Compensation for Occupational Injuries and Diseases Act, 1993 (Act No. 130 of 1993)Chapter IV : Compensation for occupational injuries30. Licence to carry out business of Compensation Fund |
[Section 30 heading substituted by section 16(a) of the Compensation for Occupational Injuries and Diseases Amendment Act 10 of 2022, Notice No. 3294, GG48431 dated 17 April 2023]
| (1) | The Minister may, for such period and subject to such conditions as he or she may determine, issue a licence to carry on the business of insurance of employers against their liabilities to employees in terms of this Act to a licensee: Provided that the Minister may order that the licensee deposit securities considered by the Commissioner to be sufficient to cover the liabilities of the licensee in terms of this Act. |
[Section 30(1) substituted by section 16(b) of the Compensation for Occupational Injuries and Diseases Amendment Act 10 of 2022, Notice No. 3294, GG48431 dated 17 April 2023 - effective 23 January 2026 per (a) of Proclamation Notice 306, GG53990 dated 23 January 2026]
| (2) | Subject to the provisions of subsection (4), a security so deposited shall be used solely for making good the default of the association concerned in respect of any liability of an employer in terms of this Act, and for payment of any expenses lawfully incurred in connection with such making good or the enforcement of such liability. |
| (3) | The Minister may from time to time determine the conditions upon which, the manner in which and the period within which any such security shall be made available to a person entitled to payment therefrom. |
| (4) | If the Minister is satisfied that the whole or any portion of such security is no longer necessary and that the licensee concerned is not in a position to incur a liability payable therefrom, the Minister shall cause such security, or portion thereof, to be returned to such licensee. |
[Section 30(4) substituted by section 16(c) of the Compensation for Occupational Injuries and Diseases Amendment Act 10 of 2022, Notice No. 3294, GG48431 dated 17 April 2023 - effective 23 January 2026 per (a) of Proclamation Notice 306, GG53990 dated 23 January 2026]
| (5) | If a licensee has deposited with the Compensation Fund any such security and thereafter fails to meet in full any of its liabilities in terms of this Act, or is placed in liquidation, then, notwithstanding the provisions of any other law, such security shall vest in the Compensation Fund for the purpose of the liabilities of the licensee in terms of this Act. |
[Section 30(5) substituted by section 16(c) of the Compensation for Occupational Injuries and Diseases Amendment Act 10 of 2022, Notice No. 3294, GG48431 dated 17 April 2023 - effective 23 January 2026 per (a) of Proclamation Notice 306, GG53990 dated 23 January 2026]
| (6) | If at any time the Minister is satisfied that a mutual association has failed to comply with any of the conditions imposed by him or her under subsection (1), he or she may suspend or withdraw the licence issued to that association under the said subsection. |
[Section 30(6) substituted by section 11(b) of Act No. 61 of 1997]
| (7) | Any licensee issued with a licence in terms of this Act shall be accountable to the Minister. |
[Section 30(7) inserted by section 16(d) of the Compensation for Occupational Injuries and Diseases Amendment Act 10 of 2022, Notice No. 3294, GG48431 dated 17 April 2023 - effective 23 January 2026 per (a) of Proclamation Notice 306, GG53990 dated 23 January 2026]
| (8) | All such securities mentioned in subsections (1) and (2) shall be deposited with the Compensation Fund or its nominee. |
[Section 30(8) inserted by section 16(d) of the Compensation for Occupational Injuries and Diseases Amendment Act 10 of 2022, Notice No. 3294, GG48431 dated 17 April 2023 - effective 23 January 2026 per (a) of Proclamation Notice 306, GG53990 dated 23 January 2026]