IG eZine February 2010
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2010
Fri
26
Feb
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Especially distilled for Business Insurance Consumers and Insurance Professionals
With the year well under way and the end of the first quarter in sight, we trust everyone is going full throttle by now and are pleased to bring you the second edition of the IG eZine for 2010, condensed and distilled, to enable you to quickly and easily keep your finger on the pulse.
GENERAL
1. The FIA Awards 2010
The Financial Intermediaries Association of Southern Africa (FIA) Awards Banquet 2010 will be held on Thursday 3 June 2010 at the Emperors Palace.
A highlight of the banquet will be the presentation of the prestigious FIA awards to Financial Services Product Providers who, in the opinion of FIA’s members, provide exceptional quality of products and service levels to FIA’s members. These awards are highly regarded by the industry as a whole and set a benchmark of service excellence all strive towards. More
2. FIA/IISA/SAIA Super Conference
This year’s conference, being dubbed a “Super Conference” takes place at Sun City, from 23 May, to 26 May 2010. More
3. Financial Services Board’s Solvency Assessment and Management Regime (SAM)
Late in 2009 the Financial Services Board (FSB) announced that it was embarking upon a project to implement a new regime relating to solvency assessment and management of short- and long-term insurers. This would be along similar lines to the European Solvency II initiative. More
4. Do the numbers belie the sentiment?
December 2009 liquidations of companies and CCs rose 10.1% year-on-year to 382, taking the annual total to 4133, which might be a concerning 25.2% up on 2008’s level but, while this outcome has meant hardship for many, it is a far cry from the 70% increases seen in the first quarter of 2009. More
5. Insurers warned to ensure baseline compliance with Consumer Protection Act – or face penalties
In reality, the CPA sets a baseline and insurers would do well to ensure that their practices, and the content and wordings of policy documents conform to the CPA, certainly insofar as personal lines are concerned – or potentially face penalties and the same could be said for intermediaries who issue “”white label” policies. More
6. IG Careers Update – February 2010
There has been a steady stream of new vacancies posted in the Careers Sections, so if you have been searching for that right opportunity to take your career to the next level then click on the links below, to visit the Careers module, in the sector of interest to you…more.
7. Insurance Gateway® introduces new simplified website navigation toolbars
Over the years Insurance Gateway® has been regularly refined, having regard to the utility value of the website and ease of navigation, and this time the navigation toolbars have been updated to simplify the navigation process. More
8. Pretium Compliance Update
The latest Pretium Compliance Update has been posted in the Insurance Gateway® Knowledge Base. With a compliance flavour, these newsletters provide a succinct overview of happenings within the FAIS environment and are well worth a read, especially with everything that is happening at the moment, regarding the new Fit and Proper regime. More
9. Some interesting new listings on Insurance Gateway®
Eris Property Group (Building valuations for insurance purposes)
Trustco Financial Services (Underwriting Manager, call centre outsourcing, IT and compliance solutions)
SHORT-TERM
1. Where there is risk there's insurance
Where there are new categories of risk to be considered, insurance companies will follow. So it is with environmental risk in recent years. This is the view from Aon, a leading global provider of risk management services. More
2. Ten best ways to save on car insurance
“Every year you should speak to your vehicle insurer or broker about how to best to save on your insurance premium without losing essential cover on your vehicle” says Gari Dombo, Managing Director, Alexander Forbes Insurance. More
3. Insurance industry warns against driving without a valid driver’s license
In response to comments by Magistrate Daniel Thulare that any conviction for a citizen driving without a licence will be unlawful if the state has failed to test that person the insurance industry has stated they will not honour any claims where individuals driving a vehicle are not in possession of the relevant valid driver’s license. More
4. Loyalty and honesty to one’s insurer does pay
Recent innovations in selling insurance as a price-driven commodity offer consumers the ease of comparing the price of various insurance products online. However well-intentioned these practices have resulted in a number of claims that border on irresponsibility.
