The National Treasury and Financial Services Board (FSB) on Friday published amendments to Insurance Regulations for public comment.
The draft regulations will be formally gazetted on 23 December 2016‚ and the gazette will be available on the Treasury and FSB websites after it is published.
The proposed amendments are steps Government is taking to improve market conduct in the insurance sector‚ the Treasury said in a statement.
"They aim to ensure that the industry treats its customers fairly‚ and that incentives are aligned to ensure that less complex‚ good-value products are provided to consumers to help deal with unforeseen life events like a car accident or retrenchment."
Government’s objective is to ensure that the right insurance products are available and accessible to all South Africans to mitigate their risks‚ such as retrenchment or car accidents.
"The proposed reforms address conduct of business risks and abuses that have been identified through supervision‚ and can be given effect to within the existing regulatory framework.
"A more comprehensive review of the regulations will form part of the broader review of all conduct of business legislative frameworks across the various sectors regulated by the future Financial Sector Conduct Authority as part of the Twin Peaks reforms."
Just R20 for the first month. Support independent journalism by subscribing to our digital news package. 