Partially fraudulent claim: insured forfeits R1.6m
SCA orders a policyholder to repay Discovery Insure the entire settlement, not only the amount related to the fraudulent part of the claim.
Compliance and Legislation
‘Many years’ to go before NHI poses a threat to medical schemes, says Discovery
CEO Ryan Noach says there’s ‘no way’ the government can nationalise members’ contributions.
Cosatu wants a higher cap on transfers to fund members’ savings pots
It’s also hoping for concessions on access to the retirement pot when members are retrenched or dismissed.
Seeding will have a minimal impact on retirement funds’ liquidity, says Old Mutual
The updated legislation puts the retirement industry in a better position to be ready by 1 March 2024, it says.
Statutory ombud for small businesses is back on the legislative agenda
The ombud will be able to make awards in respect of non-payment for goods and services.
This is how much you will be able to transfer to your savings pot on 1 March 2024
Retirement fund members who are expecting a big pay-out will be disappointed.
Latest proposals on how the two-pot retirement system will work
A guide to the features of the three components: savings, retirement, and vested.
Treasury wants to exclude these ‘legacy’ RA funds from the two-pot system
Plus: the proposals for defined-benefit funds, inter-fund transfers, section 37D deductions, and the taxation of contributions and growth.
Understand when tax is triggered on crypto assets
Clarity on when a gain is considered revenue or capital.
Road Accident Fund compensation: is a forklift a motor vehicle?
The Supreme Court of Appeal considers whether a forklift that knocked down an employee who was working on Spar’s premises was used on a road.
What accountable institutions should consider when screening employees
Complying with the FIC’s Directive 8 without falling foul of the Employment Equity Act, which protects employees from unfair discrimination.
A handy guide to the payment of retirement fund contributions for trustees
What you should know about reporting, calculating penalty interest, the in duplum rule, and the employer’s liability.
Update: Fica webinar for new accountable institutions is now fully booked
We are giving away two-and-a-half hours of Fica compliance expertise on 7 June.
What the ConCourt’s decision means for the confidentiality of your tax records
There is still a high threshold to meet before access to an individual’s tax records will be granted.
End of compulsory audit firm rotation rule ‘poses minimal threat in the short term’
Irba says it will work with Parliament to address the technical legal issue raised by the Supreme Court of Appeal’s judgment.
Tribunal rules on whether traditional insurers can underwrite first-party risks
Prudential Authority rejects application by Pepkor subsidiary Abacus to underwrite the risks of its parent company in addition to third-party risks.
When does an ‘employee’ become a ‘representative’ who can be debarred?
Material discrepancies about a newly appointed financial planner’s employment history came to light while she was being on-boarded.
