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Tag Archives | National Treasury

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NHI – Treasury announces ‘substantial’ progress

The South African National Treasury announced on Friday that it has made “substantial” progress on the national health insurance (NHI) Bill consultation in key areas and have reached agreement on most of the major issues. This statement was made in response to a so called “leaked letter” and its annexure that specified a number of […]

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regulations

Proposed Regulatory Amendments Update

In December 2016, National Treasury (NT) with the support of the Financial Services Board (FSB) published, for public comment, proposed amendments to the Regulations made under the Long-term Insurance Act, 1998 (“LTIA”) and the Short-term Insurance Act, 1998 (“STIA”). This included reforms to the Retail Distribution Review and the draft amendments to the Binder Regulations […]

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Proposed Amendments to Insurance Binder Regulations

The National Treasury (NT) and Financial Services Board (FSB) requested public comment for the proposed amendments to Insurance Binder Regulations issued under the Short-term and Long-term Insurance Acts published in Government Gazette No. 37805. The proposed changes seek to address emerging undesirable practices and regulatory gaps identified post implementation of the Regulations (Gazette No. 34877) […]

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Demarcation Proposals Under Fire

The proposals by National Treasury to find a solution to what it regards as a threat to medical schemes did not find favour with all in the industry. An article in the Financial Mail quoted a number of reactions from industry experts who felt that the retraction of the proposed ban on gap cover and […]

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Update on Health Insurance Products

National Treasury (“NT”) released the Second Draft Demarcation Regulations for further public comment at the end of April. These Regulations specify which types of health insurance policies are permissible under the Long-term Insurance Act, No. 52 of 1998 (“LTIA”) and Short-term Insurance Act, No. 53 of 1998 (“STIA”), and are accordingly excluded from regulation under […]

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Insurance Laws Amendment Bill 2013 Postponed

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 […]

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Draft Regulations on Hedge Funds

The National Treasury (“Treasury”) and Financial Services Board issued the following media release last week: In 2012, South Africa, as a committed member of the G20, embarked on a process to enhance and expand the scope of regulation and oversight over hedge funds, following the Global Financial Crisis in 2008. This process culminated in the […]

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Update on Retirement Reforms

The 2014 Budget announcement contained more detailed information on where we currently are on the road to extensive reforms of the retirement industry. A media release by National Treasury on 14 March 2014 expanded on previous papers and discussion documents in this regard. The management summary lists the following broad policy goals, including intermediary remuneration: […]

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Hedge Fund Regulation a Step Closer

The National Treasury and the Financial Services Board (FSB) published a Joint media statement outlining their preliminary response to stakeholder comments on proposals released in September 2012 for regulating hedge funds. Annexure A, referred to in the statement, contains full details of the responses received, and is published on the FSB website under the CIS […]

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