INTRODUCTION Modern man seeks to protect himself and his assets from many risks such as disease, accidents, death, theft and liability. These interests can be protected in various ways: (a) it can take preventive measures to limit losses, such as wearing a seat belt when driving a vehicle or installing smoke detectors in a factory; or(b) Can save money and over time set up a private fund; or (c) cooperate with other legal entities to collectively cover losses incurred. However, in the three scenarios above, the protective measures do not constitute adequate protection. The solution to these problems lies in formal insurance. Insurance regulation is dynamic and continually evolving to strike an appropriate balance between providing adequate protection to consumers and enabling them to achieve maximum returns. As insurers and the products they offer change over time, it is critical that the regulatory framework keeps pace with the dynamics of the life insurance industry. This study explores areas in which the life insurance industry has changed over time through different product offerings, globalization, evolving technology, and changes in the Discovery Vitality Life business environment. The study provides a framework to assist regulators in evaluating which changes have been successful, which need improvement, and what needs to be addressed in the future. INDUSTRY BACKGROUND The South African life insurance industry has become the most dynamic and fastest growing market (NMG Consulting, 2012). Around 1730 BC Hammurabi issued a proclamation stipulating that all merchants who were part of a caravan must make payment for any damage caused by theft of property. This type of manual ...... middle of paper ......des assistance takes shape from the various regulatory, legal, technological and social changes of history. As the insurance industry has evolved, it has become increasingly global, competitive and interconnected. Insurers now compete and operate in many different international jurisdictions, whose regulatory and accounting frameworks differ. REFERENCES A fair story. (2012). Axa - Fair history. Retrieved April 25, 2014, from www.axa-equitable.com/axa/history.htmlNagel, C.J. (2011). Commercial Law 4th Edition. South Africa: LexisNexis.nmg consultancy. (2012). Life Insurance in South Africa. South Africa: nmg Consulting.Obersteadt, A. (2013). State of the Life Insurance Industry Study:. CIPR study.Roe, M. (1993). Fundamentals of Corporate Finance: The Pacification of the Insurance Industry of 1906 (3 ed., Vol.93). Columbia: Law Review Association Inc.