BN 119 of 2013: Level 1 Exemptions

This Board Notice (BN 119 of 2013) provides for an exemption from the current Fit and Proper requirements to two categories of FSPs, and affirms the dates for those not included in this exemption.

  1. FSPs and Key Individuals in Long-term Insurance Sub-category A and/or Friendly societies only, are exempt from the level 1 regulatory exams until further notice.
  2. The final date for successful completion of the level 1 REs for Foreign FSPs have been extended to 30 June 2014. A foreign provider is defined as one not domiciled in South Africa or who does not have a branch or representative office in South Africa.

The deadline of 31 March 2013 therefore still applies to all Key Individuals or Representatives, approved or appointed prior to 1 January 2011, unless you fall under either of the above categories.

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