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.
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The issue of charging interest on initiation fees levied in terms of short-term credit transactions and unsecured credit transactions have long been debated within the credit industry. On the one hand, the industry […]
The issue of charging interest on initiation fees levied in terms of short-term credit transactions and unsecured credit transactions have long been debated within the credit industry. On the one hand, the industry […]
“During 2019, OSTI finalised a total of 9 167 formal complaints. The majority were in respect of motor vehicle claims at 49% followed by homeowners/building claims at 20%, commercial claims at 8% and household […]
In addition to making the correct disclosures at the start of a policy as well as paying the premium, most policies place a duty on the insured to inform the insurer of any […]
In addition to making the correct disclosures at the start of a policy as well as paying the premium, most policies place a duty on the insured to inform the insurer of any […]
As the COVID-19 pandemic continues to affect the livelihoods of many South Africans, most short-term insurers have implemented various forms of relief for their customers. This is in line with the recent FSCA […]
In one of the case studies discussed in the latest Short-Term Ombudsman Briefcase, readers are reminded of Rule 15.1 of the Policyholder Protection Rules. This states that policies must contain a provision for a […]
Your clients cover their valuables under a short-term insurance policy as it gives them the needed financial security against loss or damage. Many claim rejections and Ombud cases have revealed that clients sometimes […]
In a recent media release, the Office of the Ombudsman for Short-Term Insurance (OSTI) highlights some of the things consumers do which might result in the insurer cancelling cover or refusing to pay […]
Business Day TV’s “You & Your Money” recently interviewed Edite Teixeira-Mckinon, the Deputy Ombudsman for Short-Term Insurance. Teixeira-Mckinon joined Bryan Hirsch, personal financial planner and author, to discuss the operations of the Short-Term […]
The Ombud for Short Term Insurance’s mission is to resolve short term insurance complaints fairly, efficiently and impartially. How did they perform in 2018? How many complaints were received? The Ombudsman just released […]
The charging of fees in the Short-term space, and particularly the so-called “administration fee”, has always been a bone of contention in the industry. Many elected to simply follow the ostrich approach and […]
The FSB published the Long- and Short-term proposals last Wednesday. Included in the documentation is a comments matrix reflecting the Regulator’s responses to industry input. It is interesting to note the inclusion of […]
The October edition of the OSTI Briefcase contains some interesting insights on two complaints, in particular. Promissary warranty The issue for determination in this matter was whether the insurer was entitled to reject […]
From enquiries we receive, there appears to be some confusion regarding the collection of short-term insurance premiums. This is understandable, given the various amendments to the STIA, the implementation of the Financial Sector […]
