Complaints data for short-term insurers
This link will open the complaints data from the Ombudsman for Short-term Insurance’s 2021 annual report. The insurers are sorted by number of complaints per thousand claims (column 5). As the Osti points […]
Author: Moonstone Information Refinery
FSCA announces proposed levy increase for 2025/26
The increase is below the 6% CPI-related increase permitted by the Levies Act.
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Animated video explains the two-pot retirement system
NCA Credit providers’ FICA obligations
NCR Desktop Audits
Is South Africa on track to getting off the grey list?
Looking back at this year’s FPI Professional’s Convention
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Webinars on how to investigate misconduct and address poor performance
CMS to take action against actuary over comments about low-cost benefit options
The Council for Medical Schemes (CMS) says it will be taking action against Insight Actuaries & Consultants joint-chief executive Christoff Raath following his comments about low-cost benefit options (LCBOs) on 19 May. The […]
BHF criticises CMS for not updating PMBs and lack of movement on low-cost benefits
The failure by the Council for Medical Schemes (CMS) to review the prescribed minimum benefits (PMBs) regularly is making private healthcare unaffordable for millions of people, according to the Board of Healthcare Funders […]
Life insurers that attracted the most and least complaints in 2021
This link will open a table of the 2021 complaints data of the 51 life insurers that subscribe to the Ombudsman for Long-term Insurance. The table lists the insurers by each insurer’s complaints […]
A financial planner’s take on landmark Divorce Act judgment
Last week, we reported on the landmark judgment by the Pretoria High Court that declared parts of the Divorce Act unconstitutional and invalid. The ruling means that individuals married out of community of […]
‘Low-cost benefit framework could give a third of South Africans access to basic private health care’
Up to 20 million low-income South Africans could afford basic private healthcare services if the Council for Medical Schemes (CMS) developed a framework for low-cost benefit options (LCBO), according to Business Day. The […]
FSCA wants info on commissions paid by credit providers to motor dealers
The FSCA has given motor dealers and financial institutions operating in the vehicle asset finance (VAF) space until the end of June to complete a questionnaire about dealer introductory commissions (DIC). In a […]
NHI is necessary and morally correct, says Gore
Discovery chief executive Adrian Gore has told Business Day that the proposed National Health Insurance (NHI) system is “a moral imperative” for the country that he supports fully, although he said it would […]
10X Investments to buy CoreShares
10X Investments has agreed to a 100% cash purchase of CoreShares, creating a full-service South African indexing investment specialist with more than R31 billion in assets under management. The deal is subject to […]
Big increase in fraudulent and dishonest risk cover claims in 2021
Life insurers detected 4 287 fraudulent and dishonest claims worth R787.6 million across all lines of risk business in 2021. This is a 34.5% increase in the number of such claims from 2020, […]
Dis-Chem data breach affects 3.68 million customers
One of Dis-Chem’s third-party service providers suffered a data breach on April 28, affecting more than 3.68 million of its customers, according to a notice posted on Dis-Chem’s website on Wednesday. It said […]
FSCA fines Viva Cover and Comit Technologies
The FSCA has imposed penalties of R110 000 on both Viva Cover (Pty) Ltd and Comit Technologies (Pty) Ltd for contravening various provisions of the General Code of Conduct from November 2013 to […]
Santam takes full control of Indwe Broker Holdings
Santam, South Africa’s largest non-life insurer, has taken full control of Indwe Broker Holdings after acquiring the shareholding from African Rainbow Capital Financial Services and Sanlam. Before the transaction, Santam held 24% of […]
Moody’s forecasts 8% inflation in 2022
Headline inflation in South Africa will rise to about 8% this year, breaching the upper end of the South African Reserve Bank’s target band of 3% to 6%, according to a research report […]
Compliance reports don’t have to be submitted this year
The FSCA has decided that compliance officers or FSPs will not have to submit compliance reports this year. This was also the case from 2019 to 2021. This was one of the announcements […]
FSCA reissues exemptions from competency requirements for certain licence categories
In February, the FSCA published FSCA Communication 4 announcing that it is exempting FSPs, key individuals and representatives who operate in the credit life and funeral insurance space from some of the Fit […]
Allianz and Sanlam in African joint venture
Sanlam and Europe’s largest insurer, Allianz, have agreed to combine their operations across Africa in a joint venture that will house the business units of both companies in the African countries where one […]
