Related documents
Inspection of Financial Institutions Act, 1984
Act 38 of 1984
- Published in South African Government Gazette 9155 on 4 April 1984
- Assented to on 20 March 1984
- Commenced on 4 April 1984
- [This is the version of this document from 13 July 2011 and includes any amendments published up to 15 November 2024.]
- [Amended by Building Societies Act, 1986 (Act 2 of 1986) on 1 April 1986]
- [Amended by Financial Institutions Amendment Act, 1987 (Act 6 of 1987) on 24 April 1987]
- [Amended by Financial Institutions Amendment Act, 1988 (Act 51 of 1988) on 20 May 1988]
- [Amended by Accountants’ and Auditors’ and Financial Institutions Amendment Act, 1988 (Act 92 of 1988) on 15 July 1988]
- [Amended by Trust Property Control Act, 1988 (Act 57 of 1988) on 31 March 1989]
- [Amended by Financial Institutions Second Amendment Act, 1989 (Act 54 of 1989) on 30 June 1989]
- [Amended by Banking Institutions Act, 1998 (Act 2 of 1998) on 1 April 1998]
- [Amended by Namibia Financial Institutions Supervisory Authority Act, 2001 (Act 3 of 2001) on 14 May 2001]
- [Amended by Inspection of Financial Institutions Amendment Act, 2011 (Act 6 of 2011) on 13 July 2011]
1. Definitions
In this Act, unless the context indicates otherwise -“auditor”, in relation to a financial institution, means the person appointed as auditor of that institution under the Act concerned;“company” includes a close corporation referred to in the Close Corporations Act, 1984 (Act No. 69 of 1984);[The definition of “company” is inserted by Act 51 of 1988. Close corporations in Namibia are currently governed by the Close Corporations Act 26 of 1988.]“financial institution” means -(a)an insurer registered in terms of the Insurance Act, 1943 (Act No. 27 of 1943), and includes an agent for brokers or underwriters at Lloyds, or any other person in respect of whom section 20bis of that Act or a regulation made under section 23A of that Act applies;[The Insurance Act 27 of 1943 has been replaced by the Short-term Insurance Act 4 of 1998 and the Long-term Insurance Act 5 of 1998.](b)a pension fund organization registered in terms of the Pension Funds Act, 1956 (Act No. 24 of 1956);(c)a friendly society registered in terms of the Friendly Societies Act, 1956 (Act No. 25 of 1956), or a person carrying on the business of the control and administration of the affairs of such a friendly society;(d)[paragraph (d) deleted by Act 6 of 1987](e)[paragraph (e) amended by Act 82 of 1986 and deleted by Act 6 of 1987](f)a medical scheme registered in terms of the Medical Schemes Act, 1967 (Act No. 72 of 1967);[The Medical Schemes Act 72 of 1967 has been replaced by the Medical Aid Funds Act 23 of 1995.](g)a management company registered in terms of the Unit Trusts Control Act, 1981 (Act No. 54 of 1981), or a unit trust scheme as defined in that Act;“inspector” means a person appointed as an inspector or temporary inspector under section 2;“local auditor”, in relation to a financial institution, means the person appointed as local auditor of that institution under the Act concerned;“Minister” means the Minister of Finance;“registered”, in relation to a financial institution, includes provisionally registered;“registrar” means the person appointed in terms of section 5 of the Namibia Financial Institutions Supervisory Authority Act, 2001, as the chief executive officer of the Namibia Financial Institutions Supervisory Authority;[The definition of “registrar” is amended by Act 82 of 1986 and by Act 6 of 1987, and substituted by Act 3 of 2001. The Namibia Financial Institutions Supervisory Authority Act is Act 3 of 2001.]“the Act concerned” means the Act under which the financial institution concerned is registered or deemed to be registered or under which it is required to render returns or statements to the registrar, and includes the regulations framed thereunder;“valuator”, in relation to a financial institution registered in terms of the Insurance Act, 1943 (Act No. 27 of 1943), the Pension Funds Act, 1956 (Act No. 24 of 1956), or the Friendly Societies Act, 1956 (Act No. 25 of 1956), respectively, bears the meaning assigned thereto in the Act concerned.[The Insurance Act 27 of 1943 has been replaced by the Short-term Insurance Act 4 of 1998 and the Long-term Insurance Act 5 of 1998.]2. Appointment of inspectors
3. Inspection of the affairs of a financial institution
4. Powers of the registrar and inspectors
5. Report on inspection
When an inspector has completed his inspection, he shall prepare a report thereon which he shall submit to the registrar, and if the inspection was carried out by the registrar, he shall likewise prepare a report thereon, and the registrar shall transmit a copy of every such report to the financial institution concerned.6. Inspection of affairs of person, partnership or company not registered as a financial institution
7. Expenses of inspection
The remuneration of, and all expenses necessarily incurred by, a temporary inspector appointed under section 2(2) in connection with an inspection of the affairs of a financial institution, person, partnership or company carried out by him shall be borne by the State: Provided that the Minister may in his discretion recover such remuneration and expenses in whole or in part from that financial institution, person, partnership or company if the inspection proved to have been necessary, or, if the inspection proved to have been unnecessary, in whole or in part from the person who applied for the inspection.8. Observance of secrecy
9. Offences and penalties
10. Application to South West Africa
This Act and any amendment thereof also apply to the territory of South West Africa, including the Eastern Caprivi Zipfel.11. Repeal and amendment of laws
12. Short title
This Act is called the Inspection of Financial Institutions Act, 1984.History of this document
13 July 2011 this version
14 May 2001
01 April 1998
Amended by
Banking Institutions Act, 1998
30 June 1989
31 March 1989
Amended by
Trust Property Control Act, 1988
15 July 1988
20 May 1988
Amended by
Financial Institutions Amendment Act, 1988
24 April 1987
Amended by
Financial Institutions Amendment Act, 1987
01 April 1986
Amended by
Building Societies Act, 1986
04 April 1984
20 March 1984
Assented to
Cited documents 11
Act 11
1. | Public Accountants’ and Auditors’ Act, 1951 | 202 citations |
2. | Pension Funds Act, 1956 | 81 citations |
3. | Insurance Act, 1943 | 61 citations |
4. | Unit Trusts Control Act, 1981 | 47 citations |
5. | Friendly Societies Act, 1956 | 28 citations |
6. | Financial Institutions Amendment Act, 1976 | 13 citations |
7. | Financial Institutions Amendment Act, 1978 | 11 citations |
8. | Financial Institutions Amendment Act, 1982 | 9 citations |
9. | Financial Institutions Amendment Act, 1977 | 7 citations |
10. | Inspection of Financial Institutions Act, 1962 | 3 citations |
Documents citing this one 33
Gazette 17
Act 12
1. | Banking Institutions Act, 1998 | 224 citations |
2. | Building Societies Act, 1986 | 104 citations |
3. | Long-term Insurance Act, 1998 | 83 citations |
4. | Namibia Financial Institutions Supervisory Authority Act, 2001 | 82 citations |
5. | Short-term Insurance Act, 1998 | 64 citations |
6. | Stock Exchanges Control Act, 1985 | 60 citations |
7. | Medical Aid Funds Act, 1995 | 55 citations |
8. | Unit Trusts Control Act, 1981 | 47 citations |
9. | Usury Act, 1968 | 42 citations |
10. | Banking Institutions Act, 2023 | 22 citations |