Canada    FinTech Guide    Chapter 13    South Africa


13. InsurTech
South Africa  South Africa

Insurtech most definitely makes insurance an easy accessible service and the more accessible it is, the happier the clients.



Legal Affairs


Insurance services are regulated by the Financial Advisory and Intermediary Services Act 37/2002 (FAIS) and a license is granted in terms of this Act to be an Authorised Financial Services Provider (FSP). The FAIS Act is regulated by the FSCA. Depending on the insurance, if the company is the products provider it must also be registered under the Short Term Insurance Act 53/1998 or the Long Term Insurance Act 52 of 1998.

Online Insurance Services further fall under the Electronic Communications and Transaction Act 25/2002 and is only regulated, no license is required.



Economic Conditions


The market is very big and still developing and improving their services. The competition is high and therefore their services need to be competitive in all aspects which include online services. Discovery is a popular provider in this area.



Miscellaneous


The CoFI Act will come into operation and more stringent requirements will be applied. Insurtechs must stay updated. The FIC Amendment Bill will certainly have an effect on insurers too.



Contributing Authors

Garlicke & Bousfield Inc

Brian Jennings
Durban, South Africa

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Chapter Index:


1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

Disclaimer:
The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 August 2019