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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The Municipal Employees Pension Fund (MEPF) and its administrator, Akani, have won another court case – this time in the Supreme Court of Appeal (SCA) – that upheld the retrospective application of an […]
The Constitutional Court has ruled that the Pension Funds Adjudicator has jurisdiction to hear cases where the complainant was unlawfully admitted as a member of a retirement fund. The court’s ruling clarifies how […]
National Treasury has published the benefit increases for health insurance policies that fall under the Long-term Insurance Act (LTIA) and Short-term Insurance Act (STIA) in terms of the Demarcation Regulations. The 2016 regulations […]
The FSCA has proposed amending the Short-term Insurance Act regulations to exempt independent intermediaries from commission clawbacks when a policy is voided because of material misrepresentation or non-disclosure by the policyholder. Regulation 5.4 […]
A new Code of Practice reaffirms employers’ right to introduce vaccine mandates and tightens the grounds on which employees may refuse to be vaccinated. Employment and Labour Minister Thulas Nxesi gazetted the “Code […]
Insurers are disputing or rejecting an increasing number of motor vehicle accident claims on the grounds that the insured was speeding, and consumers should be made aware of the implications of the reasonable […]
The establishment of the Financial Services Tribunal in terms of the Financial Sector Regulation Act of 2017 brought much needed legal certainty to financial advisers and the public. Its predecessor, the FSB Appeal […]
The draft conduct standard on the “Requirements related to the payment of pension fund contributions”, which will replace Regulation 33 of the Pension Funds Act (PFA), was submitted to Parliament in December last […]
The South African Special Risk Insurance Association (Sasria) was “not sure” why its risk analysis programme missed the warning signs of the unrest in July, according to the “Report of the expert panel […]
The Gauteng High Court has dismissed, with costs, an application by Fusion Guarantees and its directors to declare sections 154, 167 and 231 of the Financial Sector Regulation Act (FSRA) unconstitutional and invalid. […]
The FSCA has extended for 12 months, to 31 January 2023, the exemption that allows independent intermediaries to receive compensation, over and above commission, for performing activities that support the direct collection of […]
You can now register for Moonstone Compliance’s popular regulatory update workshop, which this year will take the form of a Zoom webinar. The workshop will be held on Thursday, 24 February, from 9am […]
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 […]
National Treasury has published a discussion paper, for public comment, on the two-pot system for retirement savings, which will allow for limited pre-retirement withdrawals, and on mandatory retirement savings for all employed and […]
Short-term insurance intermediaries who want to remain relevant will have to evolve from being insurance facilitators to professional risk advisers. This one of the key take-outs from Santam’s 2021 Insurance Barometer. “Much of […]
In line with its aim to bring new investment opportunities to South African clients, Discovery Invest launched a market-first credit fund targeting annual returns in euros of 7% a year, net of fees […]
