If it ain’t broke, don’t fix it
Bert Lance, the Director of the Office of Management and Budget in Jimmy Carter’s 1977 administration, is attributed with coining this phrase. Bad grammar apart, he believed he could save Uncle Sam billions […]
MediCheck claims win as Discovery Health writes off up to R170m in ATB recoveries
Discovery Health has abandoned recovery action against more than 16 500 members, agreeing to absorb up to R170 million in overpaid ATB claims after sustained pressure from MediCheck,
Tribunal protecting the rights of representatives
The Manasse decision by the Financial Sector Tribunal again underlines just how important compliance with Section 14 of the FAIS Act is. In particular, it requires that a debarment process must be lawful, […]
Tribunal protecting the rights of representatives
The Manasse decision by the Financial Sector Tribunal again underlines just how important compliance with Section 14 of the FAIS Act is. In particular, it requires that a debarment process must be lawful, […]
Debarment process? What debarment process?
A recent application for reconsideration of a debarment by the Financial Sector Tribunal evoked a number of interesting questions, including ones on responsibility and accountability for transgressions. Background Ms M was charged with […]
Insurance cover if your driver’s licence expired
How will insurers treat motor vehicle claims where the insured person’s driver’s licence has expired after 31 August 2021? The South African Insurance Association (SAIA) says that drivers can take comfort in the […]
SARS and the Hawks coming down hard on tax delinquents
Tax Consulting SA reports that SARS is clamping down hard on those who have outstanding tax returns. This includes those who have left the country without ensuring that their affairs with the Receiver […]
ASISA welcomes meaningful changes to the current retirement system
In a media release, the Association for Savings and Investment South Africa (ASISA) and its members expressed support for meaningful changes to the current retirement system that are aimed at strengthening preservation of […]
Focus on fraudulent Death and Disability claims
On Thursday, we focused on fraud in the funeral cover space. Today we look at how this manifested in Death, Disability, Hospital cash plans and Retrenchment cover space. South African life insurers reported […]
The cost of data breaches and preventative measures to curb it
An article published on the My Broadband website shares some rather startling figures on the consequences when hackers manage to gain access to your data. The researchers identified several trends among South African […]
Levy deadlines reminder
Please bear in mind that the levies for FSPs are calculated based on the KIs/Reps approved/appointed on 31 August. A in the calculation is indicated as being: It is therefore imperative that all […]
Sasria Update
According to Moneyweb, the South African Special Risks Insurance Association (Sasria) expects claims related to the unrest in July to amount to R20 billion, with 10% of the amount to be paid out […]
Significant increases in funeral insurance fraud include shocking actual examples
South African life insurers reported a 12% increase in fraudulent and dishonest claims across all lines of risk business in 2020, with a monetary increase of over R50 million. Some of the examples […]
Impact of ABSA MM closure on CIS inflows
The rather surprising decision by ABSA to close the biggest money market fund in the country had quite an impact on the latest data published by ASISA last week. The local Collective Investment […]
FSCA expectations regarding premium increases on funeral policies
The Financial Sector Conduct Authority (FSCA) has expressed its concern about high premium increases that are being implemented by insurers on funeral policies throughout the industry. While it is aware of the impact […]
Change in CIS rankings based on assets under management
Patrick Cairns published an interesting article in Citywire’s weekly roundup based on the latest ASISA statistics as at the end of June. Titled Ninety One overtakes Allan Gray as SA’s largest CIS manager, […]
Reaction to Green Paper on social security
Last week the Department of Social Development published a green paper on proposed social security and retirement reforms for public comment. And boy, did they get that. Solidarity has threatened with court action […]
Expired Driver’s licence NOT acceptable as ID for RE
Candidates wishing to write Regulatory exams are required to identify themselves by means of a VALID document, including an ID document, a driver’s license or a passport. With the backlog experienced in the […]
