Board Notice No. 114 of 2014

Long-term Insurance Act (52/1998) and Short-term Insurance Act (53/1998) » Registrar of Long-term Insurance...

Title	Long-term Insurance Act (52/1998) and Short-term Insurance Act (53/1998) » Registrar of Long-term Insurance and Short-term Insurance » Financial Service Board
Department	Board Notices
Gazette	National Gazettes, No. 38026 of 26 September, 2014, 30 page(s), 3.0Mb

STAATSKOERANT, 26 SEPTEMBER 2014                       No. 38026  3

BOARD NOTICE

NOTICE 114 OF 2014

FINANCIAL SERVICES BOARD

REGISTRAR OF LONG-TERM INSURANCE AND SHORT-TERM INSURANCE

LONG-TERM INSURANCE ACT, 1998 (ACT NO. 52 OF 1998) AND SHORT-TERM
                                        INSURANCE ACT, 1998 (ACT 53 OF 1998)

PROPOSED GOVERNANCE AND RISK MANAGEMENT FRAMEWORK FOR INSURERS

I, Dube Phineas Tshidi, Registrar of Long-term Insurance and 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, as set
               out in Schedule A hereto, the proposed governance and risk management framework to be
               prescribed pursuant to sections 12(1)(bD) of the Acts.

Section 12 was amended through the Financial Services Laws General Amendment Act, 2013
               (Act No. 45 of 2013) to provide that the Registrar may prescribe such a framework, and came
               into effect on 28 February 2014.

The proposals set out in the Schedule -

give effect to the governance, risk management and internal control measures mooted in
                     the Insurance Laws Amendment Bill, 2013, which was withdrawn by the Minister of
                     Finance due to the Parliamentary schedule;

take into account the public comments submitted to the National Treasury on the draft
                     Insurance Laws Amendment Bill during 2012, and reflect key areas of agreement reached
                     on changes to the Bill at meetings and workshops convened with key affected
                     stakeholders to discuss these public comments (a response to the public comments
                     received on the Bill was issued by the National Treasury on 29 April 2014 and is available
                     on the websites of the National Treasury and the Financial Services Board); and
                     give effect to international standards as set out in the Insurance Core Principles of the
                     International Association of Insurance Supervisors (October 2013).

It is envisaged that the final requirements and framework will be published by the end
                November 2014 for implementation by 1 April 2015.

Comments on the proposed amendment may be submitted in writing on or before 7 November
               2014 to the Registrar at FSB.INSGRMF@fsb.co.za.

DP TSHIDI
                Registrar of Long-term Insurance and Registrar of Sho ter       Insurance

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Board Notice No. 114 of 2014

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