Insurance Bill passed in Parliament
Insurance Bill B1B, as amended by the Standing Committee on Finance was passed in the National Assembly on 28 November 2107. It will now be referred to the National Council of Provinces for consideration. The […]
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.
Outcomes of Thematic Review on Claims
The term ‘risk based and proportionate’ is one of the important cornerstones of how market conduct will be assessed and regulated in future. The following possible sources of conduct risk were identified: Culture […]
FAIS Cat I and II licences
We are aware that there is fair amount of concern in the industry about where the regulator is heading in this regard. The following are some of the points for discussion at the […]
FSB RDR Update November 2017
At the end of last year’s Insurance update from the FSB, Jonathan Dixon said: “We had better fasten our safety belts – this is going to be rough year”, or words to that […]
FAIS Ombud 2016/2017 Annual Report
How do the numbers contained in the Ombud’s latest report reflect on its mandate? Complaints received for the period 1 April 2016 to 31 March 2017 came to 10 846, compared to 9 891 for the previous year. • […]
Insights on rejuvenating the Millennial conversation
InvestmentAdvisor magazine recently published some surprising results from a survey on millennials and their take on financial matters. Most Millennial studies tell only half the story, focusing on dollars but overlooking humanity. That’s […]
FAIS Ombud Settlement Cases
Whilst determinations by the Ombud receive wide exposure in the media, settlements are only published in her annual report. This year, there were 1005 settlements and 68 determinations. The settlement amounts in case […]
FAIS Ombud on Short-term Insurance Trends
The 2016-2017 Annual report notes the following trends in complaints received from the public. The number of complaints that relate to short-term insurance policies far exceed those from any other product category of […]
Ombud Council to Oversee Various Ombud Schemes
The Financial Sector Regulation (FSR) Act was signed by the President in August 2017. The National Treasury announced that it will be publishing a series of consultation documents, setting out in more detail the […]
Draft Policyholder Protection Rules submitted to Parliament
The FSB published the Long- and Short-term proposals last Wednesday. Included in the documentation is a comments matrix reflecting the Regulator’s responses to industry input. It is interesting to note the inclusion of […]
Proposed Amendments to General Code of Conduct: Sections 8 & 9
The Registrar has published proposed amendments to the General Code of Conduct for Authorised Financial Services Providers and Representatives, 2003 and proposed amendments to the Specific Code of Conduct for Authorised Financial Services […]
Healthcare Broker fee increase
Regulation 28(2), published in terms of the Medical Schemes Act, now effectively reads as follows: “Subject to sub-regulation (3), the maximum amount payable to a broker by a medical scheme in respect of […]
SaXum Liquidation Update
The short-term insurance industry, through the South African Insurance Association (SAIA), has established a limited voluntary fund (SAIA Fund) to try and alleviate the prejudice suffered by those policyholders with motor accident claims […]
Prohibition of Inducement and Acceptance of Gratification
The Registrar of Pension Funds published, for comment, a draft Directive to determine conditions in respect of inducements and acceptance of gratification to ensure compliance with and to prevent contraventions of the objectives […]
Draft Determination on Equivalence of Reward
Perceived disparities between remuneration for tied agents and independent advisers have been a bone of contention for ages. The Registrar also expressed concerns about the possibility of using remuneration, other than commission, to […]
Elevating the Client Experience
We commented earlier on this white paper, published in the USA in September. Whilst it expands on “Leveraging Technology to Drive Profitability, Scale, and Growth”, there is certainly another aspect of great interest […]
Information for Nova debenture holders
Moneyweb’s editor, Ryk van Niekerk, published an article of interest to those who invested in Sharemax, and hold debentures in Nova. There is currently a proposal for a Section 155 Scheme of Arrangement, which […]
