While much success is evident from the side of the government concerning the country's macro-economic framework, the responses to the government's policies have at times been slow. For example, the agricultural sector has undergone immense challenges as South Africa shifted away from the excessive state regulation and intervention which characterised agricultural markets in the past.
The capital requirement for each regulated insurance or depository institution subsidiary generally would be based on the regulatory capital rules of that  9  6  The SAP are a set of accounting rules for insurance companies established by the NAIC and used to prepare those companies' financial statements.