaal, word uitgelê as dat dit ook verband hou met sy onvermoë om aan artikel 28(1) van hierdie Wet te voldoen; (d) bykomend tot enige oorweging in verband met die besigheid van ’n korttermynversekeraar, moet die vraag of enige voorgestelde aksie in die belang van die polishouers is, ook oorweeg word. (5) Indien ’n aansoek by ’n Hof om ’n bevel betreffende die onder- nemingsredding van ’n korttermynversekeraar deur ’n geraakte persoon wat nie die Registrateur is nie, gedoen word— (a) word dit nie aangehoor nie tensy afdrukke van die kennisgewing van mosie en van alle gepaardgaande beëdigde verklarings en ander dokumente wat ter ondersteuning van die aansoek ingedien is, by die registrateur ingedien is ten minste 60 dae voor die aansoek vir verhoor op die rol geplaas; en (b) kan die Registrateur, indien oortuig dat die aansoek nie in die belang is nie van die lede van die betrokke pensioenfonds of die lede namens wie die betrokke administrateur die pensioenfonds administreer, by die aansoek as ’n party aansluit en beëdigde verklarings en ander dokumente indien om die aansoek teen te staan. (6) Vanaf die datum waarop ’n ondernemingreddingspraktisyn aangestel word, gaan die ondernemingreddingspraktisyn van ’n korttermynverseker nie enige nuwe korttermynpolisse aan nie, tensy die Registrateur die praktisyn toestemming gegee het om dit te doen.’’. 15 20 25 30 35 Wysiging van artikel 41 van Wet 53 van 1998 - 132 Verify source ↗
Artikel 41 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends section 41 of the principal Act to allow the Registrar to apply to court to liquidate a short-term insurer, if satisfied this is in policyholders’ interests.
132. Artikel 41 van die Hoofwet word hierby gewysig— (a) deur die opskrif deur die volgende opskrif te vervang: ‘‘Likwidasie [deur Hof]’’; (b) deur subartikels (1) en (2) onderskeidelik deur die volgende subartikels te 40 vervang: ‘‘(1) Ondanks die bepalings van die Maatskappywet of enige ander wet waarkragtens ’n korttermynversekeraar ingelyf is, is [Hoofstuk XIV van] artikels 79 tot 81 van en item 9 van Bylae 5 tot die Maatskappywet behoudens hierdie artikel en met die nodige veranderinge van toepassing met betrekking tot die likwidasie van ’n korttermynversekeraar, en by so ’n toepassing word die Registrateur geag ’n persoon te wees wat [by artikel 346 van] kragtens die Maatskappywet gemagtig is om by die Hof om die likwidasie daarvan aansoek te doen. (2) Die Registrateur kan[, met die skriftelike goedkeuring van die Minister,] kragtens [artikel 346 van] die Maatskappywet om die likwidasie van ’n korttermynversekeraar aansoek doen indien [hy of sy] die Registrateur tevrede is, hetsy soos in artikel 12(3) of 34(2) van hierdie Wet beoog, of andersins, dat dit in die belang van die polishouers van daardie korttermynversekeraar is om dit te doen.’’; (c) deur in subartikel (3) die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘By die toepassing van [Hoofstuk XIV van] artikels 79 tot 81 van en item 9 van Bylae 5 tot die Maatskappywet soos by subartikel (1) bepaal—’’; en 45 50 55 60 138 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 138 (d) by the substitution in subsection (3) for paragraphs (c), (d) and (e) of the following paragraphs, respectively: ‘‘(c) notwithstanding any other provision of [that Chapter] sections 79 to 81 and item 9 of Schedule 5, there shall be considered whether a person is acting in contravention of section 7(1)(a) of this Act; [in the following sections of the Companies Act, namely— (d) (i) sections 392, 394(5) and 400,] the [reference] references to the Master, Registrar of Companies, Panel and Commission shall be construed as a reference also to the Registrar; [ (ii) sections 375(5)(a) and 419(1), the reference to the Registrar of Companies shall be construed as a reference also to the Registrar; and (iii) section 400, the reference to a contravention of any provision of that Act shall be construed as a reference also to a contravention of any provision of this Act;] and [section 346(3) of the Companies Act] the requirement to give security shall not apply where the Registrar makes the application to Court.’’. (e) Amendment of section 42 of Act 53 of 1998 - 133 Verify source ↗
Section 42 of the principal Act is hereby amended—
AI-assisted research summary: Certain special resolutions about winding up a short-term insurer must not be filed or registered, and a related resolution for a non-company short-term insurer has no legal force.
