Fit and Proper
The main purpose of the proposed amendments is to provide for the alignment to the new authorisation classes of insurance business and aligment to the terminology of the Insuarnce Act, 2017.
The aim is to ensure service providers are able to provide insurance policies whether licensed as LTI or STI under Insurance Act. Submissions close on June 1, 2018.
The purpose of this information circular is to provide information on the version update of the regulatory examinations with respect to:
According to the updated version of the RE1 and RE5, persons who registered to write the regulatory examination on or after Tuesday, 03 April 2018 are obliged to write the new version of the regulatory examination, which will contain the updated questions. Also persons who write the level 1 regulatory examination on or after Tuesday, 03 April 2018, must ensure that they use updated preparation material that is aligned with the qualifying criteria in Annexure Four of Board Notice 194 of 2018.
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KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.