Parliament’s standing committee on finance plans to hold public hearings in February on the insurance bill and has called for submissions on proposals tabled by Finance Minister Pravin Gordhan in January 2016. The bill is to introduce a framework for micro insurance among other things. The finance committee could not deal with the bill this year because of its heavy workload and the long parliamentary recess for the municipal elections. The bill forms part of the twin-peaks reforms to establish two pillars for the regulation of the financial sector, a market conduct regulator and prudential supervisors. Parliament has passed the Financial Sector Regulation Bill, which provides for this new system. The bill has been in development for more than six years, and insurers have already begun dual reporting and developing the necessary processes and systems to meet its requirements. "A delay in implementing the bill may result in increased implementation costs and a loss of momentum," the ...

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