South African President Thabo Mbeki has signed three key pieces of legislation into law after their passage through the two houses of Parliament, namely the Insurance Amendment Bill, the Appropriation Bill and the Judicial Matters Amendment Bill, according to Parliament.
In terms of the Insurance Amendment Bill, life assurers will be subject to more stringent capital adequacy criteria, setting a minimum level at which long-term insurers must spread their assets.
The Appropriation Bill provides for the capital spending of the various government departments in terms of the guidelines set in the February budget by Finance Minister Trevor Manuel.
The Judicial Matters Amendment Bill makes technical changes to the Insolvency Act, the Close Corporations Act, the Companies Act, and the Administration of Estates Act.
One of the amendments to the Administration of Estates Act is to create a new position of Chief Master of the High Courts who will exercise supervision of all Masters’ offices as may be necessary to bring about the required uniformity.
Amendments to the Insolvency Act give Masters of the High Court certain powers to appoint trustees in sequestrated estates. In terms of the amendments to the Company Act and the Close Corporations Act, the Master may appoint interim or final liquidators. – I-Net Bridge