Ruling on whether a Covid claim was excluded prior to the completion of underwriting
The Ombudsman for Long-term Insurance finds that the policy wording did not support what Old Mutual intended to achieve.
COFI Bill approved for submission to Parliament
Omnibus AML/CFT Bill also gets the nod for tabling.
Sanlam notes uptick in sickness, disability claims among younger South Africans
The total value of claims in 2022 was 23% lower than in 2021, partially because of a marked decrease in Covid-related claims.
Momentum’s sales of long-term savings and protection products under pressure
And Momentum Insure takes a knock from the higher cost and the increased frequency of claims.
Accountable institutions: deadlines to submit risk and return compliance returns imminent
The Financial Intelligence Centre reminds accountable institutions listed under Schedule 1 of the Financial Intelligence Centre Act of the looming deadlines to submit their respective risk and compliance return questionnaires by the end of May and July 2023.
Window period for crypto asset FSPs to apply for a licence opens on 1 June
The FSCA wants to know whether applicants are compliant with the Financial Intelligence Centre Act.
Section 14(1) ‘knowledge test’ under the spotlight in two debarment matters
In one case, the FSP was still investigating the alleged fraud when it decided to bar the representative.
Trustees of non-PFA fund not bound by a member’s nomination form
A reviewing body will have grounds to intervene only if a fund fails to take into account relevant considerations and ignores irrelevant considerations.
Old Mutual’s gross written premiums up 19% in the first quarter
Life insurance sales down slightly as the group stops selling certain products in China.
Deadline for report on PAIA requests is 30 June
This is the first time the Information Regulator has asked private bodies to submit this type of report.
Why policyholders complained to the short-term ombudsman in 2022
Annual report notes a steady increase in disputes related to power surge claims.
Apply today for MBSE’s Postgraduate Diploma in Financial Planning
The qualification is demanding, but it’s ‘definitely possible to get across the line with Moonstone’.
Short-term insurers with the most and the least complaints in 2022
The important statistic is the proportion of personal lines complaints relative to an insurer’s share of the total personal lines claims.
What’s inside the long-term insurance ombudsman’s 2022 report
Decline in the number of complaints and in the number of cases resolved in favour of policyholders.
Life insurers with the most and least complaints to the ombud in 2022
Cases that were resolved wholly or partially in favour of the complainants fell to 29%.
Single Financial Ombudsman scheme set to go live in 2024
The amalgamated scheme will later include the FAIS Ombud and the JSE Ombud.
WhatsApp fraudsters are stealing and abusing legitimate FSPs’ branding
FSCA issues a spate of warnings about scammers impersonating authorised FSPs and offering unrealistic returns.
Director’s 10-year debarment excessive, tribunal finds
His FSPs were fined a total of R250 000 for selling two products before they were licensed.
