1.3 Licensed Versus Registered Insurers
The PPR’s define certain concepts differently for licensed and registered insurers. The Insurance Act makes provision for the licensing of insurers and not the registration. The prudential authority has two years from the effective date of the Insurance Act to convert al insurance registrations to licenses. Therefore, a registered insurer is an insurer previously authorised […]
1.2 Application
The policyholder protection rules (PPRs) are regulations applicable to long-term insurance companies and to some extend intermediaries. These rules are over and above the provisions of the Financial Advisory and Intermediary Services (FAIS) Act and the General Code of Conduct. Nothing in the PPR’s can be used by an insurance company to sidestep the requirement […]
1.1 Introduction
The insurance industry is known for its high level of ethics and rigorous application of the principles of fairness. Over the last decade or so it has also become highly regulated. During this period extensive and wide-ranging legislation has evolved, particularly with regard to regulation and compliance. Both the law and insurance will continue to […]