And you thought Compliance was expensive?
The latest determination by the FAIS Ombud provides clear proof that non-compliance with one’s obligations under the FAIS Act and the General Code of Conduct can be a very costly affair. The information […]
Funeral insurance Bill moves to Parliament, but questions persist
The proposed reforms could require significant operational changes for insurers, but industry experts believe they address only part of the problem.
Whereto with POPI and TCF?
We frequently receive enquiries about legislative changes, specifically regarding Treating Customers Fairly (TCF) and the Protection of Personal Information Act (POPI). Some product providers have even requested advisors to sign TCF declarations. As […]
Springbok Contracts Confirmed
The South African Rugby Union (SARU) confirmed on Friday that a group of 17 players were contracted for the 2014 Springbok season. The seven newly-contracted players are Marcell Coetzee (loose forward), JJ Engelbrecht […]
Nigeria – Shake-up in the military about politics, not a coup
On Thursday, January 16, President Goodluck Jonathan sacked his high command and brought in fresh blood. The president was spurred by infighting among his military commanders that hindered the fight against Boko Haram […]
Exhaustive Law Amendments Published
The Financial Services Laws General Amendment Act, Act No. 45 of 2013, was published on 16 January after extensive consultation with various role players and affected parties. The preamble to the publication states […]
An Unusual Finding
The following article is reproduced from Talking Point, a publication issued by Walkers Attorneys in Cape Town, with their kind permission. Sangoma training and work ethic by Amien Hoosain Kiewits Kroon Country Estate […]
Your Voice: Healthcare Distribution Remuneration
The long-standing battle by the Council for Medical Schemes to have gap cover and hospital plans clearly demarcated as insurance, and not medical products, is indicative of its determination to ensure that clients […]
Cricket Piracy
The proposal by India, Australia and England to usurp power in the world of cricket may be a case of making official what may very well already be standard practice. There is little […]
Are Pension Fund Trustees Equipped to handle Death Benefits?
An article on the Norton Rose Fulbright website poses an interesting and challenging question to trustees in terms of their obligation as far as the distribution of death benefits is concerned. Prior to […]
Irregularity Reporting
A recent press release by the FSB named nine funeral services providers who appear to be acting outside of the law. Is it only the Regulator’s duty to expose such transgressors, or do […]
Your Voice: Commission on Healthcare Products
In 2000, the authorities governing our industry placed restrictions on medical aid fees. It was 3% with a cap of R50. Some 14 years later the cap is R69 (last I looked). I […]
WAM BAM RAM SLAM
RAM SLAM News The Warriors and the Lions drew in an epic match at Buffalo Park on Sunday. The defending Champions, the Lions, are yet to win their first match in this year’s […]
Africa – Economic freedom is improving in SSA
The Heritage Foundation and Wall Street Journal released the 2014 version of the Index of Economic Freedom on January 14. Globally, this measure of economic freedom is improving, with the global average freedom […]
Important Qualification Requirements
The regulatory examinations took precedence for most people in the industry, and may have averted the focus from the qualification requirement, particularly in the case of representatives working under supervision. Industry demands for […]
Fraudulent Insurance Claim Backfires Badly
A fairly humorous article on a serious topic recently appeared in the Natal Mercury. The following synopsis was published in Legalbrief Today: A fraudulent insurance claim for R4 500 for a water-damaged cellphone […]
Sport Snippets
As we wait for the big guns of rugby and cricket to get back in the arena, we look at some other news from around the globe. Bafana Hanging On South Africans always […]
Proposed Advertisement Guidelines
We publish below extracts from a document recently published by the Regulator aimed at regulating “advertisements, brochures and similar communications”. A Draft Information Letter, providing guidance to long-term and short-term insurers on the […]
