Regulatory Alerts2018-07-04
Joint Communication 1 of 2018: Status of Instruments Under the Long-term and Short-term Insurance Acts
The South African Financial Sector Conduct Authority and Prudential Authority issued this communication to clarify the regulatory status of directives, notices, and guidance documents issued under the Long-term and Short-term Insurance Acts following the 1 July 2018 commencement of the Insurance Act, 2017. The document categorizes these instruments into those remaining in force, those withdrawn or lapsed on the effective date, and those rendered obsolete, while providing specific guidance on interpreting outdated references to repealed statutory sections or replaced requirements. This classification ensures insurers maintain compliance with the new prudential framework overseen by the Prudential Authority and the conduct framework managed by the Financial Sector Conduct Authority during the legislative transition.