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IING Communicator May 2018

Dear Wynand

IING Presidential Inauguration 2018

The IING hosted a hugely successful Presidential Inauguration breakfast on the 15th of March at the beautiful Blue Crane restaurant in Pretoria.

Some of our VIP guests included Thokozile Mahlangu from the IISA and ...


President’s Message
May 2018

What an honour to have been elected for a second term as IING President.

I have spoken about the value local institutes across the country can bring to our industry on a few occasions. Once more I realise the critical role we have to play, as the Insurance Institute of Northern Gauteng, in our region.

Our values speak for itself:

IING Ladies’ Golf Day 2018

The IING hosted their second Annual Ladies’ Golf Day at Kimiad Golf Course on the 22nd of February 2018.

Despite the rainy weather leading up to the day before the event, we could not have asked for a better day on the Golf course.

 


Compliance of Administrative Staff for Intermediary Services

The Financial Services Conduct Authority (FSCA) or old FSB provided clarity in terms of its view on any personal assistant or administrative employee who performs any activity relating to financial services, also known as intermediary services as per the definition in the FAIS Act on behalf of a representative (Rep) or Key Individual (KI).

The section pertaining to the appointment of representatives in the new fit and proper requirements refer.

With the increased volume of administrative duties and paperwork following the ever-increasing legislative and regulatory requirements, many Reps and KI’s...


Bye Bye FSB, Hello FSCA

As of 1 April 2018, there is a new sheriff for the South African financial services sector. The Financial Services Board (FSB) has been replaced by the Financial Sector Conduct Authority (FSCA). 

FSB Prevents Unsolicited SMS Communication

It is time for unsolicited SMS marketing to come to an end, finds FSB.
The Financial Services Board (FSB) has, as of 1st January 2018, passed new regulations, namely Policyholder Protection Rules (PPRs). It states that consumers must

RDR Collective Voices are Heard the Most

The December period is a busy time for the Financial Services Board (FSB) as it uses this time to send out progress updates regarding the current wave of regulatory reform.

The financial services industry has been anxiously awaiting an update on the current status of the implementation of the first phase of the Retail Distribution Review (RDR).

The FSB indicated that it would have liked to implement Phase I of RDR in 2017. However, 2017 is gone, and the FSB is no nearer to implementation.  

Unpaid Debit Orders: The Painful Consequences

When clients experience financial stress, unpaid debit orders may occur. In a recent matter, the Ombudsman for Short-Term Insurance found in favour of an insurer for repudiating a claim due to an unpaid premium.

The client missed a premium payable by debit order due to insufficient funds in his account after he had been dismissed from work.

The advisor informed the client that a double premium would be deducted from his account the next month, and the client made sure there was enough money in his account to cover the amount.

The Value of Advice in Ensuring Customers are Adequately Insured

Buying motor insurance is often a grudge purchase. Therefore, when customers opt-in, it is essential that their risks are evaluated correctly and their premiums calculated accordingly so that they are adequately insured and can be delighted at claim stage.

 2017 has seen South Africans get back in the market for new vehicles...

Insurance Lessons for Actuaries from the 2017 Catastrophes

While South African short-term insurers and their reinsurers are tallying the hefty catastrophe losses for 2017, actuaries are analysing the various events for deeper insights into catastrophe risk with the aim of improving associated risk models.

Hannes van Rensburg, Chair of the Short-term Insurance Committee of the Actuarial Society of South Africa (ASSA), says the ramifications of a ...


 
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