Do you know…about the new policyholder protection rules? ?>

Do you know…about the new policyholder protection rules?

Christine Rodrigues, a partner at Hogan Lovells, has over 15 years of experience in insurance, both within the industry and as a lawyer. Christine is a well-known face in the growing South African insurance sector. Following the introduction of the new Policyholder Protection Rules (PPR) rules in December 2017 and the concern regarding compliance commencement dates, Christine has prepared a series of short explanatory notes that we will be sending to you over the next few months. PART 1 With…

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Short-term insurers gaga over digital ?>

Short-term insurers gaga over digital

Fresh on the heels of the Liberty Group’s chatbot-driven short-term insurance service reveal, Virgin Money SA has unveiled an online buying insurance platform. The latest offering from Virgin Money SA’s insurance arm allows customers to request a quote and buy car insurance online. Virgin Money Insurance says while many South Africans are used to direct engagement with a call centre agent, an increasing number of consumers prefer using online application tools. While offering insurance products and services via online channels…

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Financial Services Board takes up new mandate as the Financial Sector Conduct Authority ?>

Financial Services Board takes up new mandate as the Financial Sector Conduct Authority

The Financial Services Board (FSB) has officially taken up its new mandate as the Financial Sector Conduct Authority (FSCA), effective 1 April 2018. “This marks the formal implementation of the Twin Peaks model of financial sector regulation, as envisaged in the Financial Sector Regulation Act 2017 (FSRA),” the FSCA said in a media statement today. Finance Minister Nhlanhla Nene, has now signed the Commencement Notice for the FSRA, formally establishing both the FSCA and its sister organization, the Prudential Authority…

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Rain and flooding cause accidents ?>

Rain and flooding cause accidents

In the Vaal Triangle, at least four serious accidents in the past four weeks can be attributed to rainy weather, potholes or slippery roads. Photo: Mario Barnard Some of Vanderbijlpark’s roads resembled rivers in flood over the past two weeks, when heavy rainfall was experienced in many parts of the Vaal Triangle. Road conditions like these make motorists more prone to accidents as roads are slippery, and dangerous potholes are hidden by the water. The severity of flooding and damage…

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TCF is needed to win the trust of low income consumers ?>

TCF is needed to win the trust of low income consumers

Consumers can sometimes find financial service products confusing or intimidating.  Picture: Shutterstock The imbalance of knowledge between financial service providers and consumers as well as the requirements for payment long before the value of a service is experienced, means that the insurance industry relies heavily on trust. As new customers enter the financial services market, trust will be essential to secure ongoing loyalty. The complex nature of the financial marketplace can put consumers at a distinct disadvantage when choosing products…

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FNB enters the short-term insurance space ?>

FNB enters the short-term insurance space

FirstRand, the parent company of First National Bank (FNB), has been awarded a short-term insurance license. This comes during a time where the South African banking sector and insurance sectors have experienced cross-pollination, such as when Discovery entered the banking space. This licencing by the Financial Services Board (FSB) comes three years after FNB acquired its long-term insurance licence. What does this mean for FNB? This enables FNB to be a complete insurer, with the ability to underwrite short and…

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Congratulations to Compass on its new corporate identity! ?>

Congratulations to Compass on its new corporate identity!

Planes with all Compass Insure partner logos, fittingly on the horizon line @ Shine Studios Compass Insure unveiled its new corporate identity at Shine Studios in Johannesburg on the 15th March. This is a step-change in the presence of Compass Insure in the market. The iconic new brand is symbolic of partnership and innovation – the two factors likely to shift the insurance sector in the next year with a focus on partnership, innovation & exploring new horizons. Congratulations on…

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SAIA & FIA Announcement – VAT Increase to 15% wef 1 April 2018 ?>

SAIA & FIA Announcement – VAT Increase to 15% wef 1 April 2018

Dear Member of the SAIA Conduct of Business Committee Please find the following documents issued by SAIA in respect of the VAT increase to 15% with effect from 1 April 2018: SAIA and FIA Public announcement in the media; General communication to SAIA members; and Frequently Asked Questions. For further information, please contact Mr Charles Hitchcock (charles@saia.co.za). Easvarie Naidoo Senior Legal ManagerThe South African Insurance Association (SAIA) Groundfloor, Willowbrook House, Lake Drive Constantia Office Park, c/o 14th Avenue and Hendrik…

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Fire protection of combined harvesters ?>

Fire protection of combined harvesters

Combine Harvester – Fire Risk Looking at historical data, professional research and fire investigation reports from the past years, the most common causes and main contributing factor to combine harvester fires is the heat. A long, hot, dry season spells increased risk of fire. Dry straw or crops very easily catches fire and can turn a small fire into a large blaze very quickly. After numerous long hours spent in the field, both man and machine are tired and in…

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Why the need for Fire Suppression Systems in Agriculture ?>

Why the need for Fire Suppression Systems in Agriculture

“Agriculture presents one of the greatest opportunities to significantly grow our economy and create jobs”, said president of South Africa at the SONA 2018. This industry is going to be a major focus for the South African government, meaning that great investment will be placed in sustainability of the environment and the agricultural industry at large. I-CAT is a leading environmental management company with its primary focus in supplying products and service to assist in environmental management. Within the company,…

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