Short-Term Insurance Act, 1998 (Act No. 53 of 1998)

Schedules

Schedule 3 (Section 60) : Lloyd's security

5. Contributions and withdrawal of surplus
Purchase cart Previous page Return to chapter overview Next page

 

The minimum amount contemplated in paragraph 4 is to be calculated quarterly, and if the minimum amount—

(a)exceeds the value at that time of the portion of the Lloyd’s South African Trust Fund relating to the underwriter concerned, the difference shall be paid to the trustee; or
(b)is less than that value, the difference may be withdrawn, in accordance with the trust deed of the Lloyd’s South African Trust.