The Financial Services Board Annual Report 2007
27 September 2007 | Compliance - Regulatory | Financial Sector Conduct Authority (FSCA) (was FSB) | Financial Services Board
Extract from the Insurance Section of the report - page 32
Introduction
The Insurance division of the FSB supervises the long-term and short-term insurance industries in terms of the Long-term Insurance Act, 1998, and the Short-term Insurance Act, 1998. In South Africa only insurers registered in terms of these Acts may conduct business.
The Insurance division consists of three departments. One focuses on policy and licensing
requirements, the second on the fi nancial soundness of insurance companies and the third on compliance. The latter deals with unregistered insurance business, policyholder complaints and other market conduct matters.
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