133. Section 42 of the principal Act is hereby amended— (a) by the substitution for the words preceding paragraph (a) of the following words: ‘‘No special resolution relating to the winding-up of a short-term insurer as contemplated in [section 349 of] sections 79 to 81 of and item 9 of Schedule 5 to the Companies Act shall be filed or registered [in terms of section 200 of] under that Act, and no special resolution to that effect in terms of the constitution of a short-term insurer which is not a company shall have legal force—’’; and (b) by the addition of the following subsection, the existing section becoming subsection (1): ‘‘(2) Subject to item 9 of schedule 5 to the Companies Act, the reference to a short-term insurer in this section shall for the purposes of the application of sections 79, 80 and 81 of the Companies Act be construed as a reference to a financially sound short-term insurer.’’. Substitution of section 44 of Act 53 of 1998
Part
Part 6
- 146 Verify source ↗
Section 1 of the Inspection of Financial Institutions Act, 1998 (in this Part
AI-assisted research summary: This provision amends the definition of “registrar” in the Inspection of Financial Institutions Act, 1998.
146. Section 1 of the Inspection of Financial Institutions Act, 1998 (in this Part referred to as the principal Act), is hereby amended by the substitution for the definition of ‘‘registrar’’ of the following definition: ‘‘ ‘registrar’ means the executive officer defined in section 1 of the Financial Services Board Act, 1990 (Act No. 97 of 1990), but in relation to a medical scheme registered in terms of the Medical Schemes Act, [1967] 1998 (Act No. 131 of 1998), means the registrar of medical schemes appointed under [section 13] section 18 of [that Act] the Medical Schemes Act, 1998;’’. Amendment of section 2 of Act 80 of 1998 - 147 Verify source ↗
Section 2 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: Inspectors must receive a signed certificate on appointment and carry/produce it when exercising powers or duties under the Act.
147. Section 2 of the principal Act is hereby amended by the substitution for subsections (2) and (3) of the following subsections, respectively: ‘‘(2) [The registrar must furnish every] An inspector appointed under subsection (1) must, upon appointment, be issued with a certificate of appointment signed by the registrar. (3) [An] When an inspector [must, before commencement of an inspection or the examination of any person,] exercises any power or performs any duty in terms of this Act, the inspector must be in possession of a certificate of appointment issued under subsection (2), and must produce [his or her] the certificate of appointment at the request of any person in respect of whom such power is being exercised.’’. Substitution of section 3A of Act 80 of 1998, as inserted by section 21 of Act 12 of 2000 - 148 Verify source ↗
The following section is hereby substituted for section 3A of the principal Act:
AI-assisted research summary: This section substitutes section 3A of the principal Act with a section titled “Inspections for purposes of agreements, communiqués and memoranda of understanding.”
148. The following section is hereby substituted for section 3A of the principal Act: 15 20 25 30 ‘‘Inspections for purposes of agreements, communiqués and memo- randa of understanding 35 - 3A Verify source ↗
The registrar may at any time instruct an inspector to carry out an
AI-assisted research summary: The registrar may instruct an inspector to inspect a person's affairs or part of them, under sections 4 and 5, for implementing certain agreements or memoranda of understanding.
3A. The registrar may at any time instruct an inspector to carry out an inspection in accordance with the provisions of sections 4 and 5, pursuant to and for the purposes of implementation of any agreement, communiqué or memorandum of understanding contemplated in section 22(2)(b) of the Financial Services Board Act, 1990 (Act No. 97 of 1990), of the affairs or part of the affairs of any person referred to in, or identified by the requesting authority acting in terms of, any such agreement, communiqué or memorandum [and who is present or resident in the Republic].’’. 40 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 147 Wet No. 45 van 2013 147 (b) deur item 6 te skrap; (c) deur die opskrif van Deel VI deur die volgende opskrif te vervang: ‘‘Ondernemingsredding en likwidasie van korttermynverseke- raars’’; (d) deur items 40 en 41 deur die volgende items onderskeidelik te vervang: 5 ‘‘40. Ondernemingsredding
Part
part of the affairs of any person referred to in, or identified by the requesting
- 41 Verify source ↗
Likwidasie’’; en
AI-assisted research summary: This text appears to make an amendment by deleting item 49 and referring to an amendment of section 1 of the Financial Institutions Inspection Act, 1998.
