Insurance Act 18 of 2017 (English / Afrikaans)

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18 of 2017

The Insurance Act 18 of 2017 intends:

  • to provide for a legal framework for the prudential regulation and supervision of insurance business in the Republic that is consistent with the Constitution of the Republic of South Africa, 1996, and promotes the maintenance of a fair, safe and stable insurance market;
  • to introduce a legal framework for microinsurance to promote financial inclusion;
  • to replace certain parts of the Long-term Insurance Act, 1998, and the Short-term Insurance Act, 1998; and
  • to provide for matters connected therewith.

Commencement

1 July 2018 (Government Gazette 41735, Government Notice 639) except the repeal, in terms of section 72(1) of the Act, of:

  • sections 48, 52, 53, 56, 59 and 60 of the Long-term Insurance Act, 1998 (Act No. 52 of 1998); and
  • sections 46, 47, 51, 53 and 54 of the Short-term Insurance Act, 1998 (Act No. 53 of 1998).