Financial Institutions Second Amendment Act (Act 104 of 1993)

20th August 1993

To amend the Insurance Act, 1943, so as to amend or delete certain definitions; to further regulate the provisions relating to the statement of assets, and relating to assets to be held by insurers; to regulate anew the duties of intermediaries in respect of the payment to insurers of moneys received in respect of premiums; to prohibit certain inducement to take out policies; to further regulate insurance by members of Lloyds; to delete the requirements in respect of licences; to amend the provisions in respect of penalties; and to further regulate the listed securities which may be taken into account as insurance assets; to amend the Pension Funds Act, 1956, so as to amend a certain definition; to further regulate the rules of pension funds; to exclude arrear contributions from deductions which are prohibited; and to further regulate certain death benefits; to amend the Friendly Societies Act, 1956, so as to amend or delete certain definitions; to amend the Unit Trusts Control Act, 1981, so as to amend certain definitions; to provide that certain existing management companies may be exempted from compliance with increases in minimum capital requirements; to provide for theĀ  inclusion of derivative instruments in a unit portfolio; to further regulate the appointment of auditors of a management company; and to regulate anew the listing of units by a stock exchange; to amend the Participation Bonds Act, 1981, so as to delete the requirement that the registrar approves the cession of rights in a participation mortgage bond where the purpose of such cession is to secure a debt; to amend the Stock Exchanges Control Act, 1985, so as to delete certain definitions; and to provide for the admission of members of a financial market referred to in the Financial Markets Control Act, 1989, to restricted membership of a stock exchange; to amend the Financial Markets Control Act, 1989, so as to define a certain expression; and to further regulate the matters included in the rules of a financial exchange; to amend the Financial Services Board Act, 1990, so as to amend a certain definition; to make further provision in relation to the disqualification of persons as members of the board; and to further regulate the annual report of the board; to amend the Safe Deposit of Securities Act, 1992, so as to amend a certain definition; and to provide for the payment of certain fees; to provide in certain of the above-mentioned Acts, for reporting to the Minister; to provide in all of the above-mentioned Acts, for the rectification of outdated references; and to provide for matters connected therewith.