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Proposed amendments to Labour Legislation causing concern for local employers

Published: Wed, 16 May 12

The proposed amendments to the Labour Relations Act (LRA) and the Basic Conditions of Employment Act (BCEA) are causing new controversy, due to potential implications both for employers and employees. This is according to Brian Patterson, Employment Law director at ENS, speaking at the ENS Employment Law Seminar ...
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More SA professionals considering emigrating - survey

Published: Tue, 15 May 12

Rising concern over issues such as crime, healthcare and education are leading more graduate professionals in South Africa to consider emigrating, according to the latest results from the PPS Graduate Professionals Confidence Index. The quarterly survey, which tracks the confidence levels of nearly 6 000 of ...
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The four seasons of asthma

Published: Tue, 15 May 12

Approximately 75% of people with asthma also suffer from allergies. Just as allergies may increase during seasonal change, so too can the occurrence of asthma attacks. "There are a number of triggers which if avoided can reduce the risk of developing an asthma attack. It is important that members with ...
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Medical schemes can contribute to realisation of primary healthcare vision

Published: Mon, 14 May 12

The renewed emphasis on Primary Healthcare (PHC) in South Africa as one of the solutions to reducing the huge burden of disease in the country, could, at the same time, make healthcare more accessible to a larger number of people as well as drive down costs across the value chain. According to Liberty Medical ...
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Netcare takes three Metropolitan Oliver Empowerment Awards

Published: Mon, 14 May 12

Private hospital group once again demonstrates tangible transformation achievements Netcare walked away with no fewer than three awards at the 11th Annual Metropolitan Oliver Empowerment Awards. South Africa’s largest private healthcare services provider was awarded the Supply Chain, Community Development ...
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Defining different types of risk

Published: Fri, 11 May 12

                  Dr David Hillson FIRM, HonFAPM, PMI Fellow   People sometimes ask how we should define "strategic risk". First let's consider "strategic risk":   One basic definition of risk is "uncertainty ...
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Pro Sano’s health improves

Published: Fri, 11 May 12

The Medical Scheme industry has in recent times faced a series of challenges including regulatory, structural and cost versus benefit balancing, among others. Against this backdrop, Cape Town based Pro Sano Medical Scheme has drawn lessons from its curatorship, which was lifted in October 2010. However, since taking ...
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Project management is no popularity contest

Published: Wed, 09 May 12

Observing the decision-makers who select an enterprise resource planning (ERP) solution is something of a study of the human condition. From the highs of imagined benefits and anticipated advantages, to the lows of failed expectations and ballooning costs, all the emotions of life can play out. That’s because ...
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SAIA comments on the impact of health insurance proposals on consumers

Published: Wed, 09 May 12

The South African Insurance Association (SAIA) has announced that it has made its submission to the National Treasury with regards to the proposed Demarcation Regulations demarcating between Health Insurance Policies and Medical Schemes. The SAIA, an industry body representing 59 member companies in the short-term ...
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Draft demarcation regulations: ‘Lack of pricing regulations the real problem’ … not gap and top up cover

Published: Tue, 08 May 12

Liberty Medical Scheme acknowledges that there are some pressing issues regarding the role played by certain health insurance products, however, the main problem is not so much the gap or top up cover offered by short-term health insurers – the main focus in the draft Regulations – but rather the lack ...
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From the dark ages to enlightened reporting

Published: Tue, 08 May 12

By Terry Booysen CEO: CGF Research Institute (Pty) Ltd   Modern day company reporting finds its roots as far back as 7500 BC, which is when we believe the first rudimentary form of accounting records and tokens may have been used to track certain business activities. Of course, there are more accurate ...
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Hannover Re reports sharply higher premium income and profitability

Published: Thu, 03 May 12

Hannover: Hannover Re expressed considerable satisfaction with its results for the first quarter of 2012. 'We generated exceptionally good Group net income of EUR 261 million in the first three months of the year and have thus put in place a solid platform for a successful 2012 financial year', Chief Executive ...
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FIA expresses dismay at draft Health Insurance demarcation regulations

Published: Wed, 02 May 12

The Financial Intermediaries Association of Southern Africa (FIA) has expressed dismay over the draft Demarcation regulations proposed by the Treasury highlighting the fact that by putting an end to various types of health insurance plans (both short-term and long-term) many consumers are likely to end up being out ...
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Alexander Forbes commentary on the proposed regulations for the demarcation of Health Insurance Products and Medical Schemes

Published: Tue, 01 May 12

We have received for publication the evidently very well thought out and balanced submission by Alexander Forbes Health, to National Treasury, concerning the proposed regulations for the demarcation of Health Insurance Products and Medical Schemes, which has been published in the Knowledge Base on Insurance Gateway®, ...
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Outlawing gap cover won’t aid medical schemes or members, says Old Mutual

Published: Thu, 26 Apr 12

Draft legislation released recently by National Treasury will, if implemented, outlaw gap cover and mostly likely lead to a simple loss of benefits for members, without helping medical schemes. This is according to Ken Schumann, Consulting Actuary at Old Mutual Corporate. Schumann explains that the legislation ...
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Alexander Forbes proposes inclusion of gap cover in amendments to Short-term Insurance Act

Published: Tue, 24 Apr 12

Alexander Forbes Health supports the need for a clear demarcation between accident and health insurance policies and medical schemes in order to protect the principles of community rating, open enrolment and cross-subsidisation entrenched in the Medical Schemes Act.   “Alexander Forbes acknowledges ...
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Intermediaries gear up for annual industry awards

Published: Tue, 24 Apr 12

        Brian van Flymen President of the FIA             One of the most anticipated and prestigious events of the financial services industry’s calendar, the Financial Intermediaries Association of Southern Africa (FIA) Awards ...
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WIOTA gathers 728 years experience around the same table

Published: Thu, 19 Apr 12

By Michael E. Stoker Insurance Gateway® a division of Stoker Risk and ICT (Pty) Ltd www. insurancegateway. co. za     The WIOTA group – April 2012   I was reminded of the “comradie” which exists within the insurance fraternity when I attended the WIOTA meeting last week ...
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Response to press release by Treasury & DoH on Demarcation Regulations

Published: Wed, 18 Apr 12

The following statement is released in response to a joint press release on 16 April 2012 by Treasury and the Department of Health regarding the draft Demarcation Regulations. Response by: Xelus Specialised Insurance Solutions Spokesperson: Michael Settas – Managing Director mike@xelus ...
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LSSA agrees interim measures with Competition Commission

Published: Wed, 18 Apr 12

The Competition Commission (“Commission”) and council members of the Law Society of South Africa (“LSSA”) met on 2 April 2012 to discuss the implications of the Commission’s refusal to grant the LSSA an exemption for the professional Rules of the statutory provincial law societies. Both ...
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From The Glossary »

Embedded Value:

A calculation of the value of the profits that are expected to emerge from the portfolio of a life insurer at a point in time. This is usually calculated as the value of adjusted net assets plus the present value of profits from in-force business.
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