41. Likwidasie’’; en (e) deur item 49 te skrap. Deel 6 Wysiging van Wet op Inspeksie van Finansiële Instellings, 1998 10 Wysiging van artikel 1 van Wet 80 van 1998, soos gewysig deur artikel 21 van Wet 12 van 2000 - 146 Verify source ↗
Artikel 1 van die Wet op Inspeksie van Finansiële Instellings, 1998 (in hierdie
AI-assisted research summary: This provision replaces the definition of “registrateur” with a new one, including a special rule for registered medical schemes.
146. Artikel 1 van die Wet op Inspeksie van Finansiële Instellings, 1998 (in hierdie Deel die Hoofwet genoem), word hierby gewysig deur die omskrywing van ‘‘registrateur’’ deur die volgende omskrywing te vervang: ‘‘ ‘registrateur’ die uitvoerende beampte omskryf in artikel 1 van die Wet op die Raad op Finansiële Dienste, 1990 (Wet No. 97 van 1990), maar met betrekking tot ’n mediese skema wat ingevolge die Wet op Mediese Skemas, [1967] 1998 (Wet No. 131 van 1998), geregistreer is, die registrateur van mediese skemas wat kragtens artikel [13] van [daardie Wet] die Wet op Mediese Skemas, 1998, aangestel is;’’. Wysiging van artikel 2 van Wet 80 van 1998 - 147 Verify source ↗
Artikel 2 van die Hoofwet word hierby gewysig deur subartikels (2) en (3)
AI-assisted research summary: This section replaces subsections (2) and (3) so that inspectors must receive and carry a signed certificate of appointment, and show it when asked.
147. Artikel 2 van die Hoofwet word hierby gewysig deur subartikels (2) en (3) onderskeidelik deur die volgende subartikels te vervang: ‘‘(2) [Die registrateur moet elke inspekteur] ’n Inspekteur [voorsien van] kragtens subartikel (1) aangestel moet, by aanstelling, ’n sertifikaat van aanstelling deur die registrateur onderteken, ontvang. (3) [’n Inspekteur moet, alvorens ’n inspeksie ’n aanvang neem of ’n persoon ondervra word,] Wanneer ’n inspekteur enige bevoegdheid uitoefen of enige plig ingevolge hierdie Wet uitvoer, moet die inspekteur in besit wees van ’n sertifikaat van aanstelling uitgereik kragtens subartikel (2), en die sertifikaat van [sy of haar] aanstelling toon op versoek van ’n persoon ten opsigte van wie sodanige bevoegdheid uitgeoefen word.’’. 15 20 25 30 Vervanging van artikel 3A van Wet 80 van 1998, soos ingevoeg deur artikel 21 van Wet 12 van 2000 35 - 148 Verify source ↗
Artikel 3A van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: Article 3A of the principal Act is replaced with a new article titled “Inspections for purposes of agreements, communiqués and memoranda of understanding.”
148. Artikel 3A van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Inspeksies vir doeleindes van ooreenkomste, communiqués en memoranda van verstandhouding - 3A Verify source ↗
Die registrateur kan te eniger tyd ’n inspekteur opdrag gee om ’n
AI-assisted research summary: The registrar may instruct an inspector to carry out an inspection at any time for the purposes described in the provision.
3A. Die registrateur kan te eniger tyd ’n inspekteur opdrag gee om ’n inspeksie uit te voer ooreenkomstig die bepalings van artikels 4 en 5, uit hoofde van en vir doeleindes van implementering van enige ooreenkoms, communiqué of memorandum van verstandhouding beoog in artikel 22(2)(b) van die Wet op die Raad op Finansiële Dienste, 1990 (Wet No. 97 van 1990), van die sake of enige deel van die sake van enige persoon bedoel in, of geïdentifiseer deur die versoekende owerheid handelende ingevolge, enige sodanige ooreenkoms, communiqué of memorandum[, en wat aanwesig of woonagtig is in die Republiek].’’. 40 45 148 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 Amendment of section 4 of Act 80 of 1998 148 - 149 Verify source ↗
Section 4 of the principal Act is hereby amended—
AI-assisted research summary: This section amends inspection powers so an inspector may summon and examine relevant people, open containers, and seize relevant documents, while the institution or its representative may inspect seized or retained documents during office hours under supervision.
