1 March 2021
The SARB Prudential Authority (PA) provided clarity on the transfer of assets and liabilities between insurers, and other related matters. The PA grants standing approval in respect of the transfer of a compulsory linked annuity policy from one insurer to another, or to a compulsory conventional annuity policy. Insurers must comply with the conditions set out in the notice, which among others includes written consent from the policyholder. The PA will also propose amendments to the Insurance Act that deals with the transfer of assets and liabilities associated with insurance business from an insurer to a pension fund.
Read the full summary from our legal team below.