Governance Risks
Providing strategic input on regulatory reforms and governance frameworks to strengthen the industry’s role within the broader financial services landscape.
The SAIA Governance Risks Department plays a pivotal role in safeguarding the reputation of the non-life insurance industry as a trusted and essential pillar of the financial services sector.
Its mandate is to provide strategic guidance on regulatory reforms that aim to:
- Promote a supportive regulatory environment that ensures the financial soundness and long-term resilience of the non-life insurance industry.
- Encourage active insurer participation in the implementation of regulatory frameworks that drive transformation, sustainability, and inclusive growth—both within the industry and in associated sectors that support it.
- Advance market conduct standards and enhance consumer protection relating to non-life insurance products and services through continuous improvement and responsible business practices.
GOVERNING STRUCTURE
Implementation Approach
In line with the Twin Peaks Regulatory Model, adopted to oversee the financial sector through the Prudential Authority (PA) and the Financial Sector Conduct Authority (FSCA), our strategic approach addresses both prudential and market conduct matters affecting the industry. This approach is guided by the regulatory strategies and key focus areas outlined by both the PA and FSCA.
To support this mandate, the SAIA Governance Risks department has implemented a consultative engagement framework, which includes the following functions:
- Coordinating industry-wide engagements and submissions on relevant regulatory frameworks.
- Facilitating interactions between the industry and external stakeholders on regulatory matters.
- Engaging directly with regulators to raise and address industry concerns and challenges.
- Compiling industry perspectives and, when necessary, obtaining independent legal opinions on behalf of the sector.
- Representing and advocating for the industry in external forums where appropriate.
In addition, the SAIA Governance Risks department represents the industry on matters related to broader legislation such as the Competition Act, National Credit Act, Financial Intelligence Centre Act, Protection of Personal Information Act, and other laws that impact the sustainability of the sector.