The objective of this Act is to, in a manner consistent with the Constitution of the Republic of South Africa, 1996, promote the maintenance of a fair, safe and stable insurance market for the benefit and protection of policyholders, by establishing a legal framework for the prudential regulation and supervision of insurers and insurance groups that—
| (a) |
facilitates the monitoring and the preservation of the safety and soundness of insurers; |
| (b) |
enhances the protection of policyholders and potential policyholders; |
| (c) |
increases access to insurance for all South Africans; |
| (e) |
contributes to the stability of the financial system in general. |
Implementation of Geneva Conventions Act, 2012
