Licence conversion update for South African insurers

The Prudential Authority in South Africa has adopted a phased approach to implementing the new Insurance Act, 2017. This includes the process to convert licences under the Long-term Insurance Act and Short-term Insurance Act to licences under the new Insurance Act, 2017 within a two-year period. All licences are expected to be converted by 31 July 2020. Milliman’s David Kirk provides more perspective in this article.

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