Conversion of South African Special Risks Insurance Association Act, 1998 (Act No. 134 of 1998)8. Termination of existing agreement with SASRIA |
| 1) | If the Minister terminates the Agreement in terms of clause 6 of the Agreement- |
| a) | the Government of the Republic is released from its liabilities in terms of section 2 of the Reinsurance of Damage and Losses Act, 1989 (Act No. 56 of 1989), with effect from the date as stipulated in the Agreement; and |
| b) | sections 3 and 4 of that Act, despite the termination of the Agreement, remain applicable as if the Agreement had not been terminated. |
| 2) | Subsection (1)(b) does not affect the Government of the Republic's reinsurance obligations referred to in clause 6.3 of the Agreement. |
| 3) | Subsection (1)(b) lapses when the repeal of the Reinsurance of Damage and Losses Act, 1989, takes effect in terms of section 10 of this Act. |