Life insurers pay a record R639 billion in 2024
Sales of recurring-premium savings policies continued to improve, while lapses of risk policies declined.
Author: Moonstone Information Refinery
Major setback for medical schemes in legal battle over low-cost options
The Board of Healthcare Funders says it will appeal after the High Court dismissed its application on procedural and substantive grounds.
Misclassified vehicle use – a reminder to provide adequate advice
An FSP failed to ensure that a client was made aware of the implications of modifying his policy, resulting in an insurance claim denial.
SARS’s enhanced compliance efforts add R301.5bn to revenue
The South African Revenue Service outperformed its revised estimates for 2024/25, buoyed by strong personal income tax, VAT, and company income tax collections.
CMS extends exemption for primary healthcare policies
Insurers are allowed to offer primary healthcare policies for an additional two years pending the finalisation of a framework for low-cost benefit options.
Health practitioners outline constitutional challenge to NHI Act
The SA Medical Association is particularly concerned about the Act’s impact on overburdened healthcare professionals, as well as patients’ ability to access treatment.
Medical schemes push ahead with case over Covid test pricing
The Competition Tribunal has dismissed key objections from major pathology laboratories, moving the medical schemes closer to having their damages claim heard in the High Court.
FIC seeks further input on guidance for money or value transfer service providers
The Financial Intelligence Centre has refined its draft PCC, addressing industry feedback on payment system operators, open- and closed-loop cards, and third-party payment services.
Reporting Directive for cross-border transactions issued
Directive 3A and PCC 50A set clear guidelines for accountable institutions on reporting international funds transfers and handling reporting failures.
Increase in penalty for late insurance returns
The FSCA has raised the maximum daily penalty for late submissions under insurance legislation by 4.39%.
SA leads in anti-money laundering in the real estate sector
The OREO Index, developed by leading anti-corruption experts, assesses the robustness of real estate data and anti-money laundering laws.
FSP pays R50 000 settlement because of missing record of advice
A complaint over a claim for stolen jewellery prompts the FAIS Ombud to emphasise the importance of maintaining a proper record of advice.
Why the prescribed interest rate can cost you more than you expect
The prescribed interest rate isn’t just a technicality – it determines how much extra you’ll pay (or receive) in a legal dispute, and once it applies to a debt, it stays locked in, even if rates drop later.
Finalised Conduct Standard for financial education released
In response to stakeholder concerns over increased costs, the FSCA says the requirements can be scaled to each institution’s size and complexity.
Revised draft standard for disclosure of short sales open for comment
The new draft introduces a phased approach, initially focusing on positional reporting to overcome challenges identified in earlier consultations and to enhance oversight of short selling.
Amended Conduct Standard for section 14 transfers takes effect
The Authority has withdrawn the temporary exemption for retirement fund transfers, signalling the full implementation of updated regulatory requirements.
Retirement fund assets reach R5.84 trillion
The FSCA’s latest Retirement Funds Statistical Report highlights trends in fund membership, asset growth, and investment performance.
