South Africa:
South Africa Insurance Bill Has Now Been Submitted To President Zuma For Signature
12 December 2017
Clyde & Co
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The Insurance Bill forms part of the Twin Peaks reforms and
provides a consolidated legal framework for the prudential
regulation and supervision (by which is meant measures to ensure
that the institution is and remains financially sound) of
insurers, reinsurers, branches of foreign reinsurers,
insurance groups, micro insurers and Lloyd's in South Africa.
The Insurance Bill will repeal substantial portions of the
Long-term Insurance Act, 52 of 1998 and the Short-term Insurance
Act, 53 of 1998 dealing with prudential supervision.
The Insurance Bill can be accessed
here.
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.
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