Last year, South African insurance companies were faced by a tidal wave of legislative changes. This trend is likely to continue somewhat in 2019.
From the Financial Sector Regulation Act (FRSA) and the Insurance Act to what Patrick Bracher, an insurance lawyer at Norton Rose South Africa, calls a mountain of prudential standards, 2018 was a rather turbulent legislative year for South Africa’s insurance sector.
The Insurance Act came into effect in July 2018 to improve South Africans’ access to insurance cover and provides greater protection for policyholders. This includes, among other things, a two-day turnaround time for funeral pay-outs.
The Financial Sector Regulation Act (FSRA), which came into effect in April, looks at the role of regulators in the government’s plans to reform and increase the robustness of the financial sector, and reinforce financial stability while better protecting customers from potential poor conduct by financial services firms.
To read more about what legislative changes we can expect in 2019, download the February issue of RISKAFRICA magazine now!
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