Prudential Authority consults on insurer disclosures
The South African Reserve Bank's Prudential Authority has opened a public consultation on its revised draft Prudential Standard on Public Disclosures for Insurers. Comments on the proposed standard are due by May 29, 2026.
Aligning with global standards
The Prudential Authority (PA) of the South African Reserve Bank intends to operationalise Section 45 of the Insurance Act, 2017, which mandates public disclosure of quantitative and qualitative information by insurers.
This initiative aims to align South Africa's regulatory framework with the International Association of Insurance Supervisors' (IAIS) Insurance Core Principle 20 on Public Disclosures.
A first draft of the PDI Standard was released for consultation on July 20, 2021, and relevant feedback has been incorporated into this revised version.
This second round of informal consultation is deemed necessary to ensure comprehensive stakeholder input before finalisation.
The standard defines the specific information insurers must make public, enhancing transparency and market discipline within the insurance sector.
The call for feedback
For this public consultation, the Authority has released the Draft PDI Standard (Annexure A), a Draft Guidance notice (Annexure B), a Questionnaire (Annexure C), and a Comments template (Annexure D).
Stakeholders must submit written comments on the draft PDI Standard using the template from the PA website.
Submissions are due by May 29, 2026.
They should be sent to PA-Standards@resbank.co.za and marked for the attention of Ms Dineo Langa.
This process ensures comprehensive input from all stakeholders.