Insurance Act 2017, a new lawgoverning insurance activity in South Africa

South African government has adopted a lawgoverning the insurance business in the country. Named “Insurance Act 2017”, the new provision has been designed to ensure financial stability of insurance companies and protect the interests of the insured. It also ensures the conformity of the market with international standards and to facilitate the entry of new players, especially in themicroinsurance sector.

The date of the entry into force of the new law has not yet been announced.

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