Icon

Directory

IconAccounting & Tax
IconActuaries
IconAdministrators
IconAppraisers & Valuers
IconArbitration Services
IconASIB
IconAssessors & Loss Adjusters
IconAssist and Lifestyle Benefits
IconAssociations & Institutes
IconAuditors
IconBBBEE Consulting and Verification Agencies
IconBroker Acquisition Financing
IconBrokers for Brokers
IconBusiness Process Management
IconCall Centre Outsourcing
IconCompany Secretarial Services
IconCompliance
IconConsumer Protection
IconCorporate Governance
IconCredit Bureaus
IconDebit Order Collection Facilities
IconDefensive Driver Training
IconEducation and Training
IconEmergency Medical Rescue
IconFAIS
IconFire, Storm, Flood Damage Specialists
IconHuman Resources
IconIndustrial Cleaners
IconInformation Technology and Software Partners
IconInsurance Companies
IconLegal
IconLightning Damage & Surge Protection Specialists
IconNiche Insurance Products
IconOmbud
IconOutsourcing Companies
IconPremium Financing
IconPublic Loss Adjustors
IconPublications
IconRating Agencies
IconReference Books & Material
IconRegulatory Authorities
IconRisk Finance
IconRisk Management
IconRisk Surveyors
IconSalvage Operators
IconSpecialized Claims Investigations & Assessing
IconSurveys and Research
IconTraining Courses & Workshops
IconUnderwriting Managers
IconVehicle Accident Management
IconVehicle and Household Risk Inspection Services
IconVehicle Tracking
IconWellness Programs
IconWholesale Brokers
IconZZZZZZ
Image
  Subscribe To »

Certain exemptions from writing FAIS level 1 RE before 30 June

Published

2012

Wed

13

Jun

The FSB published Board Notice 102 of 2012 last week providing an extension to certain licence category FSPs. Our compliance division provided the following synopsis:

This board notice provides for an exemption for certain categories of persons from having to complete the 1st level regulatory exams by 30 June 2012. These persons will have to complete a bespoke RE exam when such exams are made available.

In short this has an impact on:
 

  • Underwriting managers
  • Private Equity managers
  • Representatives who are limited to advising on certain types of Long Term B1 and B2 products and certain short term personal lines products.

We are expecting an explanatory circular from the FSB. We have already received a number of enquiries concerning the Long Term B1 and B2 products, as well “…certain short term personal lines products”. Unfortunately, we are unable to make this distinction before we had time to study the promised explanatory note – you will have to approach the product provider for clarity on this.

Please note the requirement that any person wishing to make use of the exemption has to apply to the FSB before 30 June. The application forms are available on the FSB website.

A possible rationale for this decision is contained in a media release by the FSB in response to an article in FANews which questioned the RE statistics released in May.

The concern expressed by FA News regarding the pass rates of those candidates that must complete the REs by the June deadline is shared by the FSB. The overall picture provided by the statistics does not take into account measures that are in place to address specific sectors of the industry and their examination obligations that are currently (under) review.

Our assumption is that the nature of the products have played a role in this decision, but will rather wait for the explanatory document before we comment.

 
Source: Paul Kruger: Moonstone Information Refinery (Pty) Ltd
 
« Back to previous page Print this page » |
 

Breaking News »

5 recruitment myths which could harm your talent acquisition strategy

      Anja van Beek, HR Director for Sage HR & Payroll and Chief People Officer Sage AAMEA (Africa, Australia, Middle East and Asia)         Most ...
Read More »

  

FAIS Act debarment is industry-wide

      By Patrick Bracher, Director Norton Rose Fulbright South Africa Inc.   If a financial services provider debars one of its representatives in terms of section 14(1) ...
Read More »

  

Is all fair with love and equity in the workplace?

By Rita Lally, Director SmartMoves Human Capital (Pty) Limited Following the amendments to the Employment Equity Act last year, did you know that as an employer, under Schedule 1, Section 6(1) you could be ...
Read More »

  

Africa’s executives are leaders in risk management – ahead of their global peers: PwC survey

Africa’s executives are increasingly concerned that risks to their companies are on the rise, according to PwC’s ‘Risk in review, 2015’ survey released today. However, Africa’s executives ...
Read More »

 

More News »

Image

Healthcare »

Image

Investment »

Image

Life »

Image

Retirement »

Image
Image
Image
Image
Image
Image
Image
Image
Image
Image
Image
Image

From The Glossary »

Icon

Long-Tail Insurance:

Short-term insurance business under which claims are typically not intimated or settled within one year of the occurrence of the events giving rise to the claims. It includes product liability, marine and professional indemnity insurance.
More Definitions »

 
 
By using this website you agree to the Terms of Use.
Copyright © Stoker Risk & ICT (Pty) Ltd 2004 - 2015.
All Rights Reserved.
Icon

Advertise

  Icon

eZine

  Icon

Contact IG

Icon

Media Pack

  Icon

RSS Feeds