17 Dec Our licence has been granted

The Financial Sector Regulation Act of 2017 introduced two regulatory authorities to replace the Financial Services Board, namely the Prudential Authority (hosted within SARB), which is responsible for regulating the financial soundness of financial institutions in terms of the Insurance Act of 2017; and the Financial Sector Conduct Authority, which is responsible for regulating market conduct in the South African financial sector in terms of the FAIS Act. The Insurance Act required that all previously registered insurers have their licences converted by 30 June 2020, and we are delighted that our new licence from the Prudential Authority has been issued. Safire will now be referred to as a ‘licensed non-life insurer and authorised financial services provider [FSP No 2092]’.