Insurers applications and notifications

 

 

Applications and Notifications 

Click here to download the Fact Sheet for application and notification forms

Click on the hyperlink to download the required application and/or notification form

Please note that additional application and notification forms will be posted as and when available

 

Form Number

Description

Reference*  

IF001

Approval to use alternative methods in the calculations of the solo own funds and/or solo SCR for insurance participations in non-equivalent jurisdictions

Section 4.3 of FSG 2

IF002

Approval to include an item as ancillary own funds

Section 4.4 & 7 of FSI 2.3 and section 5.1c) of FSG 3

IF003

Approval to affect a capital reduction other than through a normal dividend payment

Section 2.5 of FSI 1, section 2.5 of FSG 1 and section 2.4 of FSM 1

IF004

Notification when notifying the Prudential Authority of the inclusion of an insurer in a group of companies

Section 9 of the Act and section 1.2 of FSG 1

IF005

Approval to use an iterative approach to calculate the risk margin and SCR

Section 5.4 of FSI 4 and section 6.1b) of FSG 3

IF006

Approval or notification of the appointment of key persons

Sections 14 and 15 of the Act

IF007

Approval to recognise an asset(s) that will be encumbered for the purposes of determining eligible own funds

Section 4.5 of FSI 2.1 and section 5.1a) of FSG 3

IF008

Approval to use an alternative approach to calculate own funds and SCR for non-regulated entities

Section 4.3 of FSG 2

IF009

Approval for exemption from calculating the capital requirements for non-life catastrophe risk

Section 7.32 of FSI 4.3

IF010

Approval for the transferability and fungibility of own funds

Section 5.8 of FSG 2

IF011

Approval to use an alternative interest rate term structure for the purposes of calculating technical provisions

Section 13.2 of FSI 2.2 and section 5.1b) of FSG 3

IF012

Notification for failing to meet or the risk of failing to meet the minimum or solvency capital requirements

Section 39(3) of the Act

IF013

Notification to outsource a material business activity

Section 7.1 of GOI 5, section 8.1 of GOG, section 9.5 of GOM, section 8.5 of GOL and section 8.5 of GOB

IF014

Notification to not calculate an estimate of premiums to be earned for each (sub-)line of business in the next 12 months

Section 5.12 of FSI 4.3 and section 5.1b) of FSG 3

IF015

Approval to exempt first party insurance structures for the purposes of calculating the concentration risk capital requirement

Attachment 5, section F.1 of FSI 4.1

IF016

Notification to use an estimate to “delta own funds”

Section 8.9 of FSI 2.3 and section 5.1c) of FSG 3

IF017

Notification to deviate from planned management action that may have a material impact on the solvency capital requirement

Section 5.9 of FSI 4, section 8.16 of FSI 5 and section 6.1 of FSG 3

IF018

Approval for exemption to provide an ORSA report

Section 11.1 of GOI 3.1

IF019

Approval for an insurer or controlling company to begin wind-up proceedings

Section 36 and section 58(3)(a) of the Act

IF020

Approval to withdraw or access funds in a trust

Section 41(6) of the Act

IF021

Approval to affect material acquisitions or disposals

Section 51 of the Act

IF022

Approval to conduct non-insurance business or insurance business on behalf of another person

Section 5(4) of the Act

IF023

Approval to use the accounting consolidation (AC) method to calculate group-wide capital adequacy

Section 1.1 of FSG 3

IF024

Approval to transfer assets and liabilities

Section 4.2 of GOI 6, section 10 of GOM, section 9.1 of GOL and section 9.1 of GOB

IF025

Approval to participate in any fundamental transfer or to change institutional form of an institution

Section 50(3) of the Act

IF026

Approval to appoint a trustee or liquidator for the winding-up of an insurer or controlling company

Section 58(4) of the Act

IF027

Approval to change a licence name

Section 23(6) of the Act

IF028

Approval to use reinsurance parent company credit rating if there is a novation agreement in place

