The FSCA has told all licensed non-life insurers that belong to the Ombudsman for Short-term Insurance (Osti) to provide the authority with the number of personal lines claims reported in the 2021 calendar year.
The FSCA said it requires the information to facilitate accurate and useful complaint reporting for the Osti’s 2021 annual report. The information will also assist the authority in monitoring the extent to which insurers are delivering fair outcomes for consumers.
The information must be input on the Excel spreadsheet provided by the FSCA. This can be downloaded from the FSCA’s website, www.fsca.co.za > Regulatory framework > Notices > Insurer/Microinsurer > 2022.
The deadline for submission is 28 February 2022.
Failure to provide the information by the due date is an offence under section 267 of the Financial Sector Regulation Act.
Comment: The request applies only to insurers that chose to fall under the Osti’s jurisdiction. Aren’t those that opted not to participate in the Osti more in need of being monitored for TCF, because they are more likely to be “mavericks”?
