FSCA grants another extension for exemption on payment for collecting premiums
An independent intermediary must be authorised by the insurer to engage in ‘direct collection of premium’ activities.
Insurance
Sanlam pays tribute to ‘titan’ Desmond Smith
It says Smith played a key role in laying the foundation for the financial services group as it currently exists.
Short-term insurer OUTsurance lists on the JSE
Final chapter in RMI’s transition from an investor in a portfolio of financial services businesses.
Old Mutual to ‘re-enter’ retail banking space in 2024
The group unbundled its majority stake in Nedbank in 2018.
Clients need to be reminded of the long-term benefits of risk cover
Intermediaries can help clients to understand the implications of losing their protection.
Court confirms order for reinstatement of insurance salesman fired for gross insubordination
He was alleged to have disrespected the CEO during a staff meeting called to address the team’s underperformance.
FSCA publishes conduct standard on third-party cell captive insurance business
The FSCA has published a conduct standard setting out the requirements relating to third-party cell captive insurance business. Conduct Standard 2 of 2022 (INS) came into operation on 1 October and applies immediately […]
Treasury, Sasria working on reintroducing R1bn in additional cover
National Treasury and the South African Special Risk Insurance Association (Sasria) are working on ways for the state-owned insurer to reintroduce the R1 billion in additional cover for large corporates, Finance Minister Enoch […]
Was the tribunal’s decision on causal event penalties warranted?
In an article about a case in which the High Court in Johannesburg ordered the South African Special Risk Association to pay Blackspear, the judge noted that, despite the complexity of the relevant […]
Businesses are particularly vulnerable to the impact of climate change
A few years ago, climate change was a far-off reality, but a marked increase in natural disasters and weather-related catastrophes points to the reality that it may be closer to home than we […]
High Court judgment ‘is a caution to insureds who seek to obstruct an insurer’s access to information’
In what is a rare win for an insurer in recent times, the Gauteng High Court’s judgment in Musa v King Price Insurance Co on 9 May highlights the importance of insureds abiding […]
A proactive risk advisory business model is key to survival
If you think that a “business as usual” approach is all that is required in the future, you are in for a rude awakening. In a recent media release, Andrew Coutts, the head […]
Regulating insurance commission has failed dismally since 1977
The fallacy that insurance commission is the root of all evil has led to numerous failed attempts to regulate it. Dr Brian Benfield, a retired professor from Wits’ Department of Economics, holds nothing […]
How intermediaries can overcome client objections
When it comes to finance, we assume people are rational, so we give people more information and longer documents and explain the actuarial principles in the hope that they will result in their […]
How intermediaries can have better conversations with their clients
Clients often find insurance conversations challenging. They want to get through them quickly and enter them with a preconceived idea of what they want to talk about. But intermediaries can have more meaningful […]
Former Land Bank Insurance head takes over at Sasria
The South African Special Risk Insurance Association (Sasria) has appointed Mpumelelo “Mpumi” Tyikwe as its new chief executive, effective 7 April. Outgoing incumbent Cedric Masondo, whose term ends in May, is set to […]
FSCA is concerned about life insurance premium increases
The FSCA says it will continue to ensure that insurers adopt “a fair and balanced approach” towards premium increases, while taking into account the valuable role the insurance industry has played in difficult […]
