Moonstone Information Refinery – Page 153

Life insurers top R5 trillion as growth masks rising risk pressures

Strong market performance lifts assets to record highs, but lapses and protection gaps persist beneath the surface.

Several investigations are looking into possible regulatory breaches by insurers, the Authority says.

Concern over the ‘alarming’ number of cases involving the submission of fictitious policies to insurers.

Case of Smart Billion highlights what is expected of KIs, says FSCA.

The penalties imposed by the Authority on Viceroy and Markus Jooste came to R211 million.

Moonstone will check the authenticity of a certificate if provided with written consent.

The assertions by competitor Everything.Insure are misleading and defamatory, the insurance aggregator says.

The insurer must prove on a balance of probabilities that the insured recognised the danger and proceeded with his course of action.

The Authority is looking into allegations that the company was involved in money laundering.

The fund has not resumed paying the past medical expenses of scheme members injured in motor vehicle accidents.

They concern two deductions: non-business-related interest expenses and fees paid to tax practitioners for completing tax returns.

Sanctions can include a fine of up to R10 million in respect of a natural person and R50m in respect of a legal person.

PwC survey finds that 74% of funds are now paying some or all their board members, up from 47% in 2020.

The judgment could have far-reaching implications for the life insurance industry, it says.

Trustees and principal officer commit to good governance in enforceable undertaking signed with the FSCA.

A taxpayer who generates renewable energy for the purpose of trade should qualify for the allowance.

The group also intends to maintain its high dividend pay-out ratio.

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