Attachment 3 section B.3 of FSI 2.2

IF029

Notification when applying a capital add-on for double counting of loss absorbing capacity within the technical provisions

Section 6.7 of FSG 2

IF030

Approval for Lloyd’s underwriter or Lloyd’s to conduct non-life insurance business in the classes and sub-classes, other than sub-class 17

Section 24(2) of the Act

IF031

Approval to use a special purpose vehicle for inclusion of risk mitigation instruments in calculating the SCR

Attachment 1 section B.2 of FSI 4 and section 6.1b) of FSG 3

IF032

Approval to deviate from the proposed board structure

Sections 5.1 to 5.3 of GOI 2, section 4.3 of GOG and section 6.3 of GOM

IF033

Approval to implement alternative arrangements regarding the establishment of risk and remuneration committees

Section 7.4 of GOI 2 and section 4.3 of GOG

IF034

Approval to appoint a person as head of multiple control functions or to combine control functions

Sections 9.8 and 10.9 of GOI 3, section 4.3 of GOG and sections 7.7 and 7.8 of GOM

IF035

Notification of deteriorating circumstances that could lead to the breach of financial soundness.

Section 39(4) of the Act

IF036

Approval to conduct business outside the Republic Of South Africa

Section 5(5) of the Act

IF037

Approval of a plan to reorganise business after receiving a directive to cease conducting the types of business

Section 5(7) of the Act

IF038

Notification of contingent liabilities held by the insurer

Section 6.2 of FSI 2.1, section 6.1 of FSM 2 and section 4.1 of FSB 2

IF039

Notification of a termination of an outsource arrangement

Section 9.4 of GOI 5, section 8.1 of GOG, section 9 of GOM, section 8.5 of GOL and section 8.5 of GOB

IF040

Approval to register shares in the name of a nominee

Section 18(1) of the Act

IF041

Notification of the appointment of significant owners or changes in control

Section 17(2) of the Act

IF042

Approval for an insurer or controlling company to begin business rescue proceedings

Section 56(3)(a) and section 56(3)(b) of the Act

IF043

Notification for failure to comply with the governance framework of the Insurance Act

Section 31(2)(a) of the Act

IF044

Approval for curator powers

Sections 54(2)(e), 54(2)(f) and 54(2)(i) of the Act

IF045

Approval to deviate from the policies

Attachment 1 of GOI 3 and section 4.3 of GOG

IF046

Notification of major disruption to risk profile

Section 10.1 of GOI 3.2, section 6.27 of GOG, section 7.14 of GOM, Annexure 2 section 7.1 of GOL and Annexure 2 section 7.1 of GOB

IF047

Notification of shortcomings in the insurer’s governance framework

Section 8.1 of GOI 2, section 5.4 of GOG, section 6.6 of GOM, Attachment 1, section 2.1 of GOL and Attachment 1,  section 2.1 of GOB

IF048

Notification should the curator deem it necessary or expedient that an application be made to the court for the actions contemplated

Section 54(2)(h) of the Act

IF049

Notification of changes in circumstances that may adversely affect the fit and proper status of a key person

Section 4.4 of GOI 4, section 7.1 of GOG, section 8 of GOM, Attachment 3 section 1.4 of GOL and Attachment 3 section 1.4 of GOB

IF050

Notification of a material development to an outsourcing arrangement

Section 9.4 of GOI 5, section 8.1 of GOG, section 9 of GOM, section 8.5 of GOL and section 8.5 of GOB

IF051

Approval to use a different reserving methodology or parameters

Section 4.2 of FSM 2

IF052

Approval to adjust asset spreading requirements

Section 10.5 of FSM 2 and section 10.6 of FSM 2

​IF053

​Notification for failing to meet or the risk of failing to meet the minimum requirements

​Section 39(3) of the Act

IF054

Notification of a key person who no longer satisfies the insurer’s requirements for fit and proper

