The Financial Intelligence Centre (FIC) this month imposed administrative sanctions against a Krugerrand dealer and seven motor vehicle dealerships for non-compliance with the Financial Intelligence Centre Act. The FIC said the imposition of […]
The Minister of Health has approved an increase of slightly more than 4% in the maximum monthly fee payable to healthcare brokers. From 1 January, the maximum fee for introducing a member to […]
KGA Life has been granted leave to appeal the Eastern Cape High Court’s judgment that ordered it to release the group funeral scheme it underwrote for Multisure Corporation. It was hoped that the […]
The Association for Savings and Investment South Africa (Asisa) has cautioned policyholders and investors to expect an increase in phishing attempts and approaches from criminals impersonating representatives from life insurers and investment companies […]
The FSCA has withdrawn its request for retirement funds to provide it with information, every three months, about their paid-up members and unclaimed benefits. Read: Funds given until 6 May to submit information […]
South African investors are far more risk averse than their foreign counterparts, with only 19% of local collective investment scheme (CIS) assets in equity portfolios compared with 47% for all international CIS assets, […]
Assets under management (AUM) by regulated hedge funds in South Africa grew 19%, while the number of funds continued to decline last year, according to figures released by the Association for Savings and […]
FMI has rebranded as Bidvest Life in a move to become a consumer-facing brand and grow its market share by leveraging off the brand recognition of the Bidvest Group. “We want to box […]
The FSCA has proposed amending the Short-term Insurance Act regulations to exempt independent intermediaries from commission clawbacks when a policy is voided because of material misrepresentation or non-disclosure by the policyholder. Regulation 5.4 […]
Old Mutual turned in a strong performance in the year to the end of December, despite the negative impact of Covid-19-related death claims, with the group’s retail segments paying some R13 billion in […]
Employees must ensure they have nominated beneficiaries on their unapproved group life and funeral policies. If they don’t, the benefit will be paid to the deceased estate, incurring unnecessary delays and costs. This […]
A new Code of Practice reaffirms employers’ right to introduce vaccine mandates and tightens the grounds on which employees may refuse to be vaccinated. Employment and Labour Minister Thulas Nxesi gazetted the “Code […]
Higher mortality claims knocked Momentum Metropolitan’s operating profit in the six months to the end of December, declining by 12% to R785 million compared to the first six months of the 2021 financial […]
The FSCA is ramping up its efforts to trace unclaimed benefits and wants retirement funds and administrators to provide it with information, every three months, about their paid-up members, in addition to information […]
The group risk market has been “consistently under-pricing” premiums for pandemics, and Sanlam hopes that “more rational pricing” will prevail in future, Sanlam’s financial director, Abigail Mukhuba, said during the group’s annual results […]
The SA Revenue Service (Sars) has allowed only R1.1 billion of the R2.9bn claimed by taxpayers for home-office expenses, Sars commissioner Edward Kieswetter told a meeting of Parliament’s finance committees this month. In […]
Insurers are disputing or rejecting an increasing number of motor vehicle accident claims on the grounds that the insured was speeding, and consumers should be made aware of the implications of the reasonable […]
