Section 14(1) of the Insurance Act, 2017 provides that the appointment of certain key persons “must be approved by the Prudential Authority and takes effect only if the Prudential Authority approves the appointment”. The applicable key persons include any director and the auditor of both the insurer and its licensed controlling company, as well as the individual audit engagement partner from the audit firm that takes responsibility for the audit.
Two recent decisions provide welcome guidance on the interpretation of this section, but do not address all practical issues that might arise. The decisions are the Financial Services Tribunal decision in Safire Insurance Company Limited v The Prudential Authority (Case No. PA2/2025, decided 23 March 2026) (“Safire Decision”) and the earlier High Court judgement in Prudential Authority of South Africa v Financial Services Tribunal and Others 2025 (3) SA 597 (GP) (the "Land Bank judgment").
