| (2) | Section 47 shall apply with the necessary changes in relation to a Lloyd’s correspondent as if the Lloyd’s correspondent concerned were a short-term insurer. |
| (3) | Section 21 shall apply with the necessary changes in relation to the Lloyd’s representative or deputy representative and to the trustee of each of the Lloyd’s Trusts as if each such trust were a short-term insurer and as if such representative and trustee were a director of a short-term insurer. |
| (a) | Section 19(5), (6), (7), (8) and (9) shall apply with the necessary changes in relation to the auditor appointed by virtue of section 57(5)(a) in respect of each of the Lloyd’s Trusts as if the reference to section 28(1) in section 19(5)(c) were a reference to section 60 and the reference to section 35 in section 19(7)(a) were a reference to section 58(1) and paragraph 7 of Schedule 3. |
| (b) | Section 19A shall apply with the necessary changes in relation to the statutory actuary appointed by virtue of section 57(5)(b) in respect of each of the Lloyd's Trusts as if the reference to section 28(1) in section 19A(5)(b)(i) were a reference to section 60 and the reference to section 35 in section 19A(7)(a) were a reference to section 58(1) and paragraph 7 of Schedule 3. |
[Section 63(4) substituted by section 48 of Act No. 27 of 2008]
| (5) | Section 20 shall apply with the necessary changes in relation to the Lloyd’s representative or deputy representative in respect of the Lloyd’s Trusts as if such representative were a short-term insurer. |
| (a) | each Lloyd’s Trust shall be deemed to be a short-term insurer; |
| (b) | the reference to sections 29 and 30 in section 31 shall be construed as a reference to paragraph 6(1) and (2) of Schedule 3; and |
| (c) | section 33(2) shall be deemed to read as follows: |
"The Lloyd’s Trusts shall not invest in derivatives other than derivatives acquired out of or in respect of assets that are in excess of the aggregate minimum amount required to be held in the trusts at the time in accordance with Schedule 3.".
| (a) | Sections 40 and 41 shall apply to the Lloyd’s South African Transitional Trust and each portion of the Lloyd’s South African Trust relating to a Lloyd’s underwriter as if the first-mentioned Lloyd’s Trust or that portion of the latter Lloyd’s Trust were a short-term insurer and its policyholders were the persons who have or may have claims against it. |
| (ii) | portions of the Lloyd’s South African Trust relating to more than one underwriter may be included in a single application for the purposes of winding-up. |
