eSwatini
Swaziland Royal Insurance Corporation Order, 1973
Kings Order in Council 32 of 1973
- Assented to on 21 August 1973
- Commenced on 5 November 1973
- [This is the version of this document at 1 December 1998.]
1. Short title
This King’s Order-in-Council may be cited as the Swaziland Royal Insurance Corporation Order, 1973, and shall be deemed to have come into effect on 5th November, 1973.[Amended K.O-I-C. 41/1973]2. Interpretation
In this Order unless the context otherwise requires—“board” means the board of directors of the Corporation;“chairman” means the chairman of the board;“Corporation” means the Swaziland Royal Insurance Corporation established under section 3;“general reserve fund” means a fund established and maintained by the Corporation out of its profits for meeting contingencies, depreciation of assets, the liquidation of any debt or liability of the Corporation and for such other purposes as the board may consider necessary for the proper functioning of the Corporation;[Amended K.O-I-C. 26/1974]“insurance business” means the business of, or in relation to the issue of, or the undertaking of liability under, life policies or to make good or indemnify the insured against any loss or damage, including liability to pay damages or compensation contingent upon the happening of any specified event;“long-term insurance business” means business of any of the following classes and includes insurance business carried on as incidental only to any such class or business, namely,—(a)effecting, carrying out and issuing policies on human life or contracts granting annuities on human life;(b)effecting and carrying out contracts of insurance against risks of the persons insured sustaining injury as the result of an accident or of an accident of a specified class or dying as the result of an accident or of an accident of a specified class or becoming incapacitated in consequence of disease or of disease of a specified class, being contracts that are expressed to be in effect for a period of not less than five years or without limit of time and either are not expressed to be terminable by the insurer before the expiry of five years from the taking effect thereof or are expressed to be so terminable before the expiry of such period only in special circumstances therein mentioned; and(c)effecting and carrying out contracts of insurance whether effected by the issue of policies, bonds or endowment certificates or otherwise, whereby, in return for one or more premiums paid to the insurer, a sum or a series of sums is to become payable to the insured in the future, not being such contracts as fall within paragraph (a) or (b) hereof;“Minister” means the Minister for Finance and Economic Planning;“short-term insurance business” means insurance business other than long-term insurance business.3. Establishment of a Swaziland Royal Insurance Corporation
4. Objects of the Corporation
As from the date of the commencement of this Order the Corporation shall provide adequate and proper insurance business of all classes including both short and long-term insurance, in accordance with the conditions appropriate in the normal and proper conduct of insurance business:Provided that in the conduct of its business it shall act fairly and impartially to all persons, having regard only to economic considerations and such other factors as are normal and proper in the conduct of insurance business.5. Authorised capital
6. Capital resources, sources and uses
6bis. Exemption from income tax
Notwithstanding any other law, the Corporation shall not pay any normal tax under section 6 of the Income Tax (Consolidation) Act, 1959, in respect of any profits of the Corporation not distributed by it to its shareholders until such time as the amount in the general reserve fund is for the first time equal to twice the amount of the authorised share capital of the Corporation in terms of section 5 hereof.[Added K.O-I-C. 26/1974]7. Management and running of Corporation
8. Alternate directors
9. Vacation of office of director
The office of a director shall be vacated if he—10. Directors not disqualified from contracting with Corporation where proper disclosure made
11. Accounts
12. Regulations
13. Winding up of the Corporation
14. Restriction on civil liability
No member of the board (including the chairman) or any officer or servant of the Corporation may be sued civilly by any person for anything done or omitted to be done by him in the bona fide discharge of his duties under this Order:Provided that this section shall not in any way affect the civil liability of the Corporation under the common law or any statutory provision, arising from any act or omission by any of its servants or agents.[Added K.O-I-C. 26/1974]History of this document
01 December 1998 this version
Consolidation
05 November 1973
Commenced
21 August 1973
Assented to
Cited documents 2
Act 2
1. | Companies Act, 1912 | 362 citations |
2. | Interpretation Act, 1970 | 35 citations |