How Insutec Supports Insurance Act Compliance
The Insurance Act 18 of 2017 is the primary law governing how South African insurers are licensed, governed, and regulated. It brought long-term and short-term insurance regulation under one framework and underpins the FSCA and Prudential Authority's ongoing supervision of the industry.
What the Insurance Act covers
Insutec helps you keep the records and reporting the Insurance Act depends on organized and current:
- Licensing requirements
- Conditions for insurer and reinsurer licensing, including fit-and-proper requirements for key persons
- Governance requirements
- Board composition, risk management, and internal control obligations
- Regulatory reporting and disclosure
- Ongoing prudential and conduct reporting to the FSCA and Prudential Authority
- Intervention and enforcement provisions
- Powers of the regulator where an insurer falls short of its obligations
Depending on your license category and the nature of your book, Insutec may also help address Insurance Act provisions not listed above.
How Insutec supports your Insurance Act obligations
Insutec keeps claims, reserving, and regulatory reporting data in one platform, so the records your Insurance Act obligations depend on are accurate and ready when the FSCA or Prudential Authority asks for them.
Keep governance and licensing records current
Track the documentation behind your license conditions and governance obligations in one place, instead of scattered across teams.
Support ongoing regulatory reporting
Generate the prudential and conduct reports your license depends on directly from the same claims and reserving data you already maintain.
Stay ready for regulatory review
Produce a complete, audit-ready record of your governance, risk management, and reporting activity on demand.
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