In case you are wondering what your holiday reading is, the draft Conduct of Financial Institutions Bill has been published by the National Treasury for comment. Comments will be accepted until 1 April 2019.
The suite of documents includes the Bill itself (188 pages), the COFI Bill Policy Paper (90 pages), and the Socio-Economic
New draft premium collection legislation
The National Treasury has published draft regulations for comment by 23 April 2018 regarding the collection of premiums by intermediaries (short-term and long-term premiums). The draft regulations require detailed premium collection authorisations by insurers to intermediaries. The proposed regulations also require a separate bank account for premiums received and require
The amendments to the Short-term Insurance Regulations gazetted on 15 December 2017 became effective on 1 January 2018 with some later effective dates below. Corresponding amendments required to the Short-term Insurance Act 1998 (STIA) also take effect on 1 January 2018.
The majority of the changes to the Short-term Insurance Act Regulations relate to the