Clyde & Co is a leading, sector-focused global law firm with 415 partners, 2200 legal professionals and 3800 staff in over 50 offices and associated offices on six continents. The firm specialises in the sectors that move, build and power our connected world and the insurance that underpins it, namely: transport, infrastructure, energy, trade & commodities and insurance. With a strong focus on developed and emerging markets, the firm is one of the fastest growing law firms in the world with ambitious plans for further growth.
The Insurance Bill, B1B-2016 was passed by the National Assembly on 28 November 2017 and by the National Council of Provinces on 5 December 2017 and has now been submitted to the President for assent.
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The Insurance Bill forms part of the Twin Peaks reforms and
provides a consolidated legal framework for the prudential
regulation and supervision (by which is meant measures to ensure
that the institution is and remains financially sound) of
insurers, reinsurers, branches of foreign reinsurers,
insurance groups, micro insurers and Lloyd's in South Africa.
The Insurance Bill will repeal substantial portions of the
Long-term Insurance Act, 52 of 1998 and the Short-term Insurance
Act, 53 of 1998 dealing with prudential supervision.
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