In February, the FSCA published FSCA Communication 4 announcing that it is exempting FSPs, key individuals and representatives who operate in the credit life and funeral insurance space from some of the Fit and Proper Requirements. Read: ‘Fit and proper’ exemptions for credit life, funeral insurance FSPs The reason for the exemptions is the “unintentional […]
Sanlam and Europe’s largest insurer, Allianz, have agreed to combine their operations across Africa in a joint venture that will house the business units of both companies in the African countries where one or both companies have a presence, the financial services groups said in a statement. South Africa is excluded from the agreement, and […]
Members of Discovery Health Medical Scheme (DHMS) will be able to elect to have their health plan administered in accordance with Shari’ah principles from 1 June. It said South Africa’s first Shari’ah-compliant medical scheme arrangement was available to existing and new DHMS members on all 23 of its plans. Members who elect to have their […]
The Council for Medical Schemes (CMS) will host two-day training webinars for healthcare brokers in May. There will be a compulsory assessment on the second day of the webinars. The sessions will cover the following topics: Compliance requirements for FSPs and understanding Board Notice 194; The FAIS Act and the code of conduct for FSPs; […]
The FSCA has given FSPs until 31 May to complete an electronic survey of their crypto-asset-related activities. The purpose of the survey is to assist the FSCA in obtaining a better understanding of the extent to which FSPs are currently operating in the crypto asset environment, the FSCA said this week. “It is envisaged that […]
The South African Special Risk Insurance Association (Sasria) has appointed Mpumelelo “Mpumi” Tyikwe as its new chief executive, effective 7 April. Outgoing incumbent Cedric Masondo, whose term ends in May, is set to become the chief executive of PSG Insure in August. Masondo has been at the helm of Sasria for 12 years. Tyikwe has […]
The Ombudsman for Short-term Insurance (Osti) ruled that an expert’s findings on which the insurer relied to reject a claim were unreliable. The policyholder submitted a claim for storm damage to his jacuzzi’s pump. His claim was supported by a report from a contractor stating it had detected water damage, possibly from the heavy rain, […]
The Gauteng High Court has lifted the curatorship of KeyHealth Medical Scheme, and the board of trustees was authorised to manage the scheme from 5 April. Council for Medical Schemes (CMS) chief executive Dr Sipho Kabane said the application to lift the curatorship was brought because the curator, Johannes Seloane, had restored effective governance to […]
Inseta has extended the deadline for companies in the insurance and related sectors to apply for discretionary grant funding for 2022/23 from 31 March to 13 April. Applications will be accepted at Inseta’s discretion and are subject to the following conditions: A company’s core business must fall within Inseta’s scope. Applicants must have submitted a […]
Diversification, including offshore diversification, and other basic long-term investing pillars should not be disregarded because of volatility caused by geopolitical events, says Kondi Nkosi, the country head of asset manager Schroders in South Africa. Many money managers and investors would have jumped at the opportunity to increase their offshore allocations after it was announced that […]
