With “Twin Peaks” or the” Financial Sector Regulation Act” coming into effect in April 2018, the regulatory landscape in South Africa has shifted. The formation of the new Prudential Authority brings together the banking and insurance regulators. These changes are likely to result in some of the requirements for banking groups spilling over to insurance groups. One such requirement is likely to be Recovery and Resolution planning, as globally this is a requirement for Globally Systemically Important Insurers (GSII’s).
The Recovery and Resolution Planning Working Party, which reports to the ASSA ERM Committee, aims to provide society members with:
*Background to RRP in the form of a Research Paper
*Guidance to develop Recovery Plans for Insurers in South Africa including a Recovery Plan Outline / Template
*An sneak peek into the RRP readiness survey which will be conducted within the insurance industry later this year
The Working Party will also engage the regulator to get their views and input throughout the process.
This presentation will focus on sharing the outcomes of the Working Party.