- Government
Gazette
14625
-
STATE
PRESIDENT'S
OFFICE
-
- No.
368
-
5
March
1993
-
- It
is
hereby
notified
that
the
State
President
has
assented
to
the following
Act
which
is
hereby
published
for
general
information:-
-
- NO.
8
OF
1993:
FINANCIAL
SUPERVISION
OF
THE
MULTILATERAL
MOTOR
VEHICLE
ACCIDENTS
FUND
ACT
1993
-
ACT
-
- To
further
regulate
the
affairs
of
the
Multilateral
Motor
Vehicle
-
Accidents
Fund;
and
to
provide
for
matters
connected
therewith.
-
- (Afrikaans
text
signed
by
the
State
President.)
(Assented
to
26
February
1993.)
-
- BE
IT
ENACTED
by
the
State
President
and
the
Parliament
of
the
Republic of
South
Africa,
as
follows:-
-
- Definitions
-
- 1.
In
this
Act,
unless
the
context
otherwise
indicates-
-
- (i) "executive
officer"
means
the
person
appointed
as
such
in terms
of
section
13
of
the
Financial
Services
Board
Act,
1990 (Act
No.
97
of
1990);
(iv)
-
- (ii) "Financial
Services
Board"
means
the
Financial
Services
Board
mentioned
in
the
Financial
Services
Board
Act,
1990: (iii)
-
(iii) "Fund"
means
the
Multilateral
Motor
Vehicle
Accidents
Fund mentioned
in
the
Multilateral
Motor
Vehicle
Accidents
Fund Act,
1989
(Act
No.
93
of
1989);
(i)
-
- (iv) "Minister"
means
the
Minister
of
Finance.
(ii) Insurance
Act,
1943,
to
apply
-
2.
(1)
Subject
to
any
directions
of
the
executive
officer,
the
provisions
of
the
Insurance
Act,
1943
(Act
No.
27
of
1943),
in
relation
to an
insurer
registered
in
terms
of
that
Act
to
carry
on
short-term
insurance
business,
shall
apply
to
the
Fund.
-
- (2)
The
Fund
shall
furnish
to
the
executive
officer
such
returns
as
may by
virtue
of
the
provisions
of
subsection
(1)
be
required
by
the
executive
officer.
-
- (3)
The
Fund
shall
obtain
the
opinion
of
an
actuary
as
defined
in section
1
of
the
Insurance
Act,
1943,
or
of
a
registered
accountant
and auditor,
whenever
required,
by
virtue
of
the
provisions
of
subsection
(1), by
the
executive
officer
in
respect
of
such
aspects
of
the
business
of
the Fund
as
the
executive
officer
may
determine.
-
- Returns
-
3.
The
returns
mentioned
in
section
2(2)
may
include
returns
as
from
a date
determined
by
the
executive
officer
in
respect
of-
-
- (a)
the
assets
and
liabilities
in
respect
of
any
business
carried
on
by the
Fund
before
the
said
date;
and
-
- (b)
the
assets
and
liabilities
in
respect
of
any
new
business
carried on
by
the
Fund
after
that
date.
-
- Reports
by
executive
officer
-
- 4.
The
executive
officer
shall
within
six
months
after
the
end
of
every financial
year
of
the
Fund
submit
a
report
on
the
business
of
the
Fund carried
on
during
the
financial
year
concerned
to
the
Minister,
and
the Minister
shall
within
14
days
after
receipt
of
such
submission
lay
the report
upon
the
Table
in
Parliament,
if
Parliament
is
then
in
session
or,
-
if
Parliament
is
not
then
in
session,
within
14
days
after
the
commencement
of its
next
ensuing
session.
-
- Regulations
-
- 5.
The
Financial
Services
Board
may
make
regulations
in
relation
to
any matter
which
the
Board
deems
necessary
or
expedient
to
prescribe
in
order
-
to
achieve
the
objects
of
this
Act. Short
title
and
commencement
-
6.
(1)
This
Act
shall
be
called
the
Financial
Supervision
of
the Multilateral
Motor
Vehicle
Accidents
Fund
Act,
1993,
and
the
provisions
thereof
shall
come
into
operation
on
a
date
fixed
by
the
State
President
by proclamation
in
the
Gazette.
-
- (2)
Different
dates
may
be
so
fixed
in
respect
of
different
provisions
of this
Act.
|
