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Too many eggs in one basket?
“Catch-22 is any paradoxical, circular reasoning that catches its victim in its illogic and serves those who have ...
industry news
Benefit payments from life insurers
ASISA reports that, despite strong economic headwinds, South African life insurers honoured claims by policyholders and beneficiaries worth R458 billion in the year ended 30 June 2017. This represents a 9% increase in benefits paid, compared to the previous 12-month period. At the same time life insurers managed to grow assets by 2% to R2.7 trillion. In addition, industry […]
best practice
Standardised Short–term Personal Lines Terminology
The SAIA published a list of standardised terminology on the SAIA website. The terms were identified by the SAIA Treating Customers Fairly workgroup on Standardised Terminology. The aim of the list is to ensure that policy wording is understood fully by the consumer and that all potentially confusing terms be defined on the list, for […]
technologically speaking
Technology and Compliance
A recent article by Patrick Cairns in Moneyweb provides an interesting perspective on the role of technology in the ever increasing challenge that compliance is becoming. The advent of Twin Peaks means that companies will no longer be tested on processes and procedures, but what they actually end up delivering. Financial services providers will still […]
compliance and legislation
Updating of Policy Wording
A noteworthy comment from the SAIA September newsletter: The Short-term Ombud indicated that Insurers’ policy wording and claims philosophies are not updated and aligned to changes in technology and criminal behaviour. For example, the clause “forcible and violent entry” is strictly interpreted but today, criminals use car jamming devices hence the insured will not be […]
The client’s right to know
Last week, we reported on the Phoshera judgment by the FSB Appeal Board where it concurred with the view of the FAIS Ombud that the rejection of a claim was warranted on the basis that the vehicle did not comply with the required terms and conditions of the prescribed roadworthiness of the National Road Traffic […]
Too many eggs in one basket?
“Catch-22 is any paradoxical, circular reasoning that catches its victim in its illogic and serves those who have made the law.” One of the options in the Merriam-Webster dictionary reads: “A situation presenting two equally undesirable alternatives.” At times, these hectic days of constant legislative change reminds me of Joseph Heller’s zany novel in which […]
Herman Pretorius RVAF Update
A recent article in “Die Burger” reports on the first liquidation and distribution accounts in respect of the Herman Pretorius/Relative Value Arbitrage Fund matter. In total, the RVAF handled investments totalling R2.2 billion, and there are 2 862 claimants. It appears that investors will only receive 5 cents for R1 invested. The total sum available from funds recovered […]
FAIS Ombud Actions Queried
Two issues in the recent Phoshera appeal again saw the Appeal Board ask questions about the FAIS Ombud’s decisions. “This appeal is filled with procedural anomalies. First, there is the question of condonation for the late filing of the application for leave to appeal which had been granted by the Ombud, the late joinder of […]