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Author Archive | Mark Bechard

claim-form

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 […]

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reckless-driving

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% […]

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july-unrest

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 […]

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rands

Treasury proposes reducing FSP levies

National Treasury has proposed lowering some of the levies that FSPs will pay to the FSCA in terms of the Financial Sector and Deposit Insurance Levies Bill, to reduce the impact on small entities. Read: FSPs face paying regulators much higher levies Vukile Davidson, Treasury’s chief director of financial sector policy, told Parliament’s Standing Committee […]

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divorce-rings

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 […]

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rands

MPs ask Treasury for report on impact of new financial sector levies

Parliament’s Standing Committee on Finance has tasked National Treasury with producing a report on how the Financial Sector and Deposit Insurance Levies Bill will impact consumers and small entities. Read: FSPs face paying regulators much higher levies Treasury, the FSCA and the Prudential Authority (PA) this week briefed the committee on their responses to submissions […]

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jse

Arresting the delisting trend is a top priority, says JSE

The JSE is considering a range of measures to address the trend of delistings from the market, including simplifying the financial disclosure requirements. At the exchange’s 2022 annual general meeting last week, Chris Logan, a shareholder activist and the chief investment officer of Opportune Investments, posed a number of questions related to what the JSE […]

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