Sanlam does not believe the Competition Commission’s investigation into the country’s major life insurers will result in “any processes at Sanlam being highlighted as problematic”. However, Sanlam said in its operational and financial […]
A “concerted set of underwriting actions” were under way to reprice Santam’s book, to take account of the inflationary and other pressures that were pushing up the cost of claims, Sanlam’s chief executive, […]
Sanlam’s life insurance operations experienced what the group called “a strong recovery” in the first six months of its 2022 financial year as a result lower mortality claims compared to the same period […]
Market volatility has resulted in assets under management (AUM) by the collective investment schemes (CIS) industry dropping below the R3 trillion threshold reached in the fourth quarter of last year. Assets under management […]
The High Court in Pretoria on Monday dismissed an urgent application by OUTsurance for comparison website Hippo to stop showing an advertisement that is apparently a parody of the insurer’s “Saver” advertisements featuring […]
Discovery’s long-term and short-term insurance arms delivered contrasting performances in the group’s 2022 financial year, with Discovery Life’s normalised operating profit surging by 200% and Discovery Insure’s tanking 165%, driven mainly by the […]
The FSCA last week published two notices relating to the guarantee, professional indemnity (PI) and fidelity insurance (FI) exemptions granted to certain types of FSPs. The FSCA has once again extended, to 31 […]
The FSCA has fined the directors of the Praesidium Group a total of R29 million and debarred them for between 10 and 20 years after its investigation into the group’s entities found they […]
The FSCA will this month hold online workshops on financial soundness for FSPs and on an upcoming survey. The Authority said there will be two workshops on financial soundness, according to the type […]
The High Court in Johannesburg has granted Health Squared leave to apply for voluntary liquidation on September 27. Read: CMS’s bid to strike a deal for Health Squared members fails In an order […]
Old Mutual Insure on Monday announced that it has signed a share purchase agreement to acquire 100% of niche short-term insurer Genric for an undisclosed amount. Genric partners with and has equity interests […]
Bidvest Life recorded the highest number of claims in its 27-year history last year, with claim volumes increasing by 44% compared to 2020. The spike was largely driven by an increase in Covid-19 […]
Policyholders of Constantia Insurance Company Limited (CICL) who have outstanding claims will have to join the queue of creditors if the application to have the insurer liquidated is granted. Last week, the provisional […]
The United States Attorney’s Office in New York has charged the co-founder and chief investment officer of a UK-based hedge fund with manipulating the US dollar/rand exchange rate to trigger a $20 million […]
The Information Regulator (IR) says its online portals for the registration of information officers and the submission of Promotion of Access to Information Act (PAIA) reports have gone live. Information officers who are […]
Life insurers will have to incorporate beneficiaries as a risk factor when determining a client’s overall money laundering and terrorist financing (ML/TF) risk, according to a proposed directive published for comment by the […]
The Financial Intelligence Centre (FIC) has published a document to guide designated non-financial businesses and professions (DNFBPs) in developing and implementing their risk management and compliance programmes (RMCPs). Public Compliance Communication (PCC) 53 […]
