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Tag Archives | Insurance Act

fitandproper

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 and Proper Requirements. Read: ‘Fit and proper’ exemptions for credit life, funeral insurance FSPs The reason for the exemptions is the “unintentional […]

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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 caution comes from Jenny Gordon, the head of technical advice: Investments, Product and Enablement at Alexander Forbes. Until relatively recently, Gordon says, […]

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black-businesswomen

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 released, for public comment, its draft strategy for promoting financial sector transformation. (Click here to download the document.) Cofi will empower the […]

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fit-and-proper

‘Fit and proper’ exemptions for credit life, funeral insurance FSPs

The FSCA is exempting FSPs, key individuals and representatives who operate in the credit life and funeral insurance space from some of the Fit and Proper Requirements. The reason for the exemptions is the “unintentional complications” that have arisen because of the reclassification of classes and sub-classes of insurance business in terms of the Insurance […]

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licensed

Keeping it simple is the solution

Ninety-eight percent of lawyers give the rest of us a bad name, quipped Steven Wright, American stand-up comedian, actor, writer and Oscar-winning film producer. This view was also applied to the financial services industry at the beginning of this century, which led to the raft of legislation currently governing how we do business. Prior to […]

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Health and accident policyholders take Prudential Authority to tribunal

Health and accident policyholders take Prudential Authority to tribunal

Last year’s High Court judgment involving Constantia Insurance Company’s Prime Living CoverGrow and Prime Living Legacy policies had a sequel before the Financial Services Tribunal in October, when it was asked to reconsider the decision by the Prudential Authority (PA) on how these policies should be dealt with. The High Court’s ruling arose from Constantia […]

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fit-and-proper-exemptions

Proposed exemptions to tackle complications under the Fit and Proper requirements

In 2017, new classes and sub-classes of insurance business were introduced through the Insurance Act, 2017 (Act No. 18 of 2017). Subsequently, the Determination of Fit and Proper Requirements for Financial Services Providers, 2017 (Board Notice 194 of 2017) was amended to ensure alignment between the subcategories of financial products contained in the Fit and […]

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Errata on Compliance Information

Very little escapes the eagle eye of Alan Holton, a compliance practitioner and associate of Moonstone. He came across a publication which contains compliance related articles, and brought the following to our attention to share with our readers. The object of the exercise is not to criticise others, but merely to help provide clarity in […]

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