Unprepared insurers delay South Africa's risk-based solvency regime
Third quantitative impact study and economic impact study to be launched later this year
Concerns over insurers' ability to comply with South Africa's new risk-based solvency regime have prompted the country's regulator to delay the regime's implementation by one year.
The Financial Services Board (FSB) began work on the Solvency Assessment and Management (Sam) programme, aimed at creating a risk-based supervisory regime for the prudential regulation of both long-term and short-term insurers in South Africa, in 2009.
Full implementation of the rules was planned for January 1, 2015
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