“Short Term Insurance complaints remain the highest number of complaints received by this Office”. This is the view of Marc Alves of the FAIS Ombud’s office. In a recent FAIS Ombud newsletter he shares that one of the most significant causes for complaints received by the FAIS Ombud, is the replacement of short-term insurance policies, […]
Unless clients have elected to pay an additional premium for an excess-free policy, they will almost always pay an excess when they claim from their insurer- whether it’s their fault or not. The Ombudsman for Short-Term Insurance recently commented on excesses. In the media release the Ombud answers the following questions: What is an excess? […]
The charging of fees in the Short-term space, and particularly the so-called “administration fee”, has always been a bone of contention in the industry. Many elected to simply follow the ostrich approach and charge clients for doing something for which they are already compensated via commission, but this may not be the wisest move, going […]
South African Short-term Insurance – what are the latest trends, drivers and challenges? A question that more than one research house asked and surveyed in the last few months. In today’s rapidly changing environment, identifying trends in your industry, market and customers can give you a competitive edge. Research findings and reports give you access […]
The South African Insurance Association has compiled a list of questions and answers to provide guidance in respect of the impact of the change in VAT rate on short-term insurance transactions. Note from SAIA- 16-May: When this document was prepared and released on 26 March 2018, the insurance industry had applied for a special transitional ruling under […]
In terms of Board Notice 194 of 2017, class of business (COB) training forms a compulsory part of the competence requirements for FSPs, Key Individuals and Representatives. The product categories that an FSP can be licensed for have been divided into 9 broad classes, each with its own subclasses. For example, Short-term Insurance Personal Lines […]
The recent announcement of the change in the Value Added Tax rate from 14% to 15% effective 1 April 2018 did not leave much time for companies across different industries to amend their systems to accurately implement the VAT rate increase from that date. Some of the industries that will be most affected by the change are […]
Using attention-grabbing adjectives in news headlines to describe life-changing events has been the preserve of news offices around the world for years. Over the course of the past few weeks, news reports have delivered the devastating consequences of fires in South Africa, monsoon flooding in India, Nepal and Bangladesh, earthquakes in Mexico and hurricanes in […]
In the financial services industry in South Africa, the only certainty is change. A number of regulatory changes with significant impact on the industry are in the pipeline. Moonstone Compliance is pleased to announce that we will hosting another round of our very popular regulatory update workshops during September 2017. As our regular attendees have come […]
Talks are currently underway to increase the obligations of the Short-term industry in respect of the Financial Intelligence Centre Act (FICA). The Financial Intelligence Centre (FIC) is the body responsible for identifying the proceeds of crime, combating money laundering (ML) and the financing of terrorism (TF). To this end, it uses information submitted by business, […]
