South African Insurance Association

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National Treasury Establishes Panel on Conduct of Financial Institutions Bill

The National Treasury (NT) has established a Non-life Industry Expert Panel to solicit advice in the development of the first draft of the Conduct of Financial Institutions (COFI) Bill. Six representatives from SAIA member companies and a SAIA representative form the Non-Life Industry Expert Panel. The NT held meetings with the panel on 17 January 2018 and 5 February 2018.

The panel has provided high-level inputs on principles and approach in the draft Bill, to ensure that it is suitably achieving its stated objectives rather than comments on technical drafting.

The NT will be hosting a further workshop on 13 March 2018 with panel members in respect of the licensing framework in the Bill.
Members of the panel were required to sign a Non-Disclosure Agreement hence the draft COFI Bill may not be circulated to SAIA members at this stage.

The NT has indicated that it intends tabling the Bill in Parliament in 2018 with an adequate public comment period.

For more information, contact:
Easvarie Naidoo, SAIA Senior Legal Manager