The Governance Risks portfolio ‘s key function is to provide strategic direction to the SAIA Board and members on all governance risks related matters, which may impact the short-term insurance industry. It is also responsible for overseeing the soliciting of constructive and appropriate input from SAIA members on forthcoming legislation and policy, as well as providing collaborative leadership in resolving these issues.
The portfolio's mandate is to provide strategic direction on regulatory reform processes and to support enhanced consumer protection whilst achieving the highest standard in market conduct practices in the sector. It also assists the industry in its pursuit of excellence to promote a sustainable environment for all its stakeholders.
Some of the focus areas in the portfolio include:
- The move to a Twin Peaks Model of Financial Regulation including the Financial Sector Regulation Bill, 2015
- Market Conduct Regulatory framework
- Treating Customers Fairly (TCF)
- Proposed Conduct of Business returns (CBRs)
- Solvency Assessment and Management (SAM), with a primary focus on the enabling legislation as set out in the Draft Insurance Bill, 2015 and subordinate legislation contained in regulations and prudential standards
- Retail Distribution Review (RDR)
- Financial Advisory and Intermediary Services Act (FAIS Act)
- Binder Regulations
- Third-party Cell Captive Insurance and Similar Arrangements
- Draft Marketing and Advertising guideline
- Consumer Credit Insurance
- Proposals on developing a Policyholder Protection Scheme
- Revised Demarcation Regulations between health insurance and medical schemesProtection of Personal Information Act (POPI Act)