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March 2001
Washing bill

The Life Offices’ Association (LOA) supports the efforts of the South African legislature to combat crime in general and specifically money laundering, says Gerhard Joubert, executive director of the LOA.
...

March 2001
Update from SA Eagle

The Be & Be Sure product has been operational for over a year and the response from brokers countrywide has been tremendous. In an effort to keep abreast with the constant changes in the bed and breakfast industry...

March 2001
Online savings

An Internet data backup service is offered by BackupOnline.com, which is a member of JSE-listed MGX Group. Using a Windows based client/server application and advanced encryption technology, BackupOnline.com enables...

March 2001
Fingering criminals

Often all that stands between a criminal and an organisation’s computer network and access system is a simple personal identification number or password. Since these can either be stolen, or hacked by an expert,...

March 2001
Which law?

The Financial Services Board (FSB) says it has granted approval to all life assurers to transfer certain compulsory annuities from one company to another. It is each assurer’s prerogative to decide whether or not to...

March 2001
Apple pie

This year’s budget was subdued, if not a little confusing. Finance Minister Trevor Manuel had expected a growth rate of 3,7% when presenting last year’s budget, yet the outcome was 3,1% (against 1,9% in 1999) — one...

March 2001
Domestic cover

The short-term insurance division of Regal Treasury Bank has recently launched a policy called Regal Legal for domestic workers, designed to ensure a fair and equitable employer/employee relationship in the home....

March 2001
Long term cells

Nova Group, known for its Nova Risk Partners short term operation launched in 1998, towards the end of last year, announced the establishment of a similar operation in the life assurance sector. Called Nova Life...

March 2001
Poor communication

According to Sanlam’s 10th Biennial Survey of Retirement Benefits in South Africa, published November 2000, there are indications that the industry is not meeting its obligations in terms of member communication. “...

March 2001
A life’s work

South African health management consultancy Lifeworks, a company founded by Dr Jack van Niftrik, believes it has a solution for covering the costs of AIDS and AIDS-related illness, applying its employee health...

March 2001
Who is a family member?

Deneys Reitz on insurance case law: Farr v Mutual & Federal Insurance 2000
A motor policy excluded claims for injury to “a member of the policyholder’s family normally resident with him”. In the...

March 2001
Dollar life option

Sage has extended the distribution of its global investment product to intermediaries nationwide. Called the Sage Global Plan it is offered through Sage Life’s Bermuda branch, and utilises the multi manager resources...

March 2001
Horizon is no limit

OId Mutual’s Investment Horizons is a highly flexible investment product for the middle to upper income market (R8 000 to R30 000 per month), providing a wide range of monthly savings plans.
“It was...

March 2001
Day-to-day help

The Financial Services Board has approved an application from Barclays Offshore Services to market its International Managed Funds Service in South Africa.
“This is a portfolio management service for...

March 2001
Not me, Sir

Deneys Reitz on insurance case law: S v Manamela 2000
The appellants had been convicted of receiving stolen property. Convicting them the lower court applied the reverse onus under s37 of the General Law...

March 2001
Prescient move

Brait has appointed the Prescient Investment Management team, known for its track record in managing fixed interest and money market portfolios, to manage its Money Market Fund, effective mid-December 2000....

March 2001
Cash less

South African equities should outperform cash this year as the JSE returns to a renewed growth cycle after a disappointing 2000 when the high oil price and US growth concerns surprised many investors, says OMAM...

March 2001
Saving fees

Old Mutual’s FundsNet currently enables clients to invest in a range of around 180 unit trust funds from no less than 10 leading South African asset management companies at the lowest cost. You need a minimum R25 000...

March 2001
Survival in diversity

The adage ‘don’t put all your eggs in one basket’ once again applies to investments as high real yields on bonds have generally exceeded real returns from equities over the past five and 10 years.
“...

March 2001
Lagged impact

The economic recovery remains on track, and growth this year is expected to match last year’s estimated figure of around 3%, says Rian le Roux, OMAM’s head of Economic Research. Tax relief in this year’s budget, the...

March 2001
New approach

NMG has a passive asset consulting business’ called Aspen, to provide clients with independent advice on asset management.
Andrew Sykes says their house view is that an active approach, for example, to try...

March 2001
US Bugs

A friend in America saw my article last month on restaurant food and toilets (see Insurance Times & investments Vol 14.1 February 2001 page 18) on the internet. If you thought an obsessive-compulsive neurotic...

March 2001
Under the car

A frequent cause of unhappiness on the part of the insured car owner is allegedly unsatisfactory repairs to the vehicle after an accident. The complaint is either that the repair work done is inefficient or defective...

March 2001
Multinet calling

Care Assist continues to grow its call centre portfolio of insurance clients who are outsourcing non-core functions to them. Its latest business partner is Multinet Insurance Brokers which has contracted with Care...

March 2001
Weathering a storm

Recently, Prestasi Brokers gave notice of its intention to terminate its relationship with Compass Insurance. It is the company’s biggest supplier of personal lines business.
Christine McDonald, MD of...

March 2001
AC116 and all that

AC116 makes the funding and balance sheet reporting of post-retirement health care liabilities mandatory for all South African companies. However, NMG Consultants & Actuaries says, “Ignorance of AC116 among senior...

March 2001
Shareholders’ windfall

SA Eagle has announced a 10,4% increase in gross premium income to R1 867,3m (1999 R1 691,4m) and operating income before tax of R290,5m (1999 R192,7m).
Commenting on the growth in premium income MD Nick...

March 2001
Flash news

Among the natural hazards that could cost the South African insurance industry significant amounts of money are earthquakes, hailstorms and floods, says Steffen Gilbert, Managing Director of Munich Reinsurance Company...

March 2001
‘I spy,’ from ITC

Following the successful bid for the development of a claims database for SA Insurance Association, ITC (Information Trust Corporation) is currently developing a database that will make it easier to identify and...

March 2001
Commercial union

Since the R1,2 billion acquisition of CGU Holdings Ltd by Mutual & Federal on October 17th last year, the company reports “significant progress” in the integration of the two operations. Says MD Bruce Campbell, “...

March 2001
Another book

Glenrand MIB has taken over the motor and household insurance book of Nsureline. The deal, effective February this year, is part of Nsureline’s restructuring. “This follows the significant change and consolidation in...

March 2001
Time to take stock

The world markets these days can best be described as confusing, a situation that has existed for at least four months. Investors remain convinced that the unprecedented ten-year Bull Run will continue, and this is...