This week, the National Assembly adopted the Insurance Bill, which will legislatively entrench the need for transformation of the sector. The DA opposed the bill mainly because of the obligation it places on the prudential authority to promote transformation, which the party did not believe was its role, and that it went beyond the scope of the version originally tabled and subject to public hearings — which arguments the committee rejected. The DA tried to prevent the adoption of the bill by calling for a division. DA MPs left the house in the hope there would not be sufficient ANC and other opposition party MPs to constitute a quorum. In the event, the bill, which lays down the regulatory framework for micro-insurance, was adopted with 210 votes, with five MPs abstaining. The bill — first released by Cabinet for public comment in 2015 — gives effect to the "twin peaks model" for the regulation of the financial sector and provides a legal framework for higher prudential standards, ...

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