ST. VINCENT

Insurance (Amendment) Act 1977. This Act amends s. 8 of the Insurance Act 1970 by increasing the figures in s. 8(2) from $50,000 to $100,000 and from $15,000 to $30,000 and by replacing s. 8(3) to make deposits made to the Government under the section payable in cash or by negotiable instrument for at least 30% of the deposit, the remainder being made by securities approved by the Government.

ZAMBIA

The Insurance Brokers (Cessation and Transfer of Business) Act 1976. This Act forms part of the nationalisation of insurance business in Zambia and the setting up of the Zambia National Insurance Brokers Ltd., a company whose duties under the Act are to provide, in accordance with sound principles of insurance brokerage, adequate and proper services and facilities throughout Zambia. The Act prohibits anyone other than the above company from carrying out insurance brokerage in Zambia (defined for the purposes of the Act as business which provides for the payment of premiums or benefits in Zambia or in Zambian currency or where the proper law of the contract is Zambian) as from Jan. 1, 1977. All subsisting contracts of insurance were to be transferred to the national company by Jan. 1 unless the client objected, and any contracts not so transferred were to terminate forthwith. The company was given a discretion whether or not to accept any particular transfer but was not given power to alter any terms or conditions of subsisting contracts so as to render them less favourable to the client.