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Tag Archives | Regulations

Medical

CMS Circular 18 of 2019: Status update on Demarcation Regulations and a Low-Cost Benefit Package

The current exemption of indemnity products that are doing the business of a medical scheme expires on 31 March 2019. Entities that were granted exemption on their indemnity products in 2017, should submit renewal applications, which will be evaluated on merit, to extend the exemption period to 31 March 2021. The Council for Medical Schemes (CMS) mentioned that details […]

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transactions

Proposed new FICA regulations – Changes to international and cash transactions

Changes to international and cash transactions National Treasury recently invited public comments on draft regulations on international financial transactions in terms of section 31, and amendment of regulations on cash transaction reporting and aggregation in terms of section 28 of the Financial Intelligence Centre Act 38 of 2001 (FIC Act). According to National Treasury, the proposed […]

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regulations

Default regulations for retirement funds – Applicable from 1 March 2019

The Minister of Finance issued the Default Regulations with effect from 1 September 2017. The Default Regulations prescribe conditions for default investment portfolios, default preservation and portability, and annuity strategies for funds. All new default arrangements that came into operation on or after 1 September 2017 must comply with the requirements set out in the Default Regulations. Existing default […]

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script

New Binder Fee Regulations Bring Consistency

An article in Moneyweb titled New insurance rules offer more protection, less bias discusses the introduction of a binder remuneration cap of 9% in amendments to the long- and short-term insurance regulations which became effective on 1 January 2018. “Binder holders are third parties, who act as “front faces” for insurers and perform specific functions related to […]

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moonstone-retirement

Retirement Funds Default Regulations

The latest ASISA Dispatches comments as follows: The final regulations were issued by the Minister of Finance on 25 August 2017. The effective date is 1 September 2017 with 18 months being afforded for existing default arrangements to comply. Unfortunately, the regulations failed to provide a lead-in period for existing funds that do not currently have default arrangements. ASISA raised […]

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insurance

New Credit Life Insurance Regulations from 10 August

Registered credit providers should note that the long-anticipated credit life insurance regulations will come into effect on 10 August 2017 (“Commencement Date”). On 9 February 2017, the Minister of Trade and Industry, Dr Rob Davies, published the final credit life insurance regulations under Government Gazette Notice No 103, in the Government Gazette No 40606 of 2017(“Regulations”). The Regulations will only […]

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Tax

Imminent changes to tax-free savings regulations

The National Treasury will shortly publish final amendments to tax free savings accounts regulations for the year beginning 1 March 2017. The amendments will include: The process for transfers clarify the policy position on performance fees in underlying funds give guidance on the adequate and consistent disclosure of returns to fixed deposit tax free savings accounts include […]

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demarcation

Draft Demarcation Regulations tabled in Parliament

On Friday, 28 October 2016, draft Demarcation Regulations were published on which types of contracts are regulated under the LTIA and STIA as health policies and accident and health policies, and accordingly excluded from the Medical Schemes Act, No. 131 of 1998 (MSA), despite such contracts meeting the definition of the business of a medical scheme. […]

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Draft Demarcation Regulations

Proposed amendments to the definition of a “business of a medical scheme” The publication of the Second Draft Demarcation Regulations follows the enactment of the Financial Services Laws General Amendment Act, No. 45 of 2013 which became effective on 28 February 2014. An amendment to the definition of a “business of a medical scheme” was deferred to come […]

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Draft Regulations on Hedge Funds

The National Treasury (“Treasury”) and Financial Services Board issued the following media release last week: In 2012, South Africa, as a committed member of the G20, embarked on a process to enhance and expand the scope of regulation and oversight over hedge funds, following the Global Financial Crisis in 2008. This process culminated in the […]

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