One such claim is that loyalty to a particular short-term insurer counts for nothing. This implies that the individual has nothing to lose if he or she switches to a different insurer. More
5. FIA and SAIA to engage members on Data Sharing Initiative
In terms of the Insurance Laws Amendment Act, insurers are required to hold sufficient data in order for them to be able to identify their policyholders. This is in contrast to the current situation where, in many instances, this data is held on intermediaries’ systems.
The Financial Intermediaries Association (FIA) together with the SAIA, are to engage their members to establish whether an industry approach to this matter would be appropriate. Two work groups have been established, a technical workgroup looking at standards, and a business workgroup looking at system requirements. More
6. Hot water is going green with Santam
To show its support of the environment, Santam is the first insurance company to actively promote green energy by opting to give domestic householder clients the choice of replacing a damaged geyser with environmentally friendly solar heated options during the claim process. Santam is committed to facilitating the process as there are certain modifications that need to take place when converting from electrical to solar. More
7. New survey reveals brokers confident of expanding their businesses in 2010
More than two thirds of South Africa’s short-term insurance brokers polled in a recent survey by CIB Insurance Solutions (CIB) say they are confident of expanding their business in 2010. More
8. A New Era for Camargue
An open letter from the Managing Director of Camargue Underwriting Managers (Pty) Ltd
For Camargue 2010 is set to be a year of change for it heralds the beginning of a new era; one where we are moving forward without co-founder of the business Ken van Sweeden at our side. More
9. Elevated Political Risk Levels to Continue into 2010, says Aon
Political and financial instability remain a feature of the business landscape as a result of the recession, according to Aon Risk Services, the global risk management and insurance brokerage business of Aon Corporation. The company launched its 17th annual Political Risk Map in a global webcast today. More
10. Transformation – The Financial Sector Charter
The Financial Sector Charter (FSC) Council met with the Ministers of Trade & Industry and Finance during July 2009 in an attempt to establish whether the Ministers still see it appropriate to gazette the Financial Sector Charter under Section 9 of the Broad Based Black Economic Empowerment Act. More
LIFE, RETIREMENT (Employee Benefits) and INVESTMENT
1. Ombudsman for Life Assurance sees in twenty five years of service to consumers
A quarter of a century ago, on 3 January 1985, the Ombudsman for Life Assurance scheme was launched. It was the first financial services ombudsman scheme to be founded in South Africa. Judge PJJ Wessels, a retired judge from the Appellate Division (now the Supreme Court of Appeal), took office as the first Ombudsman. More
2. Can you really afford the high price of sitting in cash?
Five years ago around 19% of inflows into unit trust funds came directly from individual investors. During 2009 close to 28% of investments were made by individuals without the involvement of a financial adviser. More
3. An overview of Collective Investment Schemes in South Africa for 2009
Click here for a link from where you can download all the slides from the ASISA overview of Collective Investment Schemes in South Africa for 2009.
4. Investors fail to time the markets, again!
After having been shunned as an asset class by local investors for three years in a row, domestic equity funds completed 2009 firmly in the positive, having attracted net inflows of R10.8-billion for the year. In 2006, 2007 and 2008, domestic equity funds recorded net outflows, with money market funds, asset allocation and fixed interest funds the firm favourites. More
5. Hedge fund industry unites under ASISA umbrella
After having worked closely with the Association for Savings and Investment South Africa (ASISA) Hedge Fund Standing Committee during 2009, the Board of the South African extension of the London-based Alternative Investment Management Association (AIMA) decided earlier this month to resign and join forces with ASISA. The former Board members have joined ASISA’s Hedge Fund Standing Committee to continue their work as one group. More
6. Metropolitan makes new board appointments
The board of Metropolitan has unanimously approved the appointment of JJ Njeke as group chairman. JJ, a chartered accountant and former audit partner at PricewaterhouseCoopers, is currently managing director of the Kagiso group and deputy chairman of Kagiso Media. More
