The Pension Funds Adjudicator recently ruled that a death benefit was distributed fairly although one of the beneficiaries was not financially dependent on the deceased. “The entitlement stems from the fact that the person concerned was nominated by the deceased and nothing more is required,” said Ms Lukhaimane in her ruling. Lukhaimane told the media […]
Medical schemes are facing tremendous pressure in a low growth market where customer expectations and utilisation are very high and increasing, while loyalty is on the decline as a result of lower price tolerance. As the economy bites and more consumers opt to downgrade their cover to lower benefit options in a bid to cut […]
Earners under 40 face an average insurance shortfall of around R1.4 million for life cover and R1.5 million for disability. This means the majority of SA’s earners are likely to be significantly underinsured. These are just some of the conclusions of the 2019 ASISA Insurance Gap Study. Announcing the findings of the 2019 ASISA Life and Disability […]
Section 37C of the Pension Funds Act 24 of 1956 governs the distribution and payment of lump sum benefits payable on the death of a member of a pension fund, provident fund, pension and provident preservation fund and retirement annuity fund. These benefits are informally known as “death benefits”. In one of the recent Financial […]
An insurer’s obligations concerning the lapsing of a policy was recently the subject of an investigation by the Long-term Ombud, following the repudiation of a claim. “Repudiation involves disputing the validity of a contract and refusing to honour its terms. Repudiation is therefore conduct which shows the clear and explicit intention of the party concerned […]
“We are one nation building one health care system. Let’s work together. There is no us and them.” These were the words in a tweet of Dr Zweli Mkhize, South Africa’s Health Minister. Dr Mkhize attended the annual Hospital Association of South Africa conference in Cape Town last week. He addressed leaders of private hospital […]
The National Credit Regulator (NCR) has recently warned consumers against fake credit providers offering loan scams. “These scams typically target those who are in distressed financial circumstances and looking for a loan, using slogans such as “blacklisted” or “debt review clients welcome”, Jacqueline Peters, Manager: Investigations and Enforcement at the NCR explains. According to Peters […]
The Council for Medical Schemes (CMS) will be hosting an advanced training programme workshop for accredited healthcare brokers in the Gauteng Province. Participants are requested to register on-line and submit proof of payment to the email provided above, by 15 February 2019. Please include your current BR number as your reference number. Each participant must have a […]
– The right to state your case is not negotiable Audi alteram partem (or audiatur et altera pars) is a Latin phrase meaning “listen to the other side”, or “let the other side be heard as well”. It is the principle that no person should be judged without a fair hearing in which each party […]
– Affects banking safety On Monday it was World Data Privacy Day – a day which aimed to highlight that millions of people worldwide are unaware of how their personal information is being used, collected or shared in an increasingly digital society. ABSA bank mentioned in a FIN24 article that banking fraud is on the […]
