South Africa's Insurance Bill 2016 has been a long time
coming but is now set to be promulgated during the first half of
2018.
Transitional provisions relating to the majority of requirements
have been indicated, generally ranging from six months to two
years.
Re/insurers will have a period of two years to pursue conversion
of their registration to licenses with detailed classes and
sub-classes set out under the Bill and Lloyd's will need to
comply within 18 months of the effective date.
However, shorter periods will apply to certain provisions. For
example, reporting on the structure of group of companies must be
done within two months from the effective date.
The process of full compliance will likely be intensive from the
effective date of the Bill until the end of the envisaged two year
period and will require substantial time investments on the part of
the legal and compliance departments of affected
companies.
