Friday, 14 August 2015

Research and Markets: The South African Insurance Industry 2015 - A New Risk-Based Solvency Regime will be Implemented Effective from January 1, 2016.

“Governance, Risk and Compliance - The South African Insurance Industry”
'Governance, Risk and Compliance - The South African Insurance Industry' report 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 operations 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, recent and upcoming changes in regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
Summary:
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in South Africa, including:
  • An overview of the insurance regulatory framework in South Africa.
  • The latest key changes and changes expected in South African 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 Highlights:
  • The South African insurance industry is supervised and regulated by the FSB.
  • The placement of non-admitted insurance is permitted only with an approval from the FSB, provided no other insurer is providing such insurance at equitable terms.
  • The key classes of compulsory insurance include motor third-party liability insurance, aviation third-party liability insurance and public liability insurance.
Key Topics Covered:
1 Introduction
2 Governance, Risk and Compliance
3 Appendix
Companies Mentioned
  • Life Insurance Ltd
  • Absa Life Ltd
  • AIG Life South Africa Ltd
  • Clientele Life Assurance Company Ltd
  • King Price Insurance Company Ltd
  • Clientele General Insurance Ltd
  • Absa Insurance Company Ltd.
  • African Reinsurance Corporation (SA) Ltd
  • General Reinsurance Africa Ltd
  • RGS Reinsurance Company

Contacts

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
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Sector: Insurance

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