National Treasury of South Africa - The South African Micro Insurance Regulatory Framework

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A large proportion of the South African population remains excluded from formal financial services. An improvement in the attitude of South Africans and take up of insurance through a registered insurer – from 19.5% in 2008 to 25.6% in 2010 – may mask a concerning feature within the South Africa market that the importance of insurance for personal risk reduction is understood, but not necessarily translated into behavior. A snapshot of the mass insurance market highlights three features needing policy address, namely better access to affordable insurance products, a better match of the products that consumers buy with what they understand their insurance needs to be, and stronger consumer protection measures. This document sets forth the policy framework for the development, regulation and supervision of the micro insurance market in South Africa with the ultimate goal of promoting a stable financial services sector that is accessible to all. The National Treasury of South Africa's policy document is divided into several sections, and covers the following topics:

1. Defining Micro Insurance Products
2. Institutional Regulation
3. Prudential Regulation
4. Ongoing Operational Requirements
5. Intermediaries and Market Conduct Regulation
6. Consumer Education and Recourse
7. Implementation and Transitional Provisions
8. Market Impact

Document Details

Document Type: 
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Year of Document: 
2011
Date of Document: 
Friday, July 1, 2011
Document Authors: 
National Treasury of South Africa
Language (This Document): 
English

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