New insurance Act to come into effect in July – Treasury
The Insurance Act of 2017 will commence on July 1, National Treasury said on Tuesday.
"The Insurance Act establishes a legal framework for the prudential regulation and supervision of insurers and insurance groups in terms of the Twin Peaks framework," Treasury said in a statement.
"This will ensure the safety and soundness of insurers, enhance the protection of policyholders and potential policyholders, promote broad-based transformation of the insurance sector, and contribute to the stability of the financial system in general."
The Act was assented to by the president on January 18.
Treasury said that the introduction of the "micro insurance framework" -- aimed at facilitating the entry of new firms -- is expected to increase access to insurance for all South Africans.
"The Insurance Act repeals all prudential requirements that are currently provided for in the Long-term Insurance Act No. 52 of 1998 (LTI Act) and Short-term Insurance Act No. 53 of 1998 (STI Act), and provides for a two-year transition period for insurers to migrate from the existing to the new legal framework," Treasury said.
"Non-prudential sections in the LTI Act and STI Act will remain in force in parallel to the new prudential requirements, to provide an interim conduct of business legal framework for insurers pending the enactment and implementation of the envisaged Conduct of Financial Institutions Bill."
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