Export Credit and Foreign Investments Insurance Act, 1957 (Act No. 78 of 1957)

5. Financial arrangements
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(1)The Corporation shall establish a Reserve Fund into which shall be paid moneys appropriated by Parliament for the purpose of this Act and premiums and other moneys accruing to the Corporation under contracts of insurance.

[Sub-section (1) substituted by section 5(a) of Act 9 of 2001.]

 

(2)There shall be paid out of the Fund:
(a)all moneys required for the discharge of claims or other liabilities under contracts of insurance;

[Paragraph (a) amended by section 10 of Act 9 of 2001.]

(b)any remuneration and allowances referred to in sections 7 and 8;

[Paragraph (b) substituted by section 5(b) of Act 9 of 2001.]

(c)such other costs of administering this Act as may be determined by the Minister in consultation with the Corporation;

[Paragraph (c) substituted by section 5(b) of Act 9 of 2001.]

 

(3)The Corporation shall from time to time determine the amount in the Fund which shall be kept available for the payment of any claims, liabilities, fees and costs referred to in subsection (2) and the balance of the moneys in the Fund over and above the amount so determined shall be suitably invested by the Corporation in accordance with the requirements of the Short-term Insurance Act, 1998 (Act 53 of 1998).

[Sub-section (3) substituted by section 5(c) of Act 9 of 2001.]

 

(4)

(a)The Corporation may from time to time obtain advances from the Minister in order to meet temporary deficits in the Fund.

[Paragraph (a) substituted by section 5(d) of Act 9 of 2001.]

(b)Any loss incurred by the Minister as a result of such advances shall be met out of moneys appropriated by Parliament for this purpose.

[Paragraph (b) substituted by section 5(d) of Act 9 of 2001.]

(c)The total amount of any such advances which have not yet been repaid shall at no time exceed an amount to be specified in a guarantee to be given to the said Bank by the Minister of Finance.
(d)Any loss incurred by the said Bank as a result of such advances shall be met out of moneys appropriated by Parliament for the purpose.

[Sub-section (4) added by section 3 of Act 88 of 1962.]