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Treasury proposes reducing FSP levies
National Treasury has proposed lowering some of the levies that FSPs will pay to the FSCA in terms ...
Business interruption-related complaints account for nearly half of Osti settlements
Only 259 of the new complaints registered by the Ombudsman for Short-term Insurance (Osti) last year were related to Covid-19. But settlements in Covid-related business interruption (BI) complaints accounted for 49.5% of the R197 million of what the Osti called the “monetary benefit and value” for consumers who approached the office for assistance. The percentage […]
Osti flags increase in disputes due to ‘reasonable precaution’ clause
The Ombudsman for Short-term Insurance (Osti) has once again flagged the increase in the number of complaints from consumers whose claims are rejected because insurers allege the driver failed to exercise reasonable precaution or due care. The number of these complaints increased by 48% in 2019 and 2020, and last year the Osti considered 26% […]
FSCA wants info on commissions paid by credit providers to motor dealers
The FSCA has given motor dealers and financial institutions operating in the vehicle asset finance (VAF) space until the end of June to complete a questionnaire about dealer introductory commissions (DIC). In a communication issued on 13 May, the Authority said that, following regulatory investigations undertaken in the British and Australian VAF markets, the FSCA […]
R8bn in retained earnings wiped out in days
The 10 days of unrest in KwaZulu-Natal and parts of Gauteng in July last year wiped out the South African Special Risk Insurance Association’s cumulative retained earnings of more than R8 billion, incoming Sasria chief executive Mpumi Tyikwe said. In a briefing to Parliament’s Standing Committee on Appropriations this month, Sasria provided a breakdown of […]
Third-party cell captive conduct standard tabled in Parliament
The long-awaited conduct standard “Requirements relating to third-party cell-captive insurance business”, together with the Statement of Need and Intended Operation and the Consultation Report, was tabled in the National Assembly and the National Council of Provinces recently. The 2022 Conduct Standard follows the publication by the FSCA of a Draft Conduct Standard, under the same […]
Draft Financial Sector Levies Bill dubbed ‘increased taxation by stealth’
Robert Vivian, professor of finance and insurance in the School of Business Sciences at Wits University and a member of the Free Market Foundation’s Rule of Law Board of Advisors, holds nothing back in an article titled Taxation by Stealth published in Biznews. In his view, the Draft Financial Sector Levies Bill 2021 is possibly […]
Court ruling has major implications for divorcing couples married out of community of property
The Pretoria High Court has asked the Constitutional Court to confirm an order that will have significant implications for how assets are redistributed when couples who are married out of community get divorced. In a judgment handed down on 11 May, the court declared that section 7(3)(a) of the Divorce Act is inconsistent with the […]
FNB the only major bank to buck trend of higher complaints
First National Bank (FNB) was the only bank among the country’s “big five” banks that recorded a decrease in the number of cases opened against it by the Ombudsman for Banking Services (OBS) in 2021. Both Standard Bank and Capitec saw the number of formal cases opened against them increase by more than 30% last […]
NHI is necessary and morally correct, says Gore
Discovery chief executive Adrian Gore has told Business Day that the proposed National Health Insurance (NHI) system is “a moral imperative” for the country that he supports fully, although he said it would require careful implementation to ensure its long-term fiscal sustainability. “A well-functioning NHI is necessary and morally correct, as we need to address […]
BHF seeks Competition Act exemption to publish reference price list
The Board of Healthcare Funders (BHF), a representative association for medical schemes, has applied for an exemption from provisions of the Competition Act so that it can publish a scale of benefits after negotiating with healthcare providers about tariffs. The application was published in the Government Gazette on 6 May. It has asked for the […]
