Transparency in Insurance Law and Regulation: In South Africa: The Insurance Undertakings/Intermediaries and the Supervisory Authorities

Transparency as a value is evident in a number of principles that apply to insurance intermediaries. These principles are found in common law rules and increasingly in statutory rules that regulate intermediaries and advisors. Consumers are protected by dedicated legislation that apply to insurance and to other intermediaries and advisors who sell financial products. This contribution evaluates all the rules pertaining to intermediaries and advisors and provides an overview of the structures that are in place to ensure that there is compliance with these rules. Overall, transparency as a value is evident from both statutory and common law rules, and increasingly, consumers of insurance products enjoy adequate protection as intermediaries and advisors are obliged to act in a way that is transparent.