Integrated Report 2018

REGULATORY DEVELOPMENTS

Why this is important

Following the introduction of Solvency II regulations in Europe, South Africa has introduced a Solvency II equivalent

as part of the prudential oversight of the ‘Twin Peaks’ framework of regulations.

Although the incoming regulations appear fit for purpose, insurers remain concerned about the risk of overregulation,

the cost of compliance and the amount of management time required to comply.

Challenges and opportunities

Challenges

Opportunities

• Money laundering for criminal and terrorist activities

• ‘Mis-selling’, privacy and data protection, product

adequacy and disclosure

• More onerous sanctions for non-compliance

• Robust risk assessments

• Deeper focus on member needs to build our

community of professionals

PPS’s response

We have submitted the first complete PPS Group ORSA (Own Risk and Solvency Assessment) following a

copious work programme conducted over several years. Reaching this new benchmark demonstrates that PPS

is managed soundly and prudently.

MATERIAL MATTERS

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PPS

INTEGRATED REPORT 2018