Low cost medical insurance plans outlawed
Under the heading, Discovery may go to court after CMS bans products, Legalbrief Today reports as follows: “Discovery Health (Pty) Ltd may turn to litigation after the Final Board of Appeal of the […]
Compliance and Legislation
Changes to aspects of FAIS Ombud’s approach to handling complaints
The new Rules also incorporate the proposal to raise the Ombud’s jurisdictional limit from R800 000 to R3.5 million.
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NHI project on backburner – a return to sanity
National Health Insurance project on backburner – a return to sanity It appears that rational thinking is making a slow but sure comeback, judging by a recent Fin24 report summarised in Legalbrief Today: […]
Client Confidentiality
Client Confidentiality when transferring business A recent Moneyweb article highlighted the importance of treating client information with great circumspection. A product house included personal client information in court documentation in an urgent application. […]
A view from the CEO of Discovery Health
The National Health Insurance Bill and the Medical Schemes Amendment Bill – A view from the CEO of Discovery Health The Department of Health issued the National Health Insurance (NHI) Bill and the […]
Ombudsman ruling – Dread disease claim paid for the second time
Although a dread disease claim under a group risk policy was declined as the claim for the same condition was paid by a previous underwriter, the Ombudsman for Long-Term Insurance recently ordered Alexander […]
Exemption of services under supervision – part 2
Exemption of services under supervision – Differences between 2008 Exemption and the Draft Exemption (part 2) The FSCA’s discussion on the substance of the Draft Exemption is structured to highlight the significant differences […]
Exemption of services under supervision – part 1
Exemption of services under supervision – Differences between 2008 Exemption and the Draft Exemption The FSCA released the “Consultation Paper: Exemption on services under supervision” last week and mentioned that it is necessary […]
Exemption of Services under Supervision Consultation Paper released
The FSCA has released the Exemption on Services under Supervision Consultation Paper. The Consultation Paper relates to the FSCA’s proposed withdrawal of the Notice on the Exemption of Services under Supervision in terms […]
Levies on financial institutions – published by the FSCA
The FSCA has published the 2018 levy notice. Category I or IV FSP (a) A base amount of R3 373; and (2017: R3 182) (b) KI/Rep x R538 (2017: R508) Category I or IV […]
The latest FSCA FAIS notices
The FSCA as release the following FAIS Notices: FAIS notice 32 of 2018 – Compliance report for Category I with a CO ● Reporting date: Still 31 May 2018 ● Submission deadline: 15 […]
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 […]
New Draft Conduct of Business Report
The Financial Sector Conduct Authority (Authority) intends to replace the current compliance reports with the proposed Conduct of Business Report (COBR) that was published for public comment on the official web site of […]
Regulatory Focus on FICA
The Financial Sector Conduct Authority (FSCA) has just published a general communication to Accountable Institutions (AIs) on its supervisory approach to implementation of the Amendments to the Financial Intelligence Centre Act, 2001 (FICA). […]
Supervision Department Feedback and Focus
At the March 2018 FSB FAIS Conference, Ms Felicity Mabaso reported back on the Supervision Department’s activities in 2017 and 2018, and provided insights into its plans for 2018/2019. FSB Theme Visits: 2017/2018 […]
High Court sets aside Validation of Gross Income methods
On 16 March 2018, the High Court in Cape Town provided its favourable ruling on the matter brought by the retailers, Truworths Limited, Foschini Group Limited and Mr Price Group Limited (the “Applicants”) […]
Long-term Insurance Class of business Training
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. Moonstone Business School of Excellence (MBSE) […]
