On 27 July 2017, we published an article in which we reminded all providers of credit life insurance, that the final credit life insurance regulations published under Government Gazette Notice No 103, in the Government Gazette No 40606 of 2017 (Regulations) will come into effect on 10 August 2017.
Credit providers need to ensure that its current practices relating to credit life insurance are aligned with the Regulations.
James George, Compliance Manager, Compli-Serve SA
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An irrevocable guarantee is one of the ways of establishing the security needed for reinsurance ceded for a foreign reinsurer to be regarded as approved reinsurance under the Insurances Acts. The guarantee has prescribed wording and needs to be issued by a locally registered bank.