South Africa: Detailed Assessment of Observance on the International Association of Insurance Supervisors' Insurance Core Principles

International Monetary Fund

No 2010/354, IMF Staff Country Reports from International Monetary Fund

Abstract: Insurance regulation in South Africa is sound and takes a thorough approach to regulation, recognizes the scale and development of the market, and the need for effective market conduct as prudential regulation. There are particular challenges in improving standards of market conduct, in both long-term and short-term insurance. The Financial Services Board is appropriately taking the long view, and is committing itself to major overhauls both of financial requirements and on market conduct. It will require increased resources, including specialist skills, to make these projects a success.

Keywords: ISCR; CR; risk management; corporate governance; supervision work; risk assessment; financial crisis; FSB staff; FSB supervision work; FSB issues media; FSB power; insurance group; FSB Board notice; insurance legislation; criteria FSB; FSB supervisor; Insurance companies; Insurance; Capital adequacy requirements; Africa; Southern Africa (search for similar items in EconPapers)
Pages: 67
Date: 2010-12-08
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