FSCA proposes to align waiting periods for microinsurers and traditional insurers
The waiting period restriction in the Policyholder Protection Rules puts microinsurers at a competitive disadvantage, the Authority says.
Funeral policies
Why policyholders complained to the short-term ombudsman in 2023
‘Lack of maintenance or wear and tear’ gave rise to most of the disputes in several categories of insurance.
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Fraudulent funeral policies: 5 tips to stay clear of scams
The FAIS Ombud alerts consumers to the strategies fraudsters are using to trick consumers into signing up for policies.
FAIS Ombud’s report identifies FSP ‘problem areas’
These include delays with funeral policy claims, advice to clients who buy living annuities, and insurance policy disclosures.
Judgments in favour of Multisure remain suspended pending KGA’s appeal
Multisure Corporation’s attempt bring into operation the High Court order cancelling its intermediary agreement with KGA Life has failed, despite a successful High Court ruling last month, because KGA has been granted leave […]
Dispute between KGA Life and Multisure goes to Supreme Court of Appeal
KGA Life has been granted leave to appeal the Eastern Cape High Court’s judgment that ordered it to release the group funeral scheme it underwrote for Multisure Corporation. It was hoped that the […]
Keeping it simple is the solution
Ninety-eight percent of lawyers give the rest of us a bad name, quipped Steven Wright, American stand-up comedian, actor, writer and Oscar-winning film producer. This view was also applied to the financial services […]
Material non-disclosure could result in huge fines for insurers
Insurers should put processes in place to ensure that funeral policyholders are alerted when their dependants turn 21 and no longer qualify for child-dependant status, the Office of the FAIS Ombud says. It […]
Significant increases in funeral insurance fraud include shocking actual examples
South African life insurers reported a 12% increase in fraudulent and dishonest claims across all lines of risk business in 2020, with a monetary increase of over R50 million. Some of the examples […]
FSCA expectations regarding premium increases on funeral policies
The Financial Sector Conduct Authority (FSCA) has expressed its concern about high premium increases that are being implemented by insurers on funeral policies throughout the industry. While it is aware of the impact […]
