South Africa: Financial Sector Assessment Program-Detailed Assessment of Observance on the Insurance Core Principles
IMF Staff Country Reports, March 3, 2015
Source details
- Canonical URL
- South Africa: Financial Sector Assessment Program-Detailed Assessment of Observance on the Insurance Core Principles
Other formats
Bibliographic details
- Published: March 3, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781498364454.002
Overview and purpose
- Discusses key findings of the Detailed Assessment of Observance on the Insurance Core Principles on South Africa.
- Reviews the insurance regulatory and supervisory regime, which is described as "in transition."
- Notes current regulator: "the Financial Services Board (FSB-SA) regulates the nonbanking financial services industry, including the insurance sector, in South Africa."
- States the government’s goal: "achieving a safer financial sector to serve South Africa better."
Policy objectives guiding proposed changes
- The four policy objectives are: financial stability, consumer protection and market conduct, financial inclusion, and combating financial crime.
Key findings and challenges
- Market realities in the insurance sector pose significant regulatory challenges, which are "well recognized by the authorities."
- Emphasis on transition of the regulatory and supervisory regime for insurance and nonbanking financial services.
Publication and metadata
- Publication date: March 3, 2015
- Pages: 137
- Volume: 2015
- Issue: 056
- Series: Country Report No. 2015/056
- DOI: https://doi.org/10.5089/9781498364454.002
- Stock No: 1ZAFEA2015006
- ISBN: 9781498364454
- ISSN: 1934-7685
Subject and keywords
- Subject: Financial institutions, Financial regulation and supervision, Financial services, Insurance, Insurance companies, Insurance supervision
- Keywords: Africa, business plan, corporate governance, CR, financial market, Global, holding company, Insurance, insurance Acts, Insurance companies, insurance group, Insurance supervision, ISCR, regulatory authority, risk management, The FSB-SA
International Monetary Fund — South Africa: Financial Sector Assessment Program-Detailed Assessment of Observance on the Insurance Core Principles (March 3, 2015).