COMPLY WITH DIRECTIVE 7 BY FRIDAY OR FACE THE CONSEQUENCES, SAYS FIC

Accountable institutions that ignore Directive 7 and fail to submit a risk and compliance return (RCR) by Friday face being sanctioned by the Financial Intelligence Centre (FIC).

Asisa statistics reveal the main source of insurance policy fraud

Sales fraud, where intermediaries write-up policies without clients’ knowledge to earn commission, constituted 57% of all fraud cases in 2022.

Average living annuity drawdown rate falls in 2022

Asisa says it is encouraging that the 2.5% to 5% drawdown rate made up the biggest income band by number of policies.

Insurance for individuals and SMMEs among the priorities for financial inclusion

The barriers to uptake include affordability, inappropriate distribution models, and lack of product knowledge, Treasury says.

Speculation over why National Council of Provinces postponed NHI Bill vote

There are hints the president may decide not to sign the legislation into law in its current form.

Demand for cyber insurance expected to surge as global cybercrime losses soar

Ryan van de Coolwijk, the head of cyber insurance at iTOO Special Risks, highlights the increasing adoption of cyber insurance among South African companies.

Discovery to engage with regulator following misleading advert ruling

Discovery Health Medical Scheme defends the term ‘comprehensive’, asserting its widespread and accepted usage throughout the medical schemes industry.

Another FSP targeted in an impersonation scam on social media

The FSCA says it is investigating various entities because of concerns that they may be offering unauthorised investments.

New investment up-cycle: risk-on strategies to last to the end of 2024

The behaviour of the US equity market over the next quarter or so will baffle many investors and financial advisers, as it will appear to be disconnected from the US economy.

Urgent need to close regulatory gaps in over-the-counter markets, says FSCA

National Treasury will introduce the COFI Bill ‘very soon’ and amend the Financial Markets Act to tighten regulation of the country’s financial markets.

Regulator finds ‘comprehensive chronic cover’ advert misleading

The former chief executive of Massmart and Edcon filed a complaint with the Advertising Regulatory Board against Discovery Health Medical Scheme.

FSP ordered to compensate client for R3.1m following cybercrime loss

A recent High Court ruling underscores the fiduciary duties of financial services providers in the context of escalating digital threats.

Why insurance matters as South Africans flock to shops and online deals

The excitement of scoring great Black Friday deals is accompanied by a crucial reminder: the importance of insurance to safeguard purchases from unforeseen mishaps.

Strategic partnership to ‘fill missing piece of the puzzle’ in liability insurance

The collaboration aims to empower Old Mutual Insure to broaden its footprint and provide specialised liability coverage throughout the African continent.

Supreme Court upholds King Price’s appeal against motor vehicle claim

The SCA finds the policyholder failed to produce evidence to support his pleaded claim for damages based on the vehicle’s market value.

Don’t simply assume your policy covers you for hail damage

Steps the insured can take to enhance the likelihood of a successful claim.

Volatility results in decline in CIS assets under management in the third quarter

But AUM grew by 11% when measured over the 12 months to the end of September.