The insurance industry in South Africa is one of the most complex and regulated industries in the country.
There are several different laws and regulations that govern the insurance industry, these include the Short-Term Insurance Act No. 53 of 1998, the Long-Term Insurance Act No. 52 of 1998, the Insurance Act No. 18 of 2017, and the Financial Sector Regulation Act No. 9 of 2017, to name a few.
The insurance sector is also made up of a number of different players, each with its own responsibilities and goals.
Getting the assistance of insurance lawyers in Johannesburg, such as Bregman Moodley Incorporated, when dealing with these role players and legislation, can make all the difference in ensuring that you are compliant. If you are in need of the services of expertly qualified insurance lawyers in Johannesburg, contact Bregman Moodley Incorporated today.
The South African Insurance Association
One important role player that insurance lawyers in Johannesburg are particularly familiar with is the South African Insurance Association (“SAIA”). This is the trade association for the South African insurance non-life insurance industry. SAIA’s members are the country’s major insurers, currently comprising 57 members. SAIA’s members represent a broad cross-section of the South African insurance industry, including short-term insurers, long-term insurers, reinsurers, and insurance brokers.
SAIA’s role is to promote and develop the insurance industry and to protect its members’ interests. SAIA does this by providing a forum for discussion and debate on insurance issues, representing the industry in negotiations with the government and other stakeholders, and by providing information and research on the insurance industry.
SAIA is actively involved in a range of issues affecting the insurance industry, including insurance regulation, tax and solvency issues, and consumer education.
Members of SAIA are also required to abide by the SAIA Code of Conduct which provides a principles-based approach to non-life insurance.
For assistance with this and other important guidelines, practices, and legislation, within the scope of the insurance industry in South Africa, contact your specialist insurance lawyers in Johannesburg, Bregman Moodley Incorporated, and speak to one of their professional attorneys today.