Tribunal slashes penalties imposed on the Land Bank’s insurance companies
Prudential Authority fined them an effective R2.688m for contraventions of the Short-term Insurance Act and the Insurance Act.
Conventional wisdom says that living expenses rise uniformly with inflation, so many financial plans are based simply on that. But analysing the spending patterns of retirees shows us that the data tells a different story.
Read morePrudential Authority fined them an effective R2.688m for contraventions of the Short-term Insurance Act and the Insurance Act.
The group unbundled its majority stake in Nedbank in 2018.
This follows the High Court’s decision confirming its earlier judgment.
Did section 54(5) of the Insurance Act and the provisional curatorship orders preclude the final liquidation orders?
The South African Reserve Bank (Sarb) this week moved to attach more than R1.4 billion in assets linked to former Steinhoff chief executive Markus Jooste, five years after it told Parliament it was […]
3Sixty Life has registered its intention to appeal against the High Court’s decision to place the underwriter under final curatorship. The High Court also cancelled the appointment of Yashoda Ram as 3Sixty Life’s […]
The Prudential Authority (PA) has granted Capitec a licence to conduct life insurance business in South Africa, Capitec announced this week. A subsidiary of Capitec Bank Holdings, Capitec Ins. Pty Ltd, has been […]
Unfortunately, the answers, including those where vehicles are at repair shops, will probably not bring them much cheer.
The SA Reserve Bank will shortly issue a draft sketching an ESG disclosure framework for the financial services organisations that it supervises.
The High Court in Johannesburg has placed Constantia Insurance Company Limited (CICL) in final liquidation after granting the urgent application brought by the Prudential Authority (PA) and the short-term insurer’s curator at the […]
Policyholders of Constantia Insurance Company Limited (CICL) who have outstanding claims will have to join the queue of creditors if the application to have the insurer liquidated is granted. Last week, the provisional […]
Life insurers will have to incorporate beneficiaries as a risk factor when determining a client’s overall money laundering and terrorist financing (ML/TF) risk, according to a proposed directive published for comment by the […]
The Financial Intelligence Centre (FIC) will work with entities that become accountable institutions in terms of the amendments to the Financial Intelligence Centre Act (Fica), to help them bed down compliance with the […]
Hot on the heels of its proposed amendments to Joint Standard 1 of 2020 pertaining to the significant owners of FSPs, the FSCA has asked for reports from certain FSPs and collective investment […]
National Treasury’s acting director-general, Ismail Momoniat, says mechanisms need to be put in place to ensure that the regulators are doing their job in respect of suspicious financial transactions, noting that Treasury does […]
Nedbank has blamed delays in the promulgation of amendments to the Financial Intelligence Centre Act (Fica) for the effective fine of R20 million and other administrative sanctions imposed by the Prudential Authority (PA) […]