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Tag Archives | Short term

Short-term

Short Term Insurance Ombud – Insight into how it operates

Business Day TV’s “You & Your Money” recently interviewed Edite Teixeira-Mckinon, the Deputy Ombudsman for Short-Term Insurance. Teixeira-Mckinon joined Bryan Hirsch, personal financial planner and author, to discuss the operations of the Short-Term Ombudsman’s office. In the interview Teixeira-Mckinon chats about the proposed amalgamation of the Short- and Long-term Insurance Ombuds’s offices, the upward trend […]

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report

Short-term Ombud Annual Report – What are the trends of the complaints received?

The Ombud for Short Term Insurance’s mission is to resolve short term insurance complaints fairly, efficiently and impartially. How did they perform in 2018? How many complaints were received? The Ombudsman just released its Annual Report that provides, amongst other information, statistical data and operational results for 2018. According to Haroon Y Laher, Chairman of […]

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rules

Draft Policyholder Protection Rules submitted to Parliament

The FSB published the Long- and Short-term proposals last Wednesday. Included in the documentation is a comments matrix reflecting the Regulator’s responses to industry input. It is interesting to note the inclusion of “Fair Treatment of Policyholders” as a specific rule in both the long- and short-term versions of the PPRs. In the past, it […]

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Case studies from the Short-term Ombud

The October edition of the OSTI Briefcase contains some interesting insights on two complaints, in particular. Promissary warranty The issue for determination in this matter was whether the insurer was entitled to reject a claim for the loss of a tennis bracelet, worth nearly R120 000, on any one of the following four grounds set out […]

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Short-term

Short-Term Insurance Premium Collection – Now and in Future

From enquiries we receive, there appears to be some confusion regarding the collection of short-term insurance premiums. This is understandable, given the various amendments to the STIA, the implementation of the Financial Sector Regulation Act, the recent amendments to the Regulations and comments made regarding certain proposals in the Retail Distribution Review Updates. Little has […]

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StolenCar

Duped

Selling items such as cars and other valuable articles on the internet has become very popular. Unfortunately, criminals have not remained far behind in exploiting naïve sellers. An interesting case is discussed in the latest Short-term Ombud’s Briefcase. Mr. R placed his vehicle for sale on a website. He was contacted by a potential buyer. […]

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Training

Short Term Training opportunities

Align your training and development needs with the Regulator’s drive towards professionalization by making use of the services listed below. Just click on the title for more information. FURTHER EDUCATION AND TRAINING: SHORT-TERM INSURANCE (NQF4) This qualification covers Short Term Insurance related learning and provides a framework for learners to develop competencies that will give […]

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Short-Term Ombud Annual Report

There can be little doubt that there is a steady increase in the efficiency of this champion for the fair treatment of consumers. The figures listed below come directly from the Ombud’s report: The total number of complaints received during the year was 9,368 which represent an increase of 245 or 2.7% over 2012. The […]

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