CONSIDERATION OF REPORT OF SELECT COMMITTEE ON FINANCE ON INSURANCE BILL AND SECOND READING DEBATE: INSURANCE BILL
CONSIDERATION OF REPORT OF SELECT COMMITTEE ON FINANCE ON INSURANCE BILL
SECOND READING DEBATE: INSURANCE BILL
Speaker, COPE supports the aims and objects of the Insurance Bill.
The Bill forms part of broader policy reform within the financial services sector.
It ties in with the important Twin Peaks reforms through which government aims to establish a prudential regulator under the helm of the Reserve Bank that will be responsible for regulating all financial institutions – be they banks, insurance houses and the asset management sector.
Coupled hereto, the Insurance Bill also gives effect to the Solvency Assessment and Management framework that aims to increase protection of policyholders, and to ensure that insurers' capital requirements are in line with their risk exposure.
The Bill aims to bring about a fair, safe and stable insurance market by strengthening oversight through higher prudential standards; making the industry more accessible for new entrants such as micro-insurers; and aligning the sector with international standards.
COPE supports the intent of this reformist Bill.