Cap on healthcare broker fees increases by 4%
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 […]
Author: Mark Bechard
Dispute between KGA Life and Multisure goes to Supreme Court of Appeal
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 […]
Policyholders, investors ‘should be extra vigilant’ following TransUnion data breach
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 […]
FSCA withdraws request for retirement funds to provide information on paid-up members
The FSCA has withdrawn its request for retirement funds to provide it with information, every three months, about their paid-up members and unclaimed benefits.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 […]
SA unit trust investors ‘more risk averse’ than foreign counterparts
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, […]
Hedge fund industry grows assets to R86.93 billion
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 […]
Bidvest Life wants to ‘change the narrative’ around income protection
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 […]
FSCA to exempt non-life brokers from clawbacks when a policy is voided because of non-disclosure
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’s profits double despite impact of Covid claims
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 nominate beneficiaries on unapproved group life and funeral policies
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 […]
Code strengthens employers’ right to request employees’ vaccination status
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 […]
Covid death claims hit Momentum Metropolitan’s interim operating profit
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 […]
Funds given until 6 May to submit information on paid-up members
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 […]
Sanlam calls for ‘reason to prevail’ in the pricing of group risk insurance
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 […]
Sars red-flags most claims for home-office expenses
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 making increasing use of ‘reckless driving’ clause to reject claims
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 […]
Fifth wave could hit SA in April or May
A fifth wave of Covid-19 could hit South Africa in April or May, but Discovery thinks it is unlikely that it will be more severe than previous waves, says group’s chief executive, Adrian […]
