In our issue of 23 June 2015, we referred to Board Notice 113 of 2015 issued by the Deputy Registrar of Short and Long-Term Insurance which called for public comment on the proposed fit and proper requirements.
The Registrar released the Board Notice on Fit and Proper requirements on 14 August 2015.
This Notice sets out the fit and proper requirements for a director, managing executive, public officer, auditor or statutory actuary relating to competency and integrity. Significant owners must also meet certain fit and proper requirements specifically relating to financial standing and integrity.
The new fit and proper requirements will apply from 1 October 2015.
To see the full notice, click here