Summary of SAM Interim Measures

A client was asking about the key changes coming up for SAM Interim Measures. This document (from the FSB) is about the best summary I’ve seen: Interim Measures Update (Governance)

My take on this is that the FSB is basically expecting compliance or a pretty concerted effort and reasonable compliance with these requirements NOW. The original plan was for these to go live in 2012. That was for good reason – it will take a while to polish these up and there is plenty more required before full implementation of Pillar Two requirements.

Apparently the Insurance Laws Amendment Bill is still with National Treasury and is unlikely to be passed by Parliament this year. So breathing space if you’re not currently compliant, but also time to get a move on and get these things in place.