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DEON VAN STADEN

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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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