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Tag Archives | Update

insurance

Collection of insurance premiums – Update on regulatory framework

Just before year end, the Financial Sector Conduct Authority (FSCA) published FSCA Communication 2 of 2018: Update on the future of the premium collection regulatory framework under the Short- and Long-term Insurance Acts. The FSCA’s communication highlighted the various regulatory interventions being considered to address specific risks inherent in third party premium collection business models. […]

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FICA Update June 2018

If there was ever any doubt about just how serious the world is about money laundering and related crimes, this was dispelled by the recent example of Australia’s Commonwealth Bank agreeing to a US$530 million fine over money-laundering breaches. “While not deliberate, we fully appreciate the seriousness of the mistakes we made,” said CBA chief […]

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FSB Regulatory Exam Update

The amended requirements contained in the 2017 Determination of Fit and Proper Requirements will have a substantial impact on the content of the study material for the REs. The FSB’s FAIS Information Circular 1/2018 confirms a number of matters we discussed since the publication of the new Fit and Proper Determination, which comes into effect […]

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FSB RDR Update November 2017

At the end of last year’s Insurance update from the FSB, Jonathan Dixon said: “We had better fasten our safety belts – this is going to be rough year”, or words to that effect. Having read all eleven presentations for this year’s road show this weekend, it might be advisable to strap on a parachute […]

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Herman Pretorius RVAF Update

A recent article in “Die Burger” reports on the first liquidation and distribution accounts in respect of the Herman Pretorius/Relative Value Arbitrage Fund matter. In total, the RVAF handled investments totalling R2.2 billion, and there are 2 862 claimants. It appears that investors will only receive 5 cents for R1 invested. The total sum available from funds recovered […]

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FIC Amendment Act Implementation Update

The Financial Intelligence Centre (FIC) Act has been amended with the first set of provisions coming into effect on 13 June 2017. These provisions do not have any effect on accountable institutions. The next set of provisions will come into operation on 2 October 2017 and relate to: Adoption of a risk-based approach to ensure that institutions understand money […]

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Binder Remuneration Update

We reported last week on the publication of proposed amendments to the Regulations made under the Long-term Insurance Act, 1998 (“LTIA”) and the Short-term Insurance Act, 1998 (“STIA”) for public comment. This included reforms to the Retail Distribution Review and the draft amendments to the Binder Regulations. Feedback to commentators notes that substantial input was […]

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moonstone-RDR-Update

Short term Remuneration Update

The RDR status review, published in December 2016, contained the following information concerning short term remuneration, and specifically regarding additional fees currently charged under section 8(5) of the Short Term Insurance Act. (f) Proposal UU (short-term): Remuneration for selling and servicing short-term insurance policies The current section 8(5) of the STIA11, which provides for an additional […]

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RDR General Status Update on Investments

The information contained in the update published in December is divided into seven “Themes”. This article provides a summary of some of the points discussed in Theme 2: Investments. At the end of the article we provide a link to the detailed discussion on this theme which covers RDR proposals impacting on the distribution of investment […]

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Retail Distribution Review Update

Background Up to the end of the previous century, regulation of financial services was by and large left in the hands of the industry itself. The advent of consumerism and money laundering, amongst others, and despite being strange bedfellows, led to more and more concerns about how matters were run in the industry, and led […]

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