The information below is taken from a media release issued on the National Treasury website.
National Treasury announced on Tuesday that the Insurance Laws Amendment Bill, 2013, which was tabled in Parliament on 21 June 2013, will automatically lapse now that Parliament’s term will be expiring. Generally lapsed Bills are required to be revived by a motion of Parliament once the new Parliament convenes after the elections.
The Bill proposed amendments to the Long-term Insurance Act No. 52 of 1998 (“the LTIA”) and the Short-term Insurance Act No. 53 of 1998 (“the STIA”) to:
- introduce insurance group supervision pending the finalisation of the broader review of the Insurance Laws and the Solvency Assessment and Management (“SAM”) project;
- strengthen the governance, risk management and internal controls of insurers; and
- address regulatory gaps in South Africa’s adherence to international financial regulatory principles and standards in respect of insurance, as identified by the IMF/World Bank Financial Sector Assessment Program (“FSAP”) evaluation.
Please click here to read the full media release.