Governance, Risk and Compliance - The South African Insurance Industry

Governance, Risk and Compliance - The South African Insurance Industry

  • July 2019 •
  • 76 pages •
  • Report ID: 3171291 •
  • Format: PDF
Governance, Risk and Compliance - The South African Insurance Industry

Summary
The two government bodies created in pursuant to the Financial Sector Regulation Act 2017 to govern the insurance industry came into effect on April 1, 2018. The Prudential Authority (PA), under the South African Reserve Bank (SARB) and the Financial Sector Conduct Authority (FSCA), which replaced the Financial Services Board (FSB), jointly supervise the insurance industry.

The FSB supervised and regulated the industry in South Africa before its replacement by the PA and the FSCA on April 1, 2018. The PA is the prudential regulator responsible for the general administration, safety, and soundness of all financial institutions, including insurers operating in South Africa, while the FSCA is the corporate regulator responsible for the management of business conduct and protects the interests and rights of consumers.

Key Findings
- The PA and FSCA regulate the South African insurance industry
- The placement of non-admitted insurance is permitted only with an approval from the FSCA, provided no domestic insurer is providing such insurance at equitable terms
- 100% FDI is permitted in the South African insurance industry
- The key classes of compulsory insurance include third-party liability insurance for commercial flight operators, workers’ compensation, insurance against oil pollution for tankers over 2,000 tons, clinical trials liability insurance for injury and damage and environmental liability insurance
- Composite insurance is prohibited in South Africa. However, composite reinsurance is permitted

The report "Governance, Risk and Compliance - The South African Insurance Industry", is the result of extensive research into the insurance regulatory framework in South Africa.It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance.

The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

The report provides -
- An overview of the insurance regulatory framework in South Africa
- The latest key changes, and changes expected in the country’s insurance regulatory framework
- Key regulations and market practices related to different types of insurance product in the country
- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in South Africa
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations
- Details of the tax and legal systems in the country

Scope
- The report covers details of the insurance regulatory framework in South Africa.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.

Reasons to buy
- Gain insights into the insurance regulatory framework in South Africa.
- Track the latest regulatory changes, and expected changes impacting the South African insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
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