South Africa: Financial Sector Assessment Program-Detailed Assessment of Observance on the Insurance Core Principles

March 3, 2015

Preview Citation

Format: Chicago

South Africa: Financial Sector Assessment Program-Detailed Assessment of Observance on the Insurance Core Principles, (USA: International Monetary Fund, 2015) accessed October 19, 2024

Summary

This paper discusses key findings of the Detailed Assessment of Observance on the Insurance Core Principles on South Africa. Insurance regulatory and supervisory regime in South Africa is in transition. Currently, the Financial Services Board (FSB-SA) regulates the nonbanking financial services industry, including the insurance sector, in South Africa. With the goal of achieving a safer financial sector to serve South Africa better, the government has proposed major changes in the financial sector. The four policy objectives are: financial stability, consumer protection and market conduct, financial inclusion, and combating financial crime. Market realities in the insurance sector pose significant regulatory challenges, which are well recognized by the authorities.

Subject: Financial institutions, Financial regulation and supervision, Financial services, Insurance, Insurance companies, Insurance supervision

Keywords: Africa, Business plan, Corporate governance, CR, Financial market, Global, Holding company, Insurance, Insurance Acts, Insurance companies, Insurance group, Insurance supervision, ISCR, Regulatory authority, Risk management, The FSB-SA

Publication Details

Pages:

137
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2015/056
Stock No:

1ZAFEA2015006
ISBN:

9781498364454
ISSN:

1934-7685

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