FSCA fines funeral insurance business for operating without a licence
The sanctions follow an investigation which found that the entity was not authorised and its clients were not underwritten.
Insurance Act
Legal precedent set as Odendaal’s assets forfeited in Steinhoff fraud battle
The SARB has forfeited to the state cash totalling R42m from Berdine Odendaal’s bank accounts, as well as her R18m property in Paarl’s Val de Vie estate.
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Supreme Court of Appeal sends a clear warning about non-compliant group schemes
SCA rules on the dispute between KGA Life and Multisure that arose after the cancellation of the intermediary agreement.
Tribunal rules on whether traditional insurers can underwrite first-party risks
Prudential Authority rejects application by Pepkor subsidiary Abacus to underwrite the risks of its parent company in addition to third-party risks.
R600m dividend: Eskom’s insurance captive asks for fine to be reconsidered
The board’s rushed decision, based on unaudited interim figures, put the shareholder’s interests above those of the policyholders, tribunal says.
Tribunal slashes penalties imposed on the Land Bank’s insurance companies
Prudential Authority fined them an effective R2.688m for contraventions of the Short-term Insurance Act and the Insurance Act.
FSCA publishes amendments to the General Code of Conduct
The requirements for advice fees in the context of insurance policies will be dealt with by amending the insurance regulations.
FAIS Ombud’s report identifies FSP ‘problem areas’
These include delays with funeral policy claims, advice to clients who buy living annuities, and insurance policy disclosures.
Supreme Court of Appeal rejects bid to overturn insurers’ liquidation
Did section 54(5) of the Insurance Act and the provisional curatorship orders preclude the final liquidation orders?
Constantia Insurance goes into final liquidation
The High Court in Johannesburg has placed Constantia Insurance Company Limited (CICL) in final liquidation after granting the urgent application brought by the Prudential Authority (PA) and the short-term insurer’s curator at the […]
Judgments in favour of Multisure remain suspended pending KGA’s appeal
Multisure Corporation’s attempt bring into operation the High Court order cancelling its intermediary agreement with KGA Life has failed, despite a successful High Court ruling last month, because KGA has been granted leave […]
Constantia’s policyholders with claims will have to join the queue of creditors if the insurer is liquidated
Policyholders of Constantia Insurance Company Limited (CICL) who have outstanding claims will have to join the queue of creditors if the application to have the insurer liquidated is granted. Last week, the provisional […]
Call for accountable institution amendments to exclude life insurers that provide risk policies
Outsurance Life has proposed that long-term insurers that provide risk products should be excluded as accountable institutions, saying the increased cost of compliance was not proportionate to the low risk these products posed […]
Placing Constantia Insurance under curatorship was premature, says Conduit Capital
JSE-listed Conduit Capital Limited believes the Prudential Authority (PA) acted prematurely when it applied for Constantia Insurance Company Limited (CICL) to be placed under curatorship, saying it was in talks with investors about […]
FSCA reissues exemptions from competency requirements for certain licence categories
In February, the FSCA published FSCA Communication 4 announcing that it is exempting FSPs, key individuals and representatives who operate in the credit life and funeral insurance space from some of the Fit […]
Employees must nominate beneficiaries on unapproved group life and funeral policies
Employees must ensure they have nominated beneficiaries on their unapproved group life and funeral policies. If they don’t, the benefit will be paid to the deceased estate, incurring unnecessary delays and costs. This […]
FSCA will use its enforcement powers to promote transformation
The FSCA has outlined how it intends to promote transformation in the financial sector, both now and, more importantly, once the Conduct of Financial Institutions (Cofi) Bill becomes law. This week, the Authority […]
