New FSP licensing requirements envisaged?Published: Thu, 16 May 13 An article titled Financial Services Sector: get ready to relicense, published in Moneyweb yesterday, will no doubt come as a huge shock to many people in the financial services industry. It appears that licensing will not only apply to new entities falling under the FSB – everybody will be affected, even those ...
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FAIS: Date of First Appointment and the Regulatory ExamsPublished: Thu, 16 May 13 Your date of first appointment determines by when you need to write the level 1 regulatory exam. FAIS Circular 13 of 2012 spells it out as follows:
Sole proprietors, key individuals and representatives authorized, approved or appointed during January 2010 to December 2010 will be included in the extension of the ...
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FSB reacts to Arthur Brown sentencePublished: Wed, 15 May 13 The Financial Services Board (FSB) is disappointed with the sentence handed down to Mr J Arthur Brown by the Western Cape High Court today. The FSB believes that the fine of R150 000. 00 or 36 months in prison does not acknowledge the extent of the damage caused by Mr Brown’s actions. Mr Brown was convicted ...
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Stokvels and Burial Societies Exempt from LicensingPublished: Sat, 11 May 13 Board Notice 43 of 2013 exempts Stokvels and Burial Societies from being licensed. This obviously means that they no longer fall under the jurisdiction of the FSB. It is very specific about who is affected, and defines each of these entities in the Board Notice. If you are in doubt, kindly consult the BN for the definitions ...
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FSB Information Letter 3 on Binder RegulationsPublished: Sat, 11 May 13 The purpose of the document is to provide guidance on:
Activities that constitute binder functions
Remuneration payable by the insurer to the binder holder and
The Registrar’s interpretation of the regulations from a regulatory perspective. This stems from the FSB’s view that “divergent ...
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FAIS Representatives under SupervisionPublished: Sat, 11 May 13 In 2008, the FSB realised that the fit and proper requirements could prove to be a major obstacle for new people entering the industry. This was particularly true of the minimum experience requirements. How can someone gain experience, if experience is a prerequisite for appointment? Other areas concerned the required ...
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Hannover Re makes a good start to the 2013 financial yearPublished: Tue, 07 May 13 Hannover: Hannover Re posted Group net income of EUR 221. 4 million for the first quarter of 2013. 'This result is a first successful step towards accomplishment of our full-year goal, namely Group net income after tax in the order of EUR 800 million', Chief Executive Officer Ulrich Wallin stated. 'The ...
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Cyber security: it’s a war zonePublished: Tue, 07 May 13 Cyber security has moved beyond the IT department to impact governments, enterprises and individuals on a massive scale. Cyber security today is a war zone.
This emerged at the opening of the 8th annual ITWeb IT Security Summit at the Sandton Convention Centre this morning. Addressing over 600 local business ...
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African Development Bank Group approves a new Ten-Year StrategyPublished: Mon, 06 May 13 “This document reflects Africa’s vision for itself – a vision of transformation that is achievable”, said Donald Kaberuka
TUNIS, Tunisia, April 30, 2013/ -- The economic transformation of the African continent is the cornerstone of the African Development Bank Group’s new Ten-Year ...
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Solvency Assessment and Management (SAM) initiative - a little more timePublished: Fri, 03 May 13 By Gareth van Deventer
Background
Members of the Financial Services Board’s (FSB) SAM Steering Committee were invited to attend a spontaneous unscheduled SAM Steering Committee meeting which took place on 26 March 2013. The objective of the meeting was entirely devoted to discussing the FSB SAM 2013 Update ...
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Liberty introduces first-to-market rapid testing for cholesterol screeningPublished: Thu, 02 May 13 Liberty was the first insurer in South Africa to use rapid testing to screen insurance applications for HIV and cotinine. Recently, Liberty introduced a rapid testing for cholesterol as well. Coupled with the finger prick HIV and urine Cotinine tests introduced last year, more than 80% of clients being screened by ...
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New Chief Financial Officer appointed at Metropolitan RetailPublished: Thu, 02 May 13 Metropolitan has appointed Shaun Lawton as Chief Financial Officer for Metropolitan Retail with immediate effect. Shaun replaces Mike McDougall, who left Metropolitan at the end of November 2012 to take up the position of CEO of the Actuarial Society of South Africa (ASSA). Metropolitan Retail CEO, Phillip ...
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Swiss Re delivers first-quarter Group net income of USD 1.4 billionPublished: Thu, 02 May 13 Zurich – Swiss Re reports a very strong Group net income of USD 1. 4 billion for the first quarter of 2013, 21% higher than the USD 1. 1 billion net income reported in the prior year period. Very strong underwriting performances across Swiss Re's Property & Casualty Reinsurance and Corporate Solutions ...
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Associated Compliance Newsletter - April 2013Published: Thu, 02 May 13 The April 2013 Associated Compliance Newsletter has been published in the Insurance Gateway® Knowledge Base.
With a compliance flavour, these newsletters provide a succinct overview of happenings within the FAIS environment and being distilled as they are, are a must read for busy FSP executives ...
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Temporary Disability Offers New OpportunityPublished: Wed, 01 May 13 FMI, an income protection specialist company, retained True South Actuaries and Consultants to investigate the market for disability cover in South Africa and report on such efficiencies and inefficiencies as are found. Their findings point to a serious shortfall, particularly in so far as temporary disability ...
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FAIS: Date of First AppointmentPublished: Wed, 01 May 13 The date of first appointment for the purposes of FAIS is not always that readily apparent. Moonstone replies to an enquiry recently received by them. “I have been working in an insurance department in August 2010 until November 2011 then worked in a non-insurance department from December 2011 until June 2012 ...
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New benchmark for Compliance OfficersPublished: Tue, 30 Apr 13 A 4 year project to professionalise the compliance industry culminated in late 2012 with the Compliance Institute SA being recognised by the South African Qualifications Authority as the professional body for all compliance officers. Internationally, the compliance officer function has evolved into an executive ...
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