COFI at the heart of FSCA’s 2026 regulation plan
The Authority’s three-year roadmap also outlines upcoming reforms affecting financial markets, retirement funds, payment services, and cross-sector regulation.
Insurers
Premium-collection relief retained for three years
The extension preserves the existing framework allowing qualifying juristic representatives to collect and deal with insurance premiums on behalf of insurers.
PA publishes revised public disclosure standard for insurers
The revised draft standard sets out detailed qualitative and quantitative public disclosure requirements and is open for comment.
How insurers can anchor consumers in a changing risk landscape
Rapid, transparent claims processing and simplified policy wording are key to building trust. Firms that demonstrate protection consistently can contribute to a resilient market.
Insurance tops consumer sentiment rankings despite service failings
DataEQ’s 2025 Index shows that insurers’ positive brand campaigns are undermined by operational weaknesses in claims, billing, and responsiveness.
ASSA launches national Climate Index to guide risk management
South Africa now has a publicly available Climate Index, developed by actuaries and meteorologists, that tracks extreme weather events.
Roadworthiness is essential for valid insurance claims, Ombud warns
While insurers can decline claims involving unroadworthy vehicles, repudiations must be linked to the cause of the loss.
Subrogation ruling ‘has far-reaching consequences’ for insurers
The ruling requires insurers to plead subrogation and join as parties in civil actions, departing from long-standing practice that allows insurers to step into their insured’s shoes without separate citation.
Updated | Dates for workshops on funeral insurance regulations
Roleplayers in the funeral industry can book for an online workshop hosted by the FSCA and the Prudential Authority.
Implications for the insurance industry of expropriation without compensation
Although expropriation itself is generally an excluded event, there may be knock-on effects that could impact the insurance sector.
New Joint Standard to regulate insurers’ ‘material’ outsourcing activities
The standard, which replaces GOI 5, governs outsourcing by insurers from a prudential and a conduct perspective.
PA publishes draft guidance notes for banks and insurers on climate-related risks, disclosures
Banks and insurers are expected to treat climate risk as a financial risk rather than merely a reputational risk event.
FSCA publishes amendments to the General Code of Conduct
The requirements for advice fees in the context of insurance policies will be dealt with by amending the insurance regulations.
Add-on insurance policies sold – FSCA requests information from insurers
To assist the Financial Sector Conduct Authority (FSCA) in obtaining better insights into the current processes and practices used to market and sell add-on insurance policies at motor dealerships to customers, the FSCA […]
Insurers fail to deliver on expectations created – Social media assessment results
South African insurers have struggled to keep up with increased customer demands during the Covid-19 crisis. This was one of the take outs of an assessment of the South African insurance industry by […]
Reintroducing third party insurance – Welcomed by most insurers
About 70% of the approximately 12 million cars on South Africa’s roads are not insured. Insurers have therefore welcomed the government’s proposal, announced in the recent Budget speech, to make third-party insurance compulsory for […]
FSRA Exemption Notice 1 of 2019 (LTIA) – Certain insurers exempted from Rule 19
The FSCA has just released the FSRA Exemption Notice 1 of 2019 (LTIA). According to the notice an insurer that offers assistance policies, funeral policies or micro-insurance policies is exempted, in terms of […]
