Proposed amendments to insurance regulations were published on Friday for public comment. The draft regulations will be gazetted on December 23 and the gazette will be available on the National Treasury and Financial Services Board websites. The proposals were intended to improve market conduct in the insurance sector‚ the Treasury said. "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 was to ensure the right insurance products were 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 reg...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.