Toll Free: 1-888-928-9744

Governance, Risk and Compliance - The South African Insurance Industry

Published: Jun 2, 2016 | Pages: 55 | Publisher: Timetric | Industry: Insurance | Report Format: Electronic (PDF)

Timetric's 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 operation of insurance and reinsurance companies and intermediaries. The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

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 the country's 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 parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations. Details of the tax and legal systems in the country.
The report covers details of the insurance regulatory framework in South Africa. The report contains details of the rules and regulations governing insurance products and insurance entities. The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework. The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country. The report provides details of taxation imposed on insurance products and insurance companies.

Reasons To Buy
Gain insights into the insurance regulatory framework in South Africa. Track the latest regulatory changes, and expected changes impacting the South African insurance industry. Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country. Understand key regulations and market practices pertaining to various types of insurance product.

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 domestic insurer is providing such insurance at equitable terms. A new risk-based solvency regime will be implemented effective from January 1, 2017. The key classes of compulsory insurance include motor third-party liability insurance, aviation third-party liability insurance and public liability insurance. FSB is in the process of implementing Treating Customers Fairly approach to deliver fair outcome to the customers throughout the lifecycle of the financial product.
 Table of Contents
1 Introduction 1.1 What is this Report About? 1.2 Definitions 2 Governance, Risk and Compliance 2.1 Legislation Overview and Historical Evolution 2.2 Latest Changes in Regulations 2.3 Legislation and Market Practice by Type of Insurance 2.3.1 Life insurance 2.3.2 Property insurance 2.3.3 Motor insurance 2.3.4 Liability insurance 2.3.5 Marine, aviation and transit insurance 2.3.6 Personal accident and health insurance 2.4 Compulsory Insurance 2.4.1 Motor third-party liability insurance 2.4.2 Aviation third-party liability insurance 2.4.3 Unemployment insurance 2.4.4 Compensation for occupational diseases and injuries 2.4.5 Public liability insurance 2.4.6 Professional indemnity insurance 2.4.7 Environmental liability insurance 2.5 Supervision and Control 2.5.1 International Association of Insurance Supervisors (IAIS) 2.5.2 African Insurance Organization (AIO) 2.5.3 Financial Services Board 2.5.4 South African Insurance Association (SAIA) 2.6 Non-Admitted Insurance Regulations 2.6.1 Overview 2.6.2 Intermediaries 2.6.3 Market practices 2.6.4 Fines and penalties 2.7 Company Registration and Operations 2.7.1 Types of insurance organization 2.7.2 Establishing a local company 2.7.3 Foreign ownership 2.7.4 Types of license 2.7.5 Capital requirements 2.7.6 Solvency margins 2.7.7 Reserve requirements 2.7.8 Investment regulations 2.7.9 Statutory return requirements 2.7.10 Fee structure 2.8 Taxation 2.8.1 Insurance premium or policy taxation 2.8.2 Withholding taxes on premium paid overseas 2.8.3 Corporate tax 2.8.4 VAT 2.8.5 Captives 2.9 Legal System 2.9.1 Introduction 2.9.2 Access to court 2.9.3 Alternative dispute resolution (ADR) 3 Appendix 3.1 Methodology 3.2 Contact Timetric 3.3 About Timetric 3.4 Timetric's Services 3.5 Disclaimer
List of Tables
Table 1: Insurance Industry Definitions Table 2: South Africa- Insurance Regulatory Framework Key Features Table 3: South Africa- Life Insurance Regulatory Framework Table 4: South Africa- Property Insurance Regulatory Framework Table 5: South Africa- SASRIA Annual and Monthly Premium Rates Table 6: South Africa- Motor Insurance Regulatory Framework Table 7: South Africa- Liability Insurance Regulatory Framework Table 8: South Africa- Corporate Tax Rates in South Africa for the Financial Year 2016

List of Figures
Figure 1: South Africa- Insurance Supervision and Control at Various Levels Figure 2: South Africa- Insurance Regulatory Frameworks for Company Registration and Operation

To request a free sample copy of this report, please complete the form below.

This website is secure and your personal details are safe. Privacy policy

Global polymethyl methacrylate (PMMA) market size is likely to be valued at USD 11.65 billion by 2022; as per a new research report by Radiant Insights, Inc. Increasing spending on advertising & marketing for building strong brand equity and product


Global automotive collision repair market is expected to be valued at USD 196.97 billion by 2020, as per a new research report by Radiant Insights, Inc. The industry is expected to witness significant growth owing to increasing number of on-road vehi


Global air traffic control equipment market is projected to reach USD 4.2 billion by 2020, as per a new research report by Radiant Insights, Inc. Mounting price sensitivity among customers with introduction of low fare airlines is expected to drive t


Global Bio polyethylene terephthalate (PET) market size is likely to be valued at USD 12.6 billion by 2020; as per a new research report by Radiant Insights, Inc. Growing preference of biopolymers in numerous applications coupled with favorable gover


Global data center UPS market size is estimated to reach USD 5.7 billion by 2020, as per a new research report by Radiant Insights, Inc. Declining tolerance levels pertaining to data loss along with amplifying acceptance of cloud computing is likely

Choose License Type
Single User - US $950
Multi User - US $1900
Why Choose Us

24/5 Research support

Get your queries resolved from an industry expert. Request for a free product review before report purchase.

Phone: 1-415-349-0054

Toll Free: 1-888-928-9744

Email: [email protected]

Custom research service

Speak to the report author to design an exclusive study to serve your research needs.

Quality assurance

A testimonial for service excellence represented in the form of BBB "A" Accreditation.

Information security

Your personal and confidential information is safe and secure.