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Insurance Bill Update
The National Treasury presented its response to public comments received on the Insurance Bill, 2016, to Parliament’s Standing ...
industry news
FSB fines Smart Life R150 000
The Registrar of Long-term Insurance (the Registrar) referred a case against The Smart Life Insurance Company Limited (Smart Life) to the Enforcement Committee of the Financial Services Board. During the period 15 April 2013 until 24 June 2016 Smart Life contravened Rule 16.1 of the Policy Holder Protection Rules (Rules) issued under the Long-term Insurance Act, No.52 of 1998 […]
best practice
Retirement Fund Advantage
Do you understand the difference between the “27.5% of remuneration or 27.5% of taxable income” rule? Tony de Wijn of Softbyte Computers in Durban kindly offered subscribers a gratis programme which you can use to show clients exactly how much SARS will contribute to their retirement provision. “The new laws regarding the calculation of the […]
technologically speaking
Mitigating cyber risk in the financial services sector
A summary of this paper first appeared in the June edition of Moneymarketing. Whilst I am sceptical of the local application of surveys and studies done in other countries, I think that this one can be of value to us for a number of very practical reasons. Security of client data will become an increasing […]
compliance and legislation
Minister signs FIC Amendments
On 15 June 2017, the Minister of Finance announced the coming into operation of a number of provisions of the Financial Intelligence Centre Amendment Act, 2017 (the FIC Amendment Act). There are two important dates for affected parties to note: 13 June 2017 The first set of provisions commenced on this date. These provisions do not require […]
Appeal Board Comments on Ombud
In the recent “Prigge” decision, the FSB Appeal Board commented on the FAIS Ombud’s powers and duties in a fairly forthright manner. The information below is taken directly from the Appeal Board decision. Appeal Denied A determination is only appealable to the Board of Appeal with leave of the Ombud after taking into consideration the […]
CMS to address Undesirable Practices
The Council for Medical Schemes published Circular 39 of 2017, calling for industry input on its intention to declare certain practices irregular or undesirable. Regulation 8 of the Medical Schemes Act entitles medical schemes to select certain healthcare providers to provide members with diagnosis, treatment and care in respect of prescribed minimum benefit (PMB) conditions. If […]
Insurance Bill Update
The National Treasury presented its response to public comments received on the Insurance Bill, 2016, to Parliament’s Standing Committee on Finance in May. A copy of the Bill, as well as the presentation was published on Wednesday. Key Issues Addressed In Proposed Revisions Transformation of insurance sector: The objective of the Act was amended to […]
GTC Medical Aid Survey 2017
Results reveal that small medical aids also offer good value, and highlights that consumers may be unaware of their own medical aid plans and the benefits contained therein. Smaller medical schemes perform well by offering consumers value for money, but they have not been as successful as some of the larger schemes in attracting new […]