Conversion of South African Special Risks Insurance Association Act, 1998 (Act No. 134 of 1998)

1. Definitions

Purchase

In this Act. unless the context indicates otherwise-

"Agreement"

means the agreement which the Minister has, in terms of section 2 of the Reinsurance of Damage and Losses Act, 1989 (Act No. 56 of 1989), entered into with SASRIA before this Act took effect;

"Companies Act"

means the Companies Act, 1973 (Act No. 61 of 1973);

"Company"

means the public company, SASRIA Limited, referred to in section 3 ;

"Minister"

means the Minister of Finance;

"SASRIA"

means the South African Special Risks Insurance Association, incorporated in terms of section 21 of the Companies Act;

"short-term insurance industry"

means-

a)	every registered insurer as defined in section 1(1) of the Insurance Act, 1933 (Act No. 27 of 1943), that participates in short-term insurance business for special risks; and

b)	the person appointed in the Republic by the Committee of Lloyds in terms of section 60(1)(g) of that Act as being authorised to act on that Committee's behalf and on behalf of underwriters at Lloyds;

"special risks"

means "loss in respect of a mortgage loan" and "loss of or damage to property ·' as defined in section 1 of the Reinsurance of Damage and Losses Act. 1989, including consequential loss referred to in section 2(a)(ii) of that Act.