The FIC proposes to include certain businesses or institutions that perform certain categories of activities which are currently completely outside the scope of the FIC Act with a view to potentially including them in Schedule 1 to the FIC Act including, but not limited to, short-term insurers.
The consultation process with the SAIA began on 12 May 2017 at a meeting with the FIC and other stakeholders such as the FSB and the South African Insurance Crime Bureau.
The SAIA held a strategy session on 24 April 2017 with members of the SAIA delegation who met with the FIC on 12 May 2017.
The FIC will issue a consultation paper to the industry, once all engagements with other industries have been completed. The SAIA will then have an opportunity to submit a formal submission to the FIC.
In the interim, the FIC Amendment Act of 2017 was signed into law by the President on 26 April 2017 and published in the Government Gazette on 2 May 2017.
There are different implementation dates for different provisions in the FIC Amendment Act. The first set of provisions commenced on 13 June 2017 and the second set of provisions will commence on 2 October 2017.
The implementation date for the two remaining sets of provisions will be determined after October 2017.
For more information contact Easvarie Naidoo, SAIA Legal Manager