South Africa - Apply for LIOYDS South Africa Insurance License

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Procedure

Apply In Person

1. To Apply for LIOYDS South Africa Insurance License, the applicant has to mail the application to Prudential Authority of South African reserve bank link
2. Applicant has to download the application form from the following link
3. The applicant has to fill in all the necessary details in the application form. (Incomplete applications are not accepted)
4. Make sure that the applicant has attached all the necessary documents that are mentioned in the “Required Documents” section of this page.
5. The applicant has to attach the photocopies of the required documents along with the application form while submitting.
6. Submit all the documents with the completed form to the Prudential Authority.
7. The fee has to be paid as per the authority’s request.
8. After receiving the application, the concerned authority will check the submitted application and document set. If all are in place, the application will be accepted.
9. All applications are processed within a reasonable time, having regard to the particular circumstances of each application, including the completeness of information and documents submitted to the PA by the applicant.
10. A pre-application meeting between the prospective applicant, the PA and the FSCA may be required before the PA and the FSCA begin to assess an application for a licence.
11. The meeting will allow the PA and the FSCA to engage the applicant on its proposal to establish a insurer, as well as clarifying the information required to be submitted for a licence application
12. The PA will inform the applicant on the outcome of the decision to grant or to decline the licence application.
13. If the applicant is successful, a licence certificate will be issued setting out the classes of business that the applicant may conduct, as well as any conditions and/or limitations that the PA or the FSCA imposes or may impose.
14. The PA will publish a notice of the licence on its official website.
15. After the licence has been issued, the applicant can start to conduct insurance business in line with the conditions of the licence.
16. If the application is not successful, the PA must inform the applicant of such decision, together with the applicants’ rights to request reasons for such a decision
17. This entire process can be completed within 120 days or as per the timeline advised by the respective department authority.

Apply By Email

1. To Apply for LIOYDS South Africa Insurance License, the applicant has to email the application to Prudential Authority of South African reserve bank link
2. The Applicant has to download the application form from the following link
3. The applicant has to fill in all the necessary details in the application form electronically. (Incomplete applications are not accepted)
4. Make sure that the applicant has attached all the necessary documents that are mentioned in the “Required Documents” section of this page.
5. Submit all the documents with the completed form to the Prudential Authority via the following email [email protected]
6. After receiving the application, the concerned authority will check the submitted application and document set. If all are in place, the application will be accepted.
7. All applications are processed within a reasonable time, having regard to the particular circumstances of each application, including the completeness of information and documents submitted to the PA by the applicant.
8. A pre-application meeting between the prospective applicant, the PA and the FSCA may be required before the PA and the FSCA begin to assess an application for a licence.
9. The meeting will allow the PA and the FSCA to engage the applicant on its proposal to establish a insurer, as well as clarifying the information required to be submitted for a licence application
10. The PA will inform the applicant on the outcome of the decision to grant or to decline the licence application.
11. If the applicant is successful, a licence certificate will be issued setting out the classes of business that the applicant may conduct, as well as any conditions and/or limitations that the PA or the FSCA imposes or may impose.
12. The PA will publish a notice of the licence on its official website.
13. After the licence has been issued the applicant can start to conduct insurance business in line with the conditions of the licence.
14. If the application is not successful, the PA must inform the applicant of such decision, together with the applicants’ rights to request reasons for such a decision
15. This entire process can be completed within 120 days or as per the timeline advised by the respective department authority.

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Required Documents

• Completed application form link
• Objectives of the PA
• Public interest
• Financial and other resources available to the applicant
• Ownership
• Governance
• Risk management and internal control systems
• Information and accounting systems
• Compliance with the prescribed legal structure of the entity and
• Prudential requirements.

Office Locations & Contacts

SOUTH AFRICAN RESERVE BANK
Mailing Address
Prudential Authority
370 Helen Joseph Street
Pretoria Central
Pretoria
0082
Telephone: +27 12 313 3911 / +27 86 112 7272
Email: [email protected]
Contact link

Eligibility

• Any Person who intends to Apply for LIOYDS South Africa Insurance License is eligible to make this application.

Fees

• The applicant has to pay the prescribed fee as per the authority’s request.

Validity

Explain the time until which the certificate/document is valid.
e.g. Birth Certificate Valid Forever

Documents to Use

• Application Form link

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

• This entire process can be completed within 120 days or as per the timeline advised by the respective department authority.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

• Applicants must complete the application form before submitting it. Incomplete applications will not be accepted.
• Applicants must provide genuine information while applying for this procedure.

Required Information

• Contact details of the applicant / applicant’s representative
• Details of professional advisers
• Information on the Applicant
• Financial year-end of Applicant
• Minimum financial requirements
• Business type
• Classes of Insurance Business
• Business other than Insurance Business

Need for the Document

• An insurance company license gives a person the authority to seek and sell insurance in South Africa. The PA is responsible to issue the insurance company license for the purpose of seeking and selling the insurance.

Information which might help

The FSCA’s objective in relation to insurers is to:

• Protect financial customers by –
• Promoting fair treatment of financial customers by financial institutions; and
• Providing financial customers and potential financial customers with financial education programs, and otherwise promoting financial literacy and the ability of financial customers and potential financial customers to make sound financial decisions.
• Assist in maintaining financial stability.

Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

Link

Others

The PA carries out its functions in relation to insurers, by:

• Promoting the maintenance of a sound and efficient insurance sector
• Promoting public confidence in the insurance sector
• Adequately protecting the interests of policyholders and the public; and
• Ensuring that any failure, or possible failure, of an insurer does not have the potential to significantly damage the financial system or the economy of south Africa.