Short-term Insurance – Latest trends
South African Short-term Insurance – what are the latest trends, drivers and challenges? A question that more than one research house asked and surveyed in the last few months. In today’s rapidly changing […]
Appeals Board ruling puts Centriq–Dis-Chem partnership on the line
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.
South African Crime Stats – opportunity for consumers and insurance industry
The release of the South African crime stats lead to a lot of talk in the media, on social media as well as in public conversations. With the murder rate that continues to […]
The rise of drone usage in the insurance industry
An article on this topic was recently published on the FIA website. The use of drones is rapidly growing in popularity. Individuals, companies and even governments have come to realise that drones have […]
Competition Commission data challenged
Legalbrief Today recently reported: The Competition Commission’s preliminary report into the private healthcare industry came under fire at the Hospital Association’s annual conference recently when a lawyer described the data as flawed. According […]
Financial Soundness of Representatives
The new Determination of Fit and Proper Requirements for Financial Services Providers, 2017 (Board Notice 194 of 2017) sets out a number of new requirements relating to the financial soundness requirement of representatives. […]
Fintech triggers regulatory scrutiny in South Africa
In a recent ITNewsAfrica article Dave van Niekerk, Executive Chairman of MyBucks, a Frankfurt-listed fintech with operations in Europe, Africa and Australia, said that fintech is able to take businesses anywhere. “Fintech is […]
Protection of data
Protection of data – become familiar with the requirements On May 25, 2018, the European Union’s General Data Protection Regulation (GDPR) came into force. The GDPR standardises data protection law across all 28 […]
South African Healthcare criticism
South African Healthcare criticism – further delay in Health Inquiry and release of IRR report There are currently three important considerations affecting the healthcare sector in South Africa: the National Health Insurance (NHI) […]
Good standing
Board Notice 194 of 2017 which contains the latest Fit and Proper requirements introduced a new concept called “Good standing”. This does not refer to your ability to consume copious amounts of alcohol […]
Financial Services Tribunal Rules – When and how to apply
According to the Financial Tribunal rules issued by the chairperson recently “the right to apply to the Tribunal for a reconsideration of a decision by a decision-maker is derived from section 230 of the […]
A view from the CEO of Discovery Health
The National Health Insurance Bill and the Medical Schemes Amendment Bill – A view from the CEO of Discovery Health The Department of Health issued the National Health Insurance (NHI) Bill and the […]
Advisers add confidence to consumers
Financial advisers add confidence to consumers financial situation A recent research study conducted by Columinate, on behalf of Liberty, shows that seventy percent of consumers who use a financial adviser are more confident […]
Local CIS industry grows investor assets to R2.3 trillion
The Association for Savings and Investment South Africa (ASISA) recently released the Collective Investment Schemes (CIS) industry statistics for the quarter and year ended June 2018. The statistics show that the strong net inflows […]
Fintech – a catalyst for change in the insurance industry
Digital is the new norm for customers. Big tech companies like Google, Amazon, Facebook, and Apple have paved the way and as a result customers are expecting more from their financial service providers […]
Ombudsman ruling – Dread disease claim paid for the second time
Although a dread disease claim under a group risk policy was declined as the claim for the same condition was paid by a previous underwriter, the Ombudsman for Long-Term Insurance recently ordered Alexander […]
Exemption of Certain Representatives from COB Training Requirements
In terms of section 29 of the Determination of Fit and Proper Requirements for Financial Services Providers, 2017 (“Determination”), representatives must, prior to rendering any financial services, complete class of business training (CoB) […]
Exemption of services under supervision – part 2
Exemption of services under supervision – Differences between 2008 Exemption and the Draft Exemption (part 2) The FSCA’s discussion on the substance of the Draft Exemption is structured to highlight the significant differences […]
