Regulatory Alerts2024-11-06
Joint Communication 7 of 2024: Review of the Regulatory Framework for Funeral Insurance Distribution in South Africa
The Financial Sector Conduct Authority and Prudential Authority have issued Joint Communication 7 of 2024 to initiate a comprehensive review of South Africa’s funeral insurance distribution framework. The communication addresses industry concerns regarding high licensing barriers, restrictive group definitions that shifted policy ownership to insurers, and widespread unauthorized premium collection by unlicensed funeral parlors. It establishes an inter-regulatory project to enhance compliance support, refine supervision and enforcement strategies, and invites stakeholders to participate in consultation workshops scheduled for early 2025.
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