7. What next for stock markets?
Global developed stock markets, as represented by the MSCI World Index, have risen by more than 75% from the March 2009 low to the mid-January 2010 high. Emerging markets, as represented by the MSCI Emerging Markets Index, showed an even more stellar performance with a rise of more than 116%. Since the January highs, these two indices have declined by almost 7% and 10% respectively. More
8. Results of the January 2010 Sanlam Investment Management (SIM) Investor Confidence Index
The January survey of the Sanlam Investment Management (SIM) Investor Confidence Indices revealed an overall continued deterioration in confidence among local equity investors. Confidence deteriorated in each of the attributes measured - something that happens very rarely. The valuation confidence has moved down the most over the last year and continues to make new all time lows. More
9. FSB publishes draft regulatory amendment concerning pension fund investment assets
The Financial Services Board has published draft regulatory amendments concerning pension fund investment assets, for comment by interested parties.
The draft Regulation 28 gives effect to Section 36(1)(B) of the Pension Funds
Act 1956, which provides that the Minister of Finance may make regulations limiting the amount and the extent to which a pension fund may invest in particular assets or in particular kinds or categories of assets, prescribing the basis on which the limit shall be determined and defining the kinds or categories of assets to which the limit applies.
Click here for a link from where the draft Regulation 28 and an explanatory memorandum can be downloaded. The deadline for comment is 16 April 2010.
10. Registrar of Pension Funds issues Draft Board Notice determining conditions for Administrators acting on behalf of Pension Funds
The Registrar of Pension Funds has issued a Draft Board Notice determining conditions for administrators acting on behalf of Pension Funds, for comment by interested parties.
The Draft Board Notice sets out the conditions to be made under section 13B (1) of the Pension Funds Act.
The closing date for comments on the Draft Board Notice is 31 March 2010. Comments should be forwarded to Ms A. Marais at the FSB.
Click here for a link from where you can download the Draft Board Notice and Annexures.
11. Alexander Forbes: Research shows consistent investment returns key to comfortable retirement
Most people understand that they should save for retirement but what is less well known is just how large a portion of retirement income comes from investment returns - not just how much you’ve saved. More
12. An end to the recession in the domestic economy and a slow recovery in sight
Leading economic indicators suggest that the domestic economy is now officially out of recession. And in line with forecasts for a steady recovery in the global economy, South African GDP is forecast to grow by 2,4% in 2010 and by 3,2% in 2011. More
HEALTHCARE
1. New thinking on health care in Africa opens window for public-private partnerships
As US President Barak Obama’s own struggles with congress illustrate, national healthcare is an extremely difficult and controversial issue, even in developed economies. Yet as the global recession bites ever deeper into most national fiscusses there seems to be a new willingness to revisit the thorny issue of public-private partnerships in the delivery of national health. More
2. InterGlobal introduces Full Medical Underwriting to UltraCare range
International private medical (PMI) insurer InterGlobal is introducing a full medical underwriting option to its award winning UltraCare range of individual international PMI plans. Full medical underwriting (FMU), which is being piloted with a selection of international brokers, will enable many people to obtain immediate cover for pre-existing medical conditions. More
3. Complex medical jargon still confusing consumers
Within the healthcare industry most people have selected their medical schemes for 2010 and medical scheme members have reviewed the options, however complicated healthcare jargon often adds to the anxiety of what is already regarded as a grudge purchase. More
4. Mobility to revive SA’s healthcare sector
Up until now, innovation within healthcare has been most commonly attributed to breakthroughs in medicine and symptomatic therapies. However a new type of technical innovation, which instead streamlines processes and automates medical procedures, is re-shaping the sector globally. South Africa too can benefit greatly, given the proven advantages in terms of cost-savings and intelligent resource allocation. More
Yours sincerely
Michael E. Stoker
Insurance Gateway® a division of Stoker Risk and ICT (Pty) Ltd
www.insurancegateway.co.za
P.S. Please forward this update to any of your colleagues who you think may find it useful.
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Source: Insurance Gateway®
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