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EXPORT CREDIT REINSURANCE ACT(CHAPTER 24:06 )

EXPORT CREDIT REINSURANCE ACT

Acts 43/1965, 32/1982; 22/2001 (s. 4). R.G.N. 217/1970.

AN ACT to make provision for the promotion of trade with countries outside Zimbabwe by providing for the reinsurance with the State of insurance contracts in connection with export transactions and loans or similar facilities connected with such transactions.

[Date of commencement: 1st October, 1965.]

1    Short title

This Act may be cited as the Export Credit Reinsurance Act [Chapter 24:06].

2    Interpretation In this Act—

“contract of reinsurance” means a contract of reinsurance entered into in terms of an agreement referred to in section three;

“external country” means any country, of any description whatsoever, other than Zimbabwe;

“Fund” means the Export Credit Reinsurance Fund established under section four;

“Minister” means the Minister of Industry and Commerce or any other Minister to whom the President may, from time to time, assign the administration of this Act;

“person” includes any government agency or semi-government agency;

“Secretary” means the Secretary of the Ministry for which the Minister is responsible;

“trade with an external country” includes—

  • any transaction, including the rendering of a service, which involves a consideration in money or money’s worth accruing from a person in the course of carrying on business or other activities outside Zimbabwe to a person carrying on business in Zimbabwe;
  • any consignment of goods to a person carrying on business or other activities outside Zimbabwe with a view to a transaction referred to in paragraph (a);
  • a sale of goods to a person who intends to export such goods from Zimbabwe;
  • a loan or similar facility connected with a transaction referred to in paragraph (a), (b) or (c) and granted by a person carrying on business in Zimbabwe to a person carrying on business or other activities outside Zimbabwe.

                       3    Agreements for reinsurance

  • The Minister may, against payment of such premium and on such terms and conditions as he may specify after consultation with the Minister responsible for finance, enter into an agreement with an insurer registered in terms of the Insurance Act [Chapter 24:07] for the reinsurance of any contract of insurance such as is described in subsection (2).
  • A contract of insurance which the Minister may reinsure in terms of subsection (1) shall be for the indemnification of a person carrying on business in Zimbabwe against risk of monetary loss or detriment— (a) attributable to circumstances beyond the control of the person so indemnified; and
  • occasioned in the course of trade with an external country; and
  • caused by or arising out of any one or more of the following—
    • the operation of a law, or of an order, decree or regulation having the force of law, which prevents, restricts or controls—
  1. the transfer of payments from an external country to Zimbabwe; or B.the importation of goods into an external country;
  • the occurrence of war;
  • the occurrence of hostilities, civil war, revolution, insurrection, boycott, strike or other disturbance outside Zimbabwe;
  • the occurrence of any other event or situation whatsoever which the Minister, with the approval of the Minister responsible for finance, deems to be an event to which the provisions of this section should apply.

                       4    Financial arrangements

  • The Minister shall establish a fund, to be known as the Export Credit Reinsurance Fund, under the control of the Secretary, into which shall be paid moneys appropriated by Act of Parliament for the purposes of this Act, premiums and other moneys accruing to the Minister under contracts of reinsurance, and such other moneys as may accrue to the Fund.
  • All moneys received by the Minister on behalf of the Fund shall be paid into a banking account and no moneys shall be withdrawn therefrom except by means of cheques signed by such person or persons as may be authorized by the Minister.
  • There shall be paid out of the Fund—

 

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