Distribution of funeral insurance rules to change

The Prudential Authority (PA) and the Financial Sector Conduct Authority (FSCA) are reviewing the rules for the distribution of funeral insurance.

- Ina Opperman

The FSCA and PA have invited key stakeholders to workshops in the first half of the year to contribute towards the formulation of regulations for funeral insurance.

Christine Rodrigues, partner, and Zamanguni Mazubane, an associate at law firm Bowmans, say some of the concerns raised by the funeral parlour industry include:

The slow implementation of the microinsurance licensing framework under the Insurance Act. The framework is intended to accelerate the transition of small and emerging entities into fully-fledged insurers.