Section 5.2e) of GOI 4, section 7.1 of GOG, section 8 of GOM, Attachment 3 section 2.2e) of GOL and Attachment 3 section 2.2e) of GOB 

​IF055

​Approval for adjustments to the investment limitation requirements for Lloyd’s

​Section 5.1 of FSL 2, sections 5.1 and 5.6 of FSB 2

​IF056

​Notification for failing to provide or maintain security or any risk of non-compliance with security requirement

​Section 2.2 of FSL 1

IF057

Approval to dissolve a trust held by a foreign reinsurer or Lloyd’s

Section 59(2) of the Act

IF058

Approval to authorise the repurchase of shares

Section 38(1) of the Act

IF059

Approval to issue securities other than shares

Section 38(1) of the Act

IF060

Approval to allow a subsidiary to directly or indirectly acquire shares in the insurer

Section 38(1) of the Act

IF061

Approval to conclude a transaction

Section 45 and section 38(1) of the Act

IF062

Approval to authorise registration of additional shares

Section 38(1) of the Act

IF063

Approval to authorise the conversion of shares from one type of share to another

Section 38(1) of the Act

IF064

Approval to appoint a chairperson who is not an independent director

Section 6.1 of GOI 2, section 4.3 of GOG and section 6.4 of GOM

IF065

Approval for an insurer or controlling company to adopt a business rescue plan

Section 56(4)(b) of the Act

IF066

Approval to appoint a business rescue practitioner

Section 56(4)(a) of the Act

IF067

Notification of deteriorating circumstances that could lead to the breach of regulatory requirements

Section 42(1) of the Act

​IF068

​Approval to deviate from the policies for managing financial risks

​Section 30(4) of the Act

IF069

Application to appoint an independent person

Sections 31(6), 36(3), 36(4) and 49(2) of the Act

​IF070

​Application for approval for a business rescue practitioner to enter into new insurance policies

​Section 56(6) of the Act

​IF071

​Approval to use a different parameter/methodology to calculate the IBNR reserve

​Section 8.9 of FSM 2

IF072

Notification of the termination of the appointment of a key person

Section 4.4 of GOI 4, section 7.1 of GOG, section 8 of GOM, Attachment 3 section 1.4 of GOL and Attachment 3 section 1.4 of GOB

​IF073

​Approval to combine one or more control functions or combine control functions with business other than insurance business conducted in the Republic

​Attachment 2 section 6.8 of GOB and Attachment 2 section 6.8 of GOL

IF074

Approval for a company (other than an insurer licenced under the Insurance Act) to use insurance terms

Section 5(9) of the Act

IF075

Notification of a change in the assessment of materiality of entities in the Insurance Group

Section 1.9 of the Act

IF076

Notification of changes in materiality

Section 1.9 of FSG 1

IF077

Approval to use an alternative method for the elimination of intra-group transactions

Section 5.5 of FSG 2

IF078

Application for approval to extend the period for compliance

Section 279(1) of Financial Sector Regulation Act, 2017

IF083

Application for varying the licensing conditions of an insurer

Section 26 of the Act and sections 119 and 126(1) of the FSR Act.

IF084

Application for varying the licensing conditions of a microinsurer

Section 26 of the Act and sections 119 and 126(1) of the FSR Act.

 

*Abbreviations used:

  •   FSI – Financial Soundness Standards for Insurers
  •   FSG – Financial Soundness Standards for Insurance Groups
  •   FSM – Financial Soundness Standards for Microinsurers
  •   FSL – Financial Soundness Standards for Lloyd’s
  •   FSB – Financial Soundness Standards for Branches of Foreign Insurers
  •   GOI – Governance and Operational Standards for Insurers
  •   GOG – Governance and Operational Standards for Insurance Groups
  •   GOM – Governance and Operational Standards for Microinsurers
  •   GOL – Governance and Operational Standards for Lloyd’s
  •   GOB – Governance and Operational Standards for Branches of Foreign Insurers