Governance, Risk and Compliance - The South African Insurance Industry
GlobalData’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 GlobalData’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 PA and FSCA regulate the South African insurance industry.
- 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.
- 100% FDI is permitted in the South African insurance industry.
- The key classes of compulsory insurance include third-party liability insurance for commercial flight operators, workmen’s' compensation, insurance against oil pollution for tankers over 2,000 tonnes, clinical trials liability insurance for injury and damage and environmental liability insurance.
- Composite insurance is prohibited in South Africa. However, composite reinsurance is permitted.
Reasons to buy
- 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.
- 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.
- 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 Regulation 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 Third-party liability insurance for commercial flight operators 2.4.2 Unemployment insurance 2.4.3 Compensation for occupational diseases and injuries 2.4.4 Professional indemnity insurance for sheriffs, healthcare professionals, pension fund trustees 2.4.5 Environmental liability insurance 2.4.6 Professional indemnity and fidelity insurance in for financial service providers 2.4.7 Liability insurance for ships with respect to oil pollution 2.4.8 National health insurance 2.5 Supervision and Control 2.5.1 International Association of Insurance Supervisors 2.5.2 African Insurance Organization 2.5.3 Financial Sector Conduct Authority 2.5.4 Prudential Authority 2.5.5 South African Insurance Association 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 Type 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 margin 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
- 3 APPENDIX 3.1 Methodology 3.2 Contact GlobalData 3.3 About GlobalData 3.4 GlobalData’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 - Maximum remuneration payable for binder function
- Table 4: South Africa - Maximum commission rates for individual and group policy
- Table 5: South Africa - Commission Rates for Health Insurance Policy
- Table 6: South Africa - Life Insurance Regulatory Framework
- Table 7: South Africa - Maximum cost of credit life insurance
- Table 8: South Africa - Property Insurance Regulatory Framework
- Table 9: South Africa - SASRIA Annual and Monthly Premium Rates
- Table 10: South Africa - Motor Insurance Regulatory Framework
- Table 11:South Africa - Liability Insurance Regulatory Framework
- Table 12: South Africa - Levy payable for Prudential Authority (PA)
- Table 13: South Africa - Levy payable for Financial Sector Conduct Authority (FSCA)
- Table 14: South Africa - Corporate Tax Rates for the Financial Year 2018
- 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