"savings bank"

means the Post Office Savings Bank, or a bank registered under the Banks Act 94 of 1990, or, in respect of the allotment of premiums, a person registered or deemed to be registered as an insurer under the Insurance Act 27 of 1943, or any other body designated by the Authority;

[Definition substituted by section 1(s) of Act No. 23 of 1997]