Tag Archives: Media Releases

Order granted for the provisional curatorship of Nestlife Assurance Corporation (RF) Limited

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Publish Date: 2020-10-23
Category: Media Releases

Nestlife Assurance Corporation (RF) Limited (Nestlife) was registered as a life insurer in terms of the Long-term Insurance Act 52 of 1998, on 19 October 2004, until its license was subsequently converted to an insurance licence, issued in terms of the Insurance Act 18 of 2017 (Insurance Act) on 30 June 2020.  Nestlife was licenced to conduct life insurance business in respect of the risk, credit life and funeral classes of business, as outlined in the Insurance Act.  

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Banking sector money laundering and terrorism financing risk assessment

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Publish Date: 2020-10-14
Category: Media Releases

The money laundering (ML) and terrorist financing (TF) banking sector risk assessment (SRA) was compiled by the PA to assist it in the furtherance of its understanding of ML and TF risk within the banking sector in South Africa. This SRA thus reflects the ML/TF risks identified within the banking sector during 2018 and 2019. ​

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Discussion paper: A methodology to determine which insurers are systemically important within the South African context

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Publish Date: 2020-10-05
Category: Media Releases

In terms of section 29 of the Financial Sector Regulation Act 9 of 2017 (FSR Act), the Governor of the South African Reserve Bank (SARB) may, by written notice to a financial institution, designate the institution as a systemically important financial institution (SIFI).

The FSR Act prescribes the formal process that must be followed prior to such a designation, and the development and publication of the discussion document titled ‘A methodology to determine which insurers are systemically important within the South African context’ is an initial step towards meeting these requirements.

 

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Changes to the South African Reserve Bank process of purchasing gold coins from the public

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Publish Date: 2020-10-02
Category: Media Releases

Since the lowering of the lockdown levels and the resumption of most activities, the SARB will also resume the service of purchasing gold coins from the public. This will be done at the SARB Head Office, as of Wednesday, 7 October 2020, under strict conditions that comply with social distancing and other safety guidelines. ​

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