Insurance Act No 18 of 2017 | KPMG | ZA
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Insurance Act No 18 of 2017

Insurance Act No 18 of 2017

The Insurance Act was assented to by the President on 18 January 2018 and became effective on 1 July 2018. The Commencement Notice was gazetted in the Government Gazette on 27 June 2018.

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Implementation of the Insurance Act

The Prudential Authority (PA) has communicated to the industry regarding its approach to the implementation of the Insurance Act. The salient points of this communication are summarisedbelow:Schedule 3 to the Insurance Act sets out the transitional arrangements for implementation of the Insurance Act and the Prudential Standards.

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KPMG International Cooperative (“KPMG International”) is a Swiss entity.  Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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