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
IconBusiness Process Outsourcing
IconCall Centre Outsourcing & Sales
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
IconOutbound Sales
IconOutsourcing Companies
IconPolicy Administration
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 »

Africa poised to become digital insurance leader, says Allianz CEO Oliver Bäte

(L to R) Andreas Berger, Allianz Global Corporate & Specialty (AGCS) Chief Regions & Markets Officer; Delphine Traoré Maïdou, Allianz Africa COO; Oliver Bäte and Coenraad Vrolijk Allianz ...
Read More »

  

‘Due observance’ and ‘condition precedent’ policy terms

      Patrick Bracher, Director Norton Rose Fulbright South Africa Inc.   A Singapore High Court held that a clause in a policy that ‘due observance and ...
Read More »

  

Deputy Finance Minister pledges Government's support to the Insurance Industry

      Viviene Pearson, CEO, SAIA         Deputy finance minister Sfiso Buthelezi has pledged government's support to the South African insurance ...
Read More »

  

Debarment and Treating Customers Fairly

The necessity for a process to ensure that those who fall foul of the fit and proper requirements are not allowed to practice was never in question. Unfortunately, the application and execution of the debarment ...
Read More »

 

More News »

Image

Healthcare »

Image

Investment »

Image

Life »

Image

Retirement »

Image
Image
Image
Image
Image
Image
Image
Image
Image
Image
Image
Advertise Here

From The Glossary »

Icon

Linked Products:

Linked product companies (also called linked product providers or product factories) are administrators as they simply channel investor funds through their own umbrella investment vehicles into underlying unit trust funds of various companies. The broad categories of these umbrella investment vehicles are retirement products (e. However, overall investment costs may be higher due to the aggregate costs of the linked product company`s management fees, ...
More Definitions »

 
 
By using this website you agree to the Terms of Use.
Copyright © Stoker Risk & ICT (Pty) Ltd 2004 - 2017.
All Rights Reserved.
Icon

Advertise

  Icon

eZine

  Icon

Contact IG

Icon

Media Pack

  Icon

RSS Feeds