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DEON VAN STADEN

DEON VAN STADEN. FSB SOUTH AFRICA. INTRODUCTION. Small insurers’ view on the difficulties they face in complying with regulatory requirements in developing countries. My presentation will deal with: Importance of products Providers of these products Regulatory regime

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DEON VAN STADEN

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  1. DEON VAN STADEN FSB SOUTH AFRICA

  2. INTRODUCTION Small insurers’ view on the difficulties they face in complying with regulatory requirements in developing countries. My presentation will deal with: • Importance of products • Providers of these products • Regulatory regime • Cost of compliance • Recommendation

  3. IMPORTANCE OF PRODUCTS • Small insurer vs large insurer • Need for funeral, credit life and health policies • Important for sustainable economic growth

  4. THE PROVIDERS OF THESE PRODUCTS • Mutual benefit societies • Funeral insurers • Illegal operators

  5. REGULATORY REGIME • Legislative Framework • Friendly societies (non-profitable) • Strict insurance legislation

  6. COST OF COMPLIANCE • Cost of capital • Systems • Suitably qualified staff • Audit and actuarial fees • Levies/taxes • Statutory returns • Reserving and investment requirements

  7. RECOMMENDATIONS • Not for total deregulated environment • A regulatory framework that is less stringent to comply with • Self-regulatory regime • Self-regulatory authority powers • Act swiftly • Penalties • Name and shame

  8. RECOMMENDATIONS Cont. • Reporting, entry and capital requirements • Entry • Capital • Reporting • Limited benefits • Dispute resolution mechanism • Tax incentive • Consumer education

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