On 5 August 2019, the Insurance Amendment Act 2019 (the
"Amendment Act") came into operation,
amending the Insurance Act 1978. The Amendment Act makes provision
for the supervision and regulation of two new classes of insurer,
namely "Collateralised Insurers" and
"Class IIGB", and for the supervision
and regulation of a new category of insurance intermediary, namely
the "insurance marketplace provider".
An insurance marketplace provider is aimed at addressing the
growing interest in the establishment of InsurTech-related
insurance market places.
This advisory will deal in broad terms with the requirements for
the new classification of Collateralised Insurers. This advisory is
not legal advice and not intended to be exhaustive, but provides
brief details and information on the new class.
