In Circular 48, the CMS signals tougher enforcement against exempted insurers, warning that non-compliant branding and failure to notify regulators will attract decisive action.
The fallacy that insurance commission is the root of all evil has led to numerous failed attempts to regulate it. Dr Brian Benfield, a retired professor from Wits’ Department of Economics, holds nothing […]
The Ombudsman for Long-term Insurance (Olti) released its annual report for 2021 last week. Here are 10 key take-aways from the report: 1. R200m recovered for complainants The Olti recovered R200 689 324 […]
This link will open a table of the 2021 complaints data of the 51 life insurers that subscribe to the Ombudsman for Long-term Insurance. The table lists the insurers by each insurer’s complaints […]
Poorly worded policies don’t only result in disputes over multi-million-rand commercial claims. The Ombudsman for Long-term Insurance (Olti) last year dealt with a number of complaints about rejected or limited funeral benefit claims […]
Last week, we reported on the landmark judgment by the Pretoria High Court that declared parts of the Divorce Act unconstitutional and invalid. The ruling means that individuals married out of community of […]
Up to 20 million low-income South Africans could afford basic private healthcare services if the Council for Medical Schemes (CMS) developed a framework for low-cost benefit options (LCBO), according to Business Day. The […]
The Financial Services Tribunal (FST) has upheld a determination by the Pension Funds Adjudicator that a security guard who lost the use of his right arm following a shooting did not qualify for […]
A long-term employee who was retrenched because she refused to get a Covid vaccination was not entitled to a severance package, the Commission for Conciliation, Mediation and Arbitration (CCMA) has ruled. Commissioner Piet […]
The Russia-Ukraine conflict has set in motion a domino effect that continues to have widespread consequences for several sectors, including the local insurance industry. All insurers have war clause exclusions for acts of […]
Only 259 of the new complaints registered by the Ombudsman for Short-term Insurance (Osti) last year were related to Covid-19. But settlements in Covid-related business interruption (BI) complaints accounted for 49.5% of the […]
The Ombudsman for Short-term Insurance (Osti) has once again flagged the increase in the number of complaints from consumers whose claims are rejected because insurers allege the driver failed to exercise reasonable precaution […]
The FSCA has given motor dealers and financial institutions operating in the vehicle asset finance (VAF) space until the end of June to complete a questionnaire about dealer introductory commissions (DIC). In a […]
The 10 days of unrest in KwaZulu-Natal and parts of Gauteng in July last year wiped out the South African Special Risk Insurance Association’s cumulative retained earnings of more than R8 billion, incoming […]
The long-awaited conduct standard “Requirements relating to third-party cell-captive insurance business”, together with the Statement of Need and Intended Operation and the Consultation Report, was tabled in the National Assembly and the National […]
Robert Vivian, professor of finance and insurance in the School of Business Sciences at Wits University and a member of the Free Market Foundation’s Rule of Law Board of Advisors, holds nothing back […]
National Treasury has proposed lowering some of the levies that FSPs will pay to the FSCA in terms of the Financial Sector and Deposit Insurance Levies Bill, to reduce the impact on small […]
The Pretoria High Court has asked the Constitutional Court to confirm an order that will have significant implications for how assets are redistributed when couples who are married out of community get divorced. […]