149. Section 4 of the principal Act is hereby amended— (a) by the substitution in subsection (1) for the words preceding paragraph (a) of the following words: ‘‘In carrying out an inspection of the affairs of an institution under section 3 or 3A an inspector may—’’; 5 (b) by the substitution in subsection (1) for paragraph (a) of the following paragraph: ‘‘(a) (i) summon any person who is or was a director, employee, partner, member, trustee or shareholder of the institution and whom the inspector believes is in possession of or has under his or her control, any document relating to the affairs of the institution, to lodge such document with the inspector or to appear at a time and place specified in the summons to be examined or to produce such document and to examine or, against the issue of a receipt, to retain any such document for as long as it may be required for purposes of the inspection or any legal or regulatory proceedings; (ii) administer an oath or affirmation or otherwise examine any person who is or formerly was a director, [servant,] employee, partner, member or shareholder of the institution;’’; (c) by the substitution in subsection (1) for paragraph (c) of the following paragraph: ‘‘(c) [open] cause to be opened any strongroom, safe or other container in which he or she reasonably suspects any document of the institution is kept;’’; (d) by the substitution in subsection (1) for paragraph (e) of the following paragraph: ‘‘(e) against the issue of a receipt, seize any document of the institution [which in his or her opinion may afford evidence of an offence or irregularity] if the inspector is of the opinion that the document contains information relevant to the inspection;’’; and (e) by the substitution for subsection (2) of the following subsection: ‘‘(2) An institution or its authorised representative may, during normal office hours, examine, copy and make extracts from any document seized or retained from the institution under subsection (1)(a) or (e), under the supervision of the registrar or an inspector.’’. 10 15 20 25 30 35 Amendment of section 5 of Act 80 of 1998 - 150 Verify source ↗
Section 5 of the principal Act is hereby amended—
AI-assisted research summary: An inspector may use inspection powers to summon people, require documents, retain documents, and administer an oath or affirmation when inspecting an institution’s affairs under section 3 or 3A.
150. Section 5 of the principal Act is hereby amended— (a) by the substitution in subsection (1) for the words preceding paragraph (a) of 40 the following words: ‘‘In order to carry out an inspection of the affairs of an institution under section 3 or 3A an inspector may—’’; (b) by the substitution in subsection (1) for paragraph (a) of the following paragraph: ‘‘(a) (i) summon any person, if the inspector has reason to believe that such person may be able to provide information relating to the affairs of the institution or whom the inspector reasonably believes is in possession of, or has under control, any document relating to the affairs of the institution, to lodge such document with the inspector or to appear at a time and place specified in the summons to be examined or to produce such document and to examine, or against the issue of a receipt, to retain any such document for as long as it may be required for purposes of the inspection or any legal or regulatory proceed- ings; (ii) administer an oath or affirmation or otherwise examine any person [, if he or she has reason to believe that such person 45 50 55 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 149 Wet No. 45 van 2013 Wysiging van artikel 4 van Wet 80 van 1998 149 - 149 Verify source ↗
Artikel 4 van die Hoofwet word hierby gewysig—
AI-assisted research summary: An inspector may use inspection powers to summon people, require documents, open containers, and seize relevant documents for the inspection.
