Bidvest Life’s claim volumes jump 44% in 2021
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 […]
Author: Moonstone Information Refinery
Constantia’s policyholders with claims will have to join the queue of creditors if the insurer is liquidated
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 […]
US charges hedge fund’s CIO with manipulating dollar/rand exchange rate to trigger $20m payment
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 […]
Information Regulator’s portal for registering information officers goes live
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 […]
PA proposes additional due diligence for life insurance beneficiaries
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 […]
FIC publishes risk management and compliance programme guide for smaller non-financial entities
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 […]
CMS’s bid to strike a deal for Health Squared members fails
The bid by the Council for Medical Schemes (CMS) to strike a deal with seven open medical schemes, plus the Government Employees Medical Scheme, to on-board members of Health Squared without underwriting and […]
FSCA clarifies notification of Fica sanctions
In last week’s Moonstone Monitor, we published an article titled “FSCA publishes notices issued to FSPs for Fica non-compliance”. The article stated that the FSCA had informed subscribers to its communications that it […]
‘Raids don’t mean all the insurers are guilty’
Conducting raids on the premises of the eight life insurers under investigation by the Competition Commission for alleged collusion and price-fixing did not mean that all of them were guilty, Fin24 reports Commissioner […]
Sarb wants answers from Ramaphosa’s lawyers by 8 September
The South African Reserve Bank (Sarb) has asked legal advisers to President Cyril Ramaphosa to respond by September 8 to requests for further information as it probes the theft of foreign currency from […]
Law enforcement agencies co-operating to target unexplained wealth
A number of government departments, and law enforcement and prosecution agencies are piloting an initiative which they say will make it more cost effective, faster and easier to investigate and recover assets acquired […]
FSP fined R50 000 for publishing incorrect information
The FSCA this week announced it has fined KEB Prosperity (Pty) Ltd R50 000 for contravening the FAIS Act for three months of last year. In a statement, the Authority said an investigation found […]
Information from ‘an industry player’ prompted Competition Commission’s investigation into life insurers
Information received “from one of the players in the industry” prompted the Competition Commission to launch its investigation into alleged price fixing by some of the country’s major life insurers. This was all […]
JSE fines former Steinhoff CFO a total of R2 million
The JSE has disqualified Steinhoff’s former chief financial officer, Ben la Grange, from acting as a company director for 10 years and fined him a total of R2 million. La Grange served as […]
CMS says Health Squared didn’t stick to business plans designed to address problem areas
The Council for Medical Schemes (CMS) has published its version of the sequence of events that resulted in Health Squared’s finances deteriorating to the extent that it will apply for voluntary liquidation this […]
OECD calls for VAT hike to help fund permanent grant
South Africa should make the R350-a-month Social Relief of Distress (SRD) grant permanent, increase the rate of value-added tax from 15% to 17%, and reform the “distortive” personal income tax system, the Organisation […]
Nedbank to pay R2m fine for unapproved merger with Erf 7
Nedbank has agreed to pay a fine of R2 million for implementing a transaction before obtaining the approval from the competition authorities, the Competition Tribunal said last week. In a statement, the authority […]
