Insurance Act, 2017 (Act No. 18 of 2017)Chapter 10 : Administration of ActPart 2 : Powers and functions of Prudential Authority62. General powers, duties and functions of Prudential Authority |
| (1) | The Prudential Authority, in addition to other powers or functions conferred on the Prudential Authority by or in terms of any other provision of this Act or any other Act of Parliament— |
| (a) | must take steps the Prudential Authority considers necessary to implement a regulatory framework that supports the objectives of the Act, including supervising and enforcing compliance with this Act; |
| (b) | must take steps the Prudential Authority considers necessary to protect policyholders in their dealings with insurers; |
| (c) | must determine the form, manner and period (if a period is not specified in this Act) in which any documentation, information or report must be published, disclosed, provided or submitted, that an insurer or a controlling company is required to publish, disclose, provide or submit under this Act; and |
| (d) | may, at regular intervals, determine or amend any rate, parameter or percentage referred to or specified in this Act or a Prudential Standard relating to financial soundness by publishing a notice on the official website. |
| (2) | Any approval, determination, designation, decision or exemption by the Prudential Authority is valid only if it is in writing. |
| (3) |
| (a) | The Promotion of Administrative Justice Act, 2000 (Act No. 3 of 2000), applies to any approval, determination, designation, decision, exemption or other administrative action taken by the Prudential Authority in terms of this Act. |
| (b) | Without detracting from section 3(3) and (4) of the Promotion of Administrative Justice Act, 2000, and despite section 3(5) of that Act, the Prudential Authority must before acting under section 12, also give the juristic persons that are part of that insurance group that are affected notice of the proposed designation and a statement of the purpose of and the reasons for the proposed action. |
| (4) | The Prudential Authority when taking administrative actions, must, in addition to specific matters for consideration specified elsewhere in this Act, have regard to— |
| (a) | the objective of this Act; |
| (b) | the nature, scale and complexity of the business of an insurer or an insurance group; |
| (c) | developmental, financial inclusion, and transformation objectives; |
| (d) | any submissions made; and |
| (e) | in the case of an insurance group also— |
| (i) | the financial soundness of an insurer that is part of the insurance group; |
| (ii) | how the different types of business of the insurance group are conducted; |
| (iii) | the risks of the insurance group and each juristic person that is part of that insurance group; and |
| (iv) | the manner in which the governance framework is organised and conducted for the insurance group and each juristic person that is part of that insurance group. |