Author Archive | Moonstone Information Refinery


Placing Constantia Insurance under curatorship was premature, says Conduit Capital

JSE-listed Conduit Capital Limited believes the Prudential Authority (PA) acted prematurely when it applied for Constantia Insurance Company Limited (CICL) to be placed under curatorship, saying it was in talks with investors about a possible capital injection. The Gauteng High Court placed CICL under provisional curatorship on 26 July after the PA brought an ex […]

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FIC publishes draft directive on employee screening

The Financial Intelligence Centre (FIC) has published a draft directive that requires accountable institutions to screen their employees for competence and integrity, as well as scrutinise employee information against the targeted financial sanctions lists, to combat money laundering, terrorist financing and proliferation financing (ML/TF/PF). Draft Directive 6/2022 is supported by draft Public Compliance Communication 116, […]

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Fica amendment proposed to take account of Property Practitioners Act

The Financial Intelligence Centre (FIC) has published a draft public compliance communication with a view to amending Schedule 1 of the Financial Intelligence Centre Act (Fica) to take account of the creation of “property practitioners” in terms of the Property Practitioners Act. Item 3 of Schedule 1 to Fica lists an estate agent, as defined […]

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Treasury publishes draft two-pot retirement system legislation

The two-pot retirement system will come into effect on 1 March next year, according to draft legislation published for public comment by National Treasury on 31 July. However, in an accompanying media release, Treasury said the proposed 2023 implementation date was optimistic, because retirement funds will have to change their rules and systems, and the […]

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Ombudsman sets out what consumers should know about prescription

The Ombudsman for Banking Services (OBS) has issued a communication that alerts consumers to their rights when it comes to debt that has prescribed. According to ombudsman Reana Steyn, most consumers are ignorant that creditors are prohibited from collecting prescribed debts that fall under the National Credit Act (NCA). The Prescription Act, read with section […]

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Death claims during fourth Covid wave closer to pre-pandemic levels

Life insurers reported a significant drop in death claims for the six months to the end of March compared to previous six-month reporting periods since the start of the Covid-19 pandemic. South Africa experienced the fourth wave of Covid infections in December 2021, which peaked during the middle of that month. The Association for Savings […]

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Tech trends are bringing new risks for insurers

Technological development, although rapidly accelerated by the Covid-19 pandemic, has been changing the insurance landscape for some time. Nowhere have the effects of digitalisation been felt more acutely than in the agricultural sector, where technological innovation has propelled widespread change over the past decade. An example is the emergence of precision farming, which employs several […]

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Bookings open for Moonstone’s regulatory risk register webinar

Moonstone Compliance’s third webinar of this year will focus on regulatory risk registers as part of your organisation’s privacy governance programme. The webinar will take place on Microsoft Teams on Wednesday, 24 August, from 10am to 12.30pm. It will be presented by Andrea de Jongh, Moonstone Compliance’s expert on privacy governance. Regulatory risk registers are […]

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Top causes of business insurance claims in South Africa

Fires or explosions generated the most expensive losses for South African businesses over the past five years, accounting for 65% of the value of all claims, according to a study by Allianz Global Corporate & Speciality (ACGS). Claims related to faulty workmanship or maintenance were the second-biggest cause of loss (20%) in South Africa. Natural […]

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