Discovery Life’s individual life cover pay-outs jump 173% in 2021
Discovery Life paid claims to the value of R11.79 billion last year, of which R9.1bn was for more than 10 000 individual life claims – an 89% increase in the value of individual […]
Author: Mark Bechard
Tribunal sends Sharemax determination back to the FAIS Ombud for a second time
Between 2008 and 2010, a pensioner couple invested in two Sharemax property syndications. They complained to the FAIS Ombud in 2011 after losing their money. Seven years later, the FAIS Ombud issued a […]
No happy ending at the tribunal for couple who reconciled after divorce
The Financial Services Tribunal (FST) has dismissed a reconsideration application by a couple who wanted to be provided with a joint-and-survivorship pension because they reconciled and lived together as if married after their […]
UK award sets up Videosign for new growth trajectory
Videosign, the unique online meeting platform that allows for e-commissioning and the remote witnessing of signatures, is set to enter a new growth phase after winning the Innovation and Technology Award at the […]
Brokers don’t need to be cyber-security experts to sell cyber cover
The demand for cyber insurance is increasing, but cyber liability is the form of specialist cover brokers are least comfortable with placing, according to SHA’s 2022 Specialist Risk Review. Sizwe Cakwebe, the cyber […]
Momentum reports lower claims impact from Covid
The impact of the fourth wave of Covid-19 on Momentum Metropolitan Holdings’ South African life insurance businesses eased during the nine months to the end of March. In a trading update, MMH said […]
FSCA overlooked FSP’s response because it landed up in a junk folder, says tribunal
The FSCA’s assumption that an FSP had not responded to one of its questions contributed to its decision to debar him. But a pack of documents the FSP sent the FSCA landed up […]
Failure to avoid FATF’s ‘grey list’ poses a risk to the stability of SA’s financial system
The South African Reserve Bank (SARB) has identified the potential of an unfavourable outcome of the Financial Action Task Force’s Mutual Evaluation of South Africa as a threat to the stability of the […]
Fund cannot withhold a benefit if an employer has only instituted criminal charges
The Financial Services Tribunal (FST) has reiterated that a retirement fund cannot withhold a benefit if only a criminal case has been instituted against a member. In fact, even if the member has […]
Momentum and Sanlam the only major life insurers to grow new business above pre-Covid levels, says PwC
Momentum Metropolitan Holdings (MMH) and Sanlam are the only major life insurers in South Africa to have grown the value of their new business relative to pre-Covid levels, according to PwC. PwC based […]
FAIS Ombud rep levy pushes up an FSP’s total levy bill
As we reported last week, National Treasury has revised some of the levies that FSPs will have to pay to the FSCA in terms of the Financial Sector and Deposit Insurance Levies Bill. […]
Tribunal doesn’t accept debarred rep’s attempt to walk back admission
The Financial Services Tribunal (FST) as upheld the FSCA’s decision to debar a life insurance representative who admitted that she submitted unauthorised policy applications but subsequently sought to qualify her admission. What is […]
10 take-aways from the long-term insurance ombudsman’s annual report
The Ombudsman for Long-term Insurance (Olti) released its annual report for 2021 last week. Here are 10 key take-aways from the report: 1. R200m recovered for complainants The Olti recovered R200 689 324 […]
Ambiguous wording results in dispute over funeral claims
Poorly worded policies don’t only result in disputes over multi-million-rand commercial claims. The Ombudsman for Long-term Insurance (Olti) last year dealt with a number of complaints about rejected or limited funeral benefit claims […]
Security guard who lost the use of his right arm doesn’t qualify for disability benefits
The Financial Services Tribunal (FST) has upheld a determination by the Pension Funds Adjudicator that a security guard who lost the use of his right arm following a shooting did not qualify for […]
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 […]
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 […]
