The Insurance Laws Amendment Bill, 2008, being debated in this House today similarly to the Financial Services Laws General Amendment Bill addresses urgent technical and regulatory issues in both the Long-term and Short-term Insurance Acts. The amendments are contained in one amendment Bill as many of the provisions appear in both Acts and are therefore being effected essentially for the same reasons.
Madam Speaker, in broad terms the proposed amendments to the Long-term and Short-term Insurance Acts are required in order to close regulatory gaps identified in existing statutes, to effect improvements to certain provisions of existing legislation, and to update outdated references.
Clarify the regulatory demarcation of products between health and financial services to ensure alignment between health and financial sector policy.
Madam Speaker, in closing, I would like to remind this House that the proposed amendments are crucial to strengthening consumer protection, enhancing financial stability and removing legal uncertainty across the Acts. I would like to convey my special thanks to the Portfolio Committee on Finance, under the chairmanship and steady hand of Mr Nhlanhla Nene. The Committee consistently provides an insightful review of legislation placed before it for consideration.
I hereby request that the House pass the Insurance Laws Amendment Bill, 2008.