Registrar of Insurance and Retirement Funds
The primary mandate of the office of the Registrar of Insurance and Retirement Funds (RIRF) is to regulate and supervise the Insurance and Retirement Funds industries in Swaziland in accordance with the provisions of the Insurance Act 2005 and the Retirement Funds Act 2005.
RIRF is focused to be the leading financial services regulatory authority in the Southern African Development Community (SADC) by adhering to international best practices whilst contributing towards stakeholder confidence and the growth of the Swazi economy. RIRF is committed to maintaining a supervisory framework that is risk responsive, and posed towards combating financial crime, safeguarding the interests of consumers and ensuring orderly business activities in the insurance and retirement funds markets.
Outlook of Insurance and Retirement Funds markets in Swaziland
The Insurance and Retirement Funds industries have continued on a growth slope during the past five years amidst the global economic crisis. The legislative requirement to invest a portion of the insurance and retirement funds assets in the local economy has resulted in a significant amount of the assets being repatriated into Swaziland. Although some of these assets are still in liquid form, there is on-going consultation with the government and the respective institutions to explore various other opportunities that exist within Swaziland.
RIRF is a member of various international regulatory and supervisory bodies including the International Association of Insurance Supervisors (IAIS), the International Organization of Pensions Supervisors (IOPS) and other regional organisations. RIRF also has a formal working relationship with other regulators in the region including the Financial Services Board (FSB) of South Africa, the Namibia Financial Institutions Supervisory Authority and the Central Bank of Lesotho.
The key elements of a sound insurance and retirement funds market include an enabling legal environment, a strong supervisory infrastructure and good corporate governance. In line with this principle, RIRF is in the process of amending the Insurance Act and the Retirement Funds Act in order to align them with best international practice.