
Asisa statistics reveal the main source of insurance policy fraud
Sales fraud, where intermediaries write-up policies without clients’ knowledge to earn commission, constituted 57% of all fraud cases in 2022.
Accountable institutions that ignore Directive 7 and fail to submit a risk and compliance return (RCR) by Friday face being sanctioned by the Financial Intelligence Centre (FIC).
Read moreSales fraud, where intermediaries write-up policies without clients’ knowledge to earn commission, constituted 57% of all fraud cases in 2022.
Following the re-ratings, South Africa is now deemed to be fully or largely compliant in 35 of the 40 Recommendations.
Asisa says it is encouraging that the 2.5% to 5% drawdown rate made up the biggest income band by number of policies.
One of MBSE’s top students recommends the Advanced Certificate in Financial Planning to anyone who wants to further their studies in this field.
The barriers to uptake include affordability, inappropriate distribution models, and lack of product knowledge, Treasury says.
There are hints the president may decide not to sign the legislation into law in its current form.
Ryan van de Coolwijk, the head of cyber insurance at iTOO Special Risks, highlights the increasing adoption of cyber insurance among South African companies.
Discovery Health Medical Scheme defends the term ‘comprehensive’, asserting its widespread and accepted usage throughout the medical schemes industry.
The FIC’s Public Compliance Communication addresses the updated approach to TFS as set out in the amended legislation.
The FSCA says it is investigating various entities because of concerns that they may be offering unauthorised investments.
The Financial Intelligence Centre says many accountable institutions have ignored its instructions to submit a risk and compliance return.
Implementing the draft Conduct Standard will have cost implications for CIS managers – some of which may be substantial, particularly for smaller managers.
The former chief executive of Massmart and Edcon filed a complaint with the Advertising Regulatory Board against Discovery Health Medical Scheme.
Lessors that invest in qualifying assets that are leased to lessees under operating or finance lease arrangements will be able to benefit from the incentive.
The risk assessment reports are intended to help accountable institutions understand their money laundering and terrorism financing risks.
When faced with a bad debtor, establish whether the contractual relationship is a specific contract and/or a standard terms and conditions contract.