Short-Term Insurance Act, 1998 (Act No. 53 of 1998)SchedulesSchedule 3 (Section 60) : Lloyd's security6. Investment of trust funds |
| (1) | The funds in the Lloyd’s South African Trust shall be invested in assets of the kinds set out in Schedule 1. |
| (2) | Subject to section 63(6), the aggregate value of the assets referred to in subparagraph (1) shall, in respect of each particular kind or category specified by regulation, when expressed as a percentage of the aggregate minimum amount required to be held in the trust at that time in accordance with this Schedule, not exceed the percentage specified by regulation in relation to that kind or category of asset. |
[Schedule 3, paragraph 6(2) substituted by section 55(b) of Act No. 27 of 2008, with effect from 28 February 2010
| (3) | The Authority may approve the increase of a percentage specified by regulation— |
| (a) | in a particular case; |
| (b) | for a specified period; and |
| (c) | subject to the conditions that the Authority may determine. |
[Schedule 3, item 6(3)(c), substituted by section 290, item 15 in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]
| (4) | For the purposes of paragraph 5 and subparagraphs (1) and (2) assets shall be deemed to have been calculated in terms of this Schedule if the requirements set out in this Schedule and the requirements prescribed by the Authority have been complied with in making the calculations. |
[Schedule 3, paragraph 6(4) substituted by section 55(c) of Act No. 27 of 2008, with effect from 28 February 2010]
| (5) | The net income or gain or loss arising from the investment of the funds in Lloyd’s South African Trust shall be dealt with in accordance with its trust deed. |