Short-Term Insurance Act, 1998 (Act No. 53 of 1998)Part VIII : Provisions relating to Lloyd’s56. General |
| (1) | Subject to this Part, Lloyd’s underwriters are authorised to carry on short-term insurance business. |
| (2) | If there is— |
| (a) | enacted any law governing Lloyd’s whereby a material change is made in the constitution, powers, rights or obligations of Lloyd’s or of Lloyd’s underwriters; or |
| (b) | made any by-law by Lloyd’s whereby the rights or obligations of Lloyd’s underwriters are materially changed, |
the Authority may act under section 62(1) of this Act.
| (3) | The Lloyd’s Council shall, within 21 days after the enactment of a law or the making of a by-law contemplated in subsection (2), notify the Authority accordingly. |
| (4) | In this Part "South African short-term insurance policy" has the meaning attached to it in paragraph 1 of Schedule 3. |
| (5) | In this Part and Schedule 3— |
"Lloyd’s Council" means the council known as the Council of Lloyd’s established by the Lloyd’s Act, 1982, passed by the Parliament of the United Kingdom of Great Britain and Northern Ireland, to manage and superintend the affairs of Lloyd’s;
"Lloyd’s South African Transitional Trust" means the trust by that name contemplated in section 60(2)(a);
"Lloyd’s South African Trust" means the trust by that name contemplated in section 60(2)(b);
"Lloyd’s Trusts" means the Lloyd’s South African Transitional Trust and the Lloyd’s South African Trust.