| (b) |
if and for as long as— |
| (i) |
Lloyd’s or a Lloyd’s representative fails to comply with his, her or its duties in terms of section 57; or |
| (ii) |
a Lloyd’s underwriter fails to comply with that underwriter’s duties in terms of section 60, Schedule 3 or a trust deed of any of the Lloyd’s Trusts, |
the Authority may, subject to subsections (2) and (3), and with the written approval of the Minister, prohibit Lloyd’s underwriters or the underwriter concerned from carrying on short-term insurance business in the Republic.
| (2) |
Before exercising the powers contemplated in subsection ( 1), the Authority shall give notice in writing to Lloyd’s and the Lloyd’s representative of the Authority’s intention to do so and the reasons therefor, and allow at least 30 days during which representations may be made in respect of the matter. |
| (3) |
If the Authority decides to proceed with the prohibition, the Authority shall give notice to that effect in the Gazette specifying the date from which the prohibition will take effect. |
| (4) |
If and for as long as the trustee of either of the Lloyd’s Trusts fails to comply with a provision of Schedule 3 and of the trust deed of the Lloyd’s Trust concerned, the Authority may, with the written approval of the Minister, and after having given notice to Lloyd’s and the Lloyd’s representative, exercise the powers of the trustee under the trust deed. |
| (5) |
Whenever the Authority, with the written approval of the Minister, deems it necessary to satisfy the liabilities of any one or more Lloyd’s underwriters towards the holders of South African short-term insurance policies and after having given notice thereof to Lloyd’s, the Lloyd’s representative and every Lloyd’s correspondent, or when a notice is published in the Gazette in terms of subsection (3), the Authority may— |
| (a) |
require Lloyd’s to furnish him or her with such information as the Authority deems necessary in connection with the liabilities of the Lloyd’s underwriter or underwriters concerned towards the holders of those policies; or |
whichever the Authority considers most appropriate in the circumstances and in the interest of the holders of those policies.
| (6) |
The Lloyd’s correspondent shall, on receipt of such written notice from the Authority, within a period of 60 days of the date of the notice, pay into the Lloyd’s South African Trust or the Lloyd’s South African Transitional Trust or partly into the one and partly into the other, as directed by the Authority, the money owing by him or her to the Lloyd’s underwriter or underwriters concerned. |
Special Investigating Units and Special Tribunals Act, 1996
