Short-Term Insurance Act, 1998 (Act No. 53 of 1998)Part VIII : Provisions relating to Lloyd’s61. Payment of certain claims against Lloyd's underwriters |
Subject to Schedule 3 and the trust deeds referred to in that Schedule, if a Lloyd’s underwriter fails to pay a liability of that underwriter under a South African short-term insurance policy, the Lloyd’s South African Transitional Trust fund or the portion of the Lloyd’s South African Trust fund held in respect of that liability, as the case may be, shall be available to satisfy that claim where—
| (a) | the claimant has a final judgement in respect of the claim after any appeal or review proceedings in relation thereto have been completed or not been instituted within the period allowed therefor; |
| (b) | the Lloyd’s South African Transitional Trust or the portion of the Lloyd’s South African Trust concerned is wound up as contemplated in section 63(7); or |
| (c) | Lloyd’s so agrees in the circumstances set out in the trust deed of the Lloyd’s Trust concerned. |