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Below you will find a list of definitions that are related to the financial industry. We hope that this will assist you in understanding technical terminology when making financial decisions. Definitions as per Acts, unless the context otherwise indicates. Let your cursor hover over the word and an explanation will appear on the right hand side.
in relation to a fund which is
a. subject to actuarial, valuation, means the difference between:-
means any fellow of the Institute of Actuaries of England or of the Faculty of Actuaries in Scotland or of the Society of Actuaries of America or of any other institute, faculty, society or chapter of actuaries approved by the Minister, [Definition of “actuary” substituted by s.21 of Act 104/93]
means the Pension Funds Adjudicator appointed under Section 30C(1). [Definition of “Adjudicator” inserted by s.1 of Act 22/96]
means any proportional short-term reinsurance policy in terms of which the reinsurer is liable for the liabilities of a short-term insurer under short-term policies and any non-proportional short-term reinsurance policy which remains in force until the liabilities under short-term policies have expired, entered into by the short-term insurer with:-
means a life policy in respect of which the aggregate of:-
means an auditor registered in terms of the Public Accountant’s and auditor’s Act, 1991 (Act No. 80 of 1991), and appointed in terms of section 19(1) or 21(1)(a) of this Act.
means a bank registered otherwise than provisionally in terms of the Banks Act, 1990 (Act No. 24 of 1990)
means the Financial Services Board established by section 2 of the Financial Services Board Act or means the board of a fund contemplated in section 7A of this Act. [Definition of “board” inserted by s. 1 of Act 22/96]
means the board of appeal established by section 26(1) of the Financial Services Board Act.
means a specific person or group of persons, excluding the general public, who is or may become the subject to whom a financial service is rendered intentionally, or is the successor in title of such person or the beneficiary of such service.
means a collective investment scheme as defined in the Collective Investment Schemes Control Act, 2002
means the date of commencement of the Pension Fund Second Amendment Act, 2001.[Definition of “commencement date” inserted by s.1 of Act 39/2001]
means the companies Act, 1973 (Act No. 61 of 1973).