Insurance Laws Amendment Act 2008 (ILAA)-SAIA

The stated intention behind the Amendment Act is to address urgent technical and regulatory issues in both the Long- and Short-term Insurance Acts. The objectives that the amendments sought to achieve, inter alia, included closing regulatory gaps, effecting improvements to certain provisions of the legislation and updating outdated references.

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With reference to the Short-term Insurance Act (STIA), significant amendments included demarcation between health and medical business, binder agreements and enabling provisions for the future introduction of Financial Conditioning Reporting.

>> Click here to view the initiatives that arise from and are affected by the Act.

Data Sharing Initiative

In terms of the Insurance Laws Amendment Act, insurers are required to hold sufficient data in order for them to be able to identify their policyholders. This is in contrast to the current situation where in many instances this data is held on intermediaries’ systems.

T he SAIA, together with the Financial Intermediaries Association (FIA), has engaged its members to establish whether an industry approach to this matter would be appropriate. Two work groups have been established, a technical workgroup looking at standards, and a business workgroup looking at system requirements.

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The South African Insurance Association
Association Incorporated under Section 21
Registration No.1998/25543/08

Postal address:
P.O. Box 30619
Braamfontein
2017

Physical address:
3rd Floor, JCC House
27 Owl Street
Milpark

Contact detail:
Tel: +27 11 726 5381
Fax: +27 11 726 5351
Email: info@saia.co.za

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Insurance Laws Amendment Act 2008 (ILAA)

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