Draft Directive on Causal Event Charges
A document from the Registrar of Long-term Insurance was published in June and calls for comments by 31 July 2013. The request for input on the Directive follows in the wake of determinations […]
Compliance and Legislation
Enforcement Committee Fines
We received two media releases from the FSB this week. In the first, The Lawyers Voice (Pty) Limited (“Lawyers Voice”) marketed and sold three different insurance policies which were not underwritten by a […]
Compliance Considerations
Today, farming is possibly the only industry with a sharper rise in input costs than that of the independent financial advisor. For quite a while now, this important sector of the financial services […]
Proposed Ban on Sale of Used Car Parts
Yet another example of fools rushing in where angels fear to tread was reported in an article in the Weekend Argus. Legalbrief reports as follows: An amendment to the National Road Traffic Management […]
FSB Telematic Broadcast on 19 June
This telematic broadcast by the FSB contained something for almost everyone. I found the presentations very informative, and at one stage even identifying new business opportunities. The Agenda of the FSB Insurance Satellite […]
2013 Levy Calculator
Since the introduction of levies in 2007, this cost to FSPs has nearly doubled. My colleague, Paull Lawrence, very kindly updated his levy calculator. You can use this to calculate your obligation, […]
2013 Levies Announced
The levies in respect of those listed below show an increase of 8%, compared to last year. The same dates used in the past will apply – payment is due by the […]
Review of 3rd PartyCell Captive Arrangements
A discussion document, published on 11 June, provides clarity on how the FSB proposes to proceed with regulating 3rd party cell captive and “similar” arrangements. Some of the key proposals include that: Cell […]
Hospital Cash Plans Under Threat
The article below is, in the main, an extract from a media release by ASISA. The Association for Savings and Investment South Africa (ASISA) warned that, if the abuse of hospital cash plans […]
FSB Circular Download Problems
Those of you who use Mozilla Firefox will experience problems when downloading links to the FSB website. The FSB home page contains the following disclaimer: Opening and downloading of documents on this website […]
Treating Customers Fairly in Action
TCF is closer than we think. It appears to be on the FSB’s radar screen already, despite expectations that it will only become a reality next year. In an article we published on […]
FAIS Ombud Extends her Reach
We have long bemoaned the fact that determinations by the Ombud seemed to involve the advisor only, and not the product provider. In the recent Bekker determination, the Ombud makes the following point: […]
FSB Information Letter 3 on Binder Regulations
The purpose of the document is to provide guidance on: Activities that constitute binder functions Remuneration payable by the insurer to the binder holder and The Registrar’s interpretation of the regulations from a […]
Stokvels and Burial Societies Exempt from Licensing
Board Notice 43 of 2013 exempts Stokvels and Burial Societies from being licensed. This obviously means that they no longer fall under the jurisdiction of the FSB. It is very specific about who […]
Help is at hand
A reader recently wrote: Hi Paul I am really battling to put together a Risk Management Plan that makes any sense at all. I am a one man business and don’t even employ […]
Disclosure of Material Terms
What obligations are there on you to provide clients with a reasonable explanation of the material terms of their policies? This topic is very relevant in terms of the recent Jerrier case, which […]
Why Regulation is Unavoidable
Quite often, people in the industry question the need for regulation. They look at the issue from their own perspective, and the fact that their clients have never complained about them. Unfortunately, it […]
