Board Notice No. 113 of 2015

Long-term Insurance Act (52/1998) and Short-term Insurance Act (53/1998) » Proposed fit and proper...

Title	Long-term Insurance Act (52/1998) and Short-term Insurance Act (53/1998) » Proposed fit and proper requirements
Department	Board Notices
Gazette	National Gazettes, No. 38832 of 29 May, 2015, 6 page(s), 534Kb

STAATSKOERANT, 29 MEI 2015                         No. 38832  3

BOARD NOTICE

NOTICE 113 OF 2015

FINANCIAL SERVICES BOARD

REGISTRAR OF LONG-TERM INSURANCE AND SHORT-TERM INSL:                          :CE

LONG-TERM INSURANCE ACT, 1998 (t.:,1" 10. 52 OF 1998) AND SHORT-TERM
                                        INSURANCE ACT, 1998 (ACT 53 OF 1998)

PROPOSED FIT AND PROPER REQUIREMENTS

I, Jonathan Ian Dixon, Deputy Registrar of Long-term Insurance and Deputy Registrar of Short-
               term Insurance, hereby, under the Long-term Insurance Act, 1998 (Act No. 52 of 1998) and
               Short-term Insurance Act, 1998 (Act No. 53 of 1998) ("the Acts"), publish for public comment the
               proposed fit and proper requirements to be prescribed pursuant to the definition of "fit and
               proper" in sections 1 of the Acts as set out in Schedule A hereto.

Section 1 was amended through the Financial Services Laws General Amendment Act, 2013
               (Act No. 45 of 2013) to provide that the Registrar may prescribe such requirements, and came
               into effect on 28 February 2014.
               The proposals set out in the Schedule are aligned with the Insurance Core Principles of the
               International Association of Insurance Supervisors (October 2013).

It is envisaged that the final requirements will be published by 31July 2015 for implementation
               by 1 September 2015.

Comments on the proposed amendment may be submitted in writing on or before 1 July 2015 to
               the Registrar at FSB.FitProper@FSB.co.za.

JI DIXON
               Deputy Registrar of Long-term Insurance and Deputy Registrar of Short-term Insurance

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Board Notice No. 113 of 2015

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