Life premium volume (USD) | 65 mn |
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Non-life premium volume (USD) | 30 mn |
Total premium volume | 95 mn |
Total premium volume (LSL,ZAR) | 697 mn |
Insurance penetration: Premiums in % of GDP | 4.23% |
Insurance density: Premium / capita USD | 49.9 |
Local currency | LSL,ZAR |
Domestic life insurers | |
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Domestic non-life insurers | 1 |
Domestic composite insurers | 1 |
Foreign life insurers | 3 |
Foreign non-life insurers | 3 |
Foreign composite insurers | |
Domestic reinsurers | |
Foreign reinsurers | |
State-owned insurers | |
State-owned reinsurers | |
Insurance intermediaries | 23 |
Reinsurance intermediaries |
Overarching principle in insurance supervision | Material supervision |
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Requirement for minimum insurance rates | No |
Cross-border insurance allowed | No |
Bancassurance is allowed | Yes |
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Allowed ownership structures | Stock Companies |
Foreign ownership restrictions | No |
Minimum capital requirement | LSL 65K |
Minimum paid-up share capital | |
Requirement for independent audits | Yes |
Requirement to appoint actuaries | Yes |
Premium rate approval needed | Yes |
Solvency referred to as the difference between assets and liabilities | Yes |
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RBC (Risk-based capital) principles applied | No |
Ceded reinsurance is regarded as a permissible asset | No |
Compulsory insurance lines | |
Compulsory reinsurance cessions | No |
Established guarantee or policyholder protection fund | No |
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