The Financial Services Board (FSB) released Board Notice 158 of 2014, which will become effective on 1 April 2015. The Board Notice introduces a corporate governance, risk management and internal control framework for South African insurers. The framework forms part of the interim measures of the FSB’s Solvency Assessment and Management (SAM) regime and it aligns the South African insurance market with the principles of Solvency II and the International Association of Insurance Supervisors (IAIS) for insurance supervision and regulation.
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