Joint Communication 1 of 2020 COVID-19 Regulatory response
Last Modified Date:
2021-04-09, 03:07 PM
PA Public Awareness > Communication
Objective of this Joint CommunicationThis Joint Communication sets out the responses by the Prudential Authority and the Financial Sector Conduct Authority (jointly referred to as the Authorities) to the COVID-19 pandemic as well as the observed and predicted impacts it has, or is likely to have, on the South African economy and specifically the South African insurance industry.The Authorities recognise that the COVID-19 pandemic has, and will have, an impact on insurers’ financial soundness. The Authorities nevertheless expect that insurers will continue to operate in a prudent and socially responsible manner. To this end, this Communication outlines some of the regulatory and supervisory actions that the Authorities are implementing to alleviate the stress caused by COVID-19 on insurers.The Authorities will continue to engage with the insurance industry and all other relevant stakeholders during this time, and may issue further communication or implement any additional actions as and when necessary as further analysis on the impact of COVID-19 is conducted, especially in relation to the impact on the financial soundness of South African insurers.