Secondary

  • medical

    Breathing space for Medical Insurers

    Demarcation Regulations, published on 23 December 2016, determined that certain insurance policies that have elements of a business of a ...

FSB-Building

FSB’s Core Focus for Transition to FSCA

Below is a summary of a recent article by Advocate Dube Tshidi, Executive Officer at the FSB, which was published in Insurance Gateway. When the FSB becomes the Financial Services Conduct Authority (FSCA), it is not merely a switch to a new entity. It is the establishment of a completely new organisation which requires a […]

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Application

Register for fake qualifications proposed

Dankie Frans Petrus Zeelie van Moonstone Business School of Excellence vir die aanstuur hiervan. Chantall Presence writes in Business Report that steps are being taken to name and shame holders of bogus qualifications. The South African Qualifications Authority (SAQA) has so far identified 1 276 fake academic qualifications, with some of the cases already handed over […]

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Technology-disintermediation

Technology and Disintermediation

A recent article in Insurance Gateway® titled Thematic considerations for the future of the insurance industry by Rahima Cassim, Fund Manager at Ashburton Investments, contains some interesting thoughts on where the industry is heading. “With the evolution of technology, there has been an incremental shift in the balance of power from the insurers to the […]

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finance

Fees Due and Financial Soundness Calculation

Ken’s question Thank you for the article regarding financial soundness. Are fees/commissions due, but not yet received, construed as an asset? As you know, most institutions pay during the month following the receipt and final processing of new business. In our accounting system, we create an invoice in respect of the specific institution/ transaction immediately […]

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medical

Breathing space for Medical Insurers

Demarcation Regulations, published on 23 December 2016, determined that certain insurance policies that have elements of a business of a medical scheme shall be ‘health policies’, and ‘accident and health policies’ respectively. The ‘health policies’, and ‘accident and health policies’ determined as such by the Minister of Finance exclude primary healthcare products and hospital indemnity products. These […]

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Compliance

Compassion not an alternative to Compliance

The latest ruling by the Appeal Board reaffirms the fact that there really is no alternative, harsh as it may sound. The appellant appealed against the withdrawal of his licence by the Registrar. This decision was based on no less than ten instances of non-compliance with the provisions of the FAIS Act. Some of the […]

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Big-data

Big data: What’s the big deal?

They say big data is here to stay and yet, globally, many organisations have no clue what it means or how to use it. Like confidence, big data can mean different things to different people. In the Complete Beginner’s Guide to Big Data in 2017, industry analyst Bernhard Marr writes: “In 2017, we generate data […]

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finance

Financial Soundness – at all times

At a recent meeting between senior officials of the FAIS Division of the FSB and a committee of industry members, Ms Lorraine van Deventer expressed the concern that many FSPs still do not fully appreciate the financial soundness requirements that were imposed in the Fit and Proper Requirements contained in Board Notice 106 of 2008. In […]

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