Insurance Act, 2017 (Act No. 18 of 2017) > Chapter 2 : Conducting Insurance Business and Insurance Group Business > Part 4 : Insurance groups > 12. Transparent insurance group structure

(1)

The Prudential Authority may, for the purpose of facilitating the prudential supervision of the insurance group or any insurer that is part of the insurance group, direct a controlling company to amend the structure of the insurance group, in accordance with a plan submitted to and approved by the Prudential Authority, within a period agreed by the Prudential Authority.

(2)

(a)	The controlling company whose restructuring plan was approved as contemplated in subsection (1) must submit a monthly progress report to the Prudential Authority that sets out the measures taken and the progress made with implementing the restructuring plan.

(b)	The Prudential Authority may restrict or prohibit certain activities or transactions of the insurance group until the restructuring plan is implemented.

(3)	The Prudential Authority may take such regulatory action that the Prudential Authority determines is necessary and appropriate if—

(a)	the Prudential Authority does not approve the restructuring plan; or

(b)	the controlling company—

(i)	fails to submit a restructuring plan;

(ii)	fails to report as provided for under subsection (2)(a); or

(iii)

fails to implement an approved restructuring plan.

(4)

(a)	Any juristic person that is part of an insurance group, including any insurer, must, on demand by the controlling company, provide any information to the controlling company that is needed to enable the controlling company to comply with its obligations in terms of this Act.

(b)

To give effect to paragraph (a), a controlling company must impose binding corporate rules on, or enter into a binding agreement with, every juristic person that is part of the insurance group, that includes terms regarding the processing of information, including personal information, within the insurance group.