149. Artikel 4 van die Hoofwet word hierby gewysig— (a) deur in subartikel (1) die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘Ten einde ’n inspeksie van die sake van ’n instelling kragtens artikel 3 of 3A uit te voer, kan ’n inspekteur—’’; 5 (i) ‘‘(a) (b) deur paragraaf (a) in subartikel (1) deur die volgende paragraaf te vervang: enige persoon dagvaar wat ’n direkteur, werknemer, lid, trustee of aandeelhouer van die instelling is of was en wat die inspekteur vermoed ’n dokument wat met die sake van die instelling verband hou in sy of haar besit of onder sy of haar beheer het, om sodanige dokument by die inspekteur in te dien of op ’n tyd en plek in die dagvaarding vermeld te verskyn om ondervra te word of sodanige dokument te verstrek en sodanige dokument bestudeer of, teen die uitreiking van ’n kwitansie, enige sodanige dokument behou vir so lank dit nodig mag wees vir die doeleindes van die inspeksie of enige wetlike of regulatoriese verrigtinge; ’n eed of bevestiging oplê en enige persoon wat ’n direkteur, [dienaar,] werknemer, vennoot, lid of aandeelhouer van die instelling is of voorheen was, onder eed of andersins ondervra;’’; (ii) (c) deur paragraaf (c) in subartikel (1) deur die volgende paragraaf te vervang: ‘‘(c) enige brandkluis, brandkas of ander houer waarin hy of sy vermoed enige dokument van ’n instelling gehou word, laat oopmaak;’’; (d) deur paragraaf (e) in subartikel (1) deur die volgende paragraaf te vervang: ‘‘(e) teen die uitreiking van ’n kwitansie, beslag lê op ’n dokument van die instelling [wat na sy of haar mening bewys mag lewer van ’n misdryf of onreëlmatigheid] indien die inspekteur van mening is dat die dokument inligting bevat wat op die inspeksie van toepassing is;’’; en (e) deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) ’n Instelling of sy gemagtigde verteenwoordiger kan gedurende normale kantoorure onder die toesig van die registrateur of ’n inspekteur enige dokument van die instelling waarop kragtens subartikel (1)(a) of (e) beslag gelê of behou is, ondersoek, afdrukke daarvan maak en uittreksels daaruit maak.’’. 10 15 20 25 30 35 Wysiging van artikel 5 van Wet 80 van 1998 - 150 Verify source ↗
Artikel 5 van die Hoofwet word hierby gewysig—
AI-assisted research summary: An inspector may summon certain connected persons, require documents, question them under oath, inspect or retain documents, and seize relevant documents for an inspection.
150. Artikel 5 van die Hoofwet word hierby gewysig— (a) deur in subartikel (1) die woorde wat paragraaf (a) voorafgaan deur die 40 volgende woorde te vervang: ‘‘Ten einde ’n inspeksie van die sake van ’n instelling kragtens artikel 3 of 3A uit te voer, kan ’n inspekteur—’’; (i) ‘‘(a) (b) deur paragraaf (a) in subartikel (1) deur die volgende paragraaf te vervang: enige persoon dagvaar wat ’n direkteur, werknemer, lid, trustee of aandeelhouer van die instelling is of was en wat die inspekteur redelikerwys vermoed ’n dokument wat met die sake van die instelling verband hou in sy of haar besit of onder sy of haar beheer het, om sodanige dokument by die inspekteur in te dien of op ’n tyd en plek in die dagvaarding vermeld te verskyn om ondervra te word of sodanige dokument te verstrek en sodanige dokument bestudeer of, teen die uitreiking van ’n kwitansie, enige sodanige dokument behou vir so lank dit nodig mag wees vir die doeleindes van die enige wetlike of inspeksie of reguleringsverrigtinge; ’n eed of bevestiging oplê en enige persoon in subparagraaf (i) bedoel onder eed of andersins ondervra[, indien die inspekteur rede het om te vermoed dat so ’n persoon (ii) 45 50 55 150 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 150 may be able to provide information relating to the affairs of the institution] referred to in subparagraph (i);’’; (c) by the substitution in subsection (1)(b) for subparagraph (v) of the following subparagraph: ‘‘(v) against the issue of a receipt, seize any document of the institution relating to the affairs of the institution [, which, in his or her opinion may afford evidence of an offence or irregularity] if the inspector is of the opinion that the item contains information relevant to the inspection;’’; and (d) by the substitution for subsection (3) of the following subsection: ‘‘(3) Any person whose document has been removed or retained, or from whom a document has been seized, under subsection [(1)(b)(v)] (1)(a) or (b) or his or her authorised representative, may examine and copy such document and make extracts therefrom under the supervision of the registrar or an inspector during normal office hours.’’. Insertion of section 6A in Act 80 of 1998 - 151 Verify source ↗
The following section is hereby inserted in the principal Act after section 6:
AI-assisted research summary: Searches and entries under sections 4 or 5 must be carried out with decency and good order, by day unless a night search is justifiable and necessary; inspectors may be accompanied by a police officer.
151. The following section is hereby inserted in the principal Act after section 6: ‘‘Search and seizure 6A. (1) Any entry upon or search of any premises in terms of section 4 or 5 must be conducted with strict regard to decency and good order, including— (a) a person’s right to, respect for and the protection of dignity; (b) (c) the right of a person to freedom and security; and the right of a person to personal privacy. 5 10 15 20 (2) An inspector may be accompanied and assisted by a police officer 25 during the entry and search of any premises under section 4 of 5. (3) Any entry and search under section 4 or 5 must be executed by day, unless the execution thereof by night is justifiable and necessary.’’. Substitution of section 9 of Act 80 of 1998
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