On 17 January 2018, the President of the Republic of South
Africa signed the Insurance Bill into law.
Inter alia, the now Insurance Act, 2017, provides a
consolidated legal framework for the prudential supervision of the
insurance sector that is consistent with international standards
for insurance regulation and supervision, and seeks to replace and
consolidate substantial parts of the Long-term Insurance Act, and
the Short-term Insurance Act. A copy of the Insurance Act, 2017 can
be accessed here.
The Insurance Act, 2017 further seeks to amongst other things,
provide for stricter regulation of foreign based insurers
underwriting risks emanating from South Africa, to deal with the
solicitation of insurance and reinsurance business by foreign
insurers and reinsurers from within South Africa, prohibit foreign
insurers and reinsurers from soliciting business in South Africa on
a cross-border basis unless the foreign reinsurers conduct the
reinsurance business (no
