A new Insurance Bill was tabled in Parliament on Friday the 29th of January 2016.
The Bill has undergone a number of changes from the version proposed during 2015 and provides an overarching framework for conducting insurance business and insurance group business by insurers, branches of foreign reinsurers, Lloyd's and insurance groups, micro-insurance and the general principals and framework for financial soundness, governance, and the conduct of insurance business or insurance group business. The Bill has the potential to impact all insurers' businesses. If you require assistance please contact Ernie van der Vvyer or Johann Spies for additional information.
For the full text of the Bill, please click here.
New Insurance Bill Tabled In South African Parliament
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.