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August 2001
Brokers detain premiums

The curators of First Central Insurance (FCI) say they have been focusing on the company’s ability to meet claims. Its curatorship was made final the beginning of April.
The audit for the 1999/2000 financial year had not been finalised at...

August 2001
Classic idea

Liberty Specialised Investments (LSI) has introduced a new, hassle free offshore investment - the Classic International Investment Plan - into its linked product range. It is suitable for investors seeking long-term capital growth through...

August 2001
Food for thought

Worldwide protests against the use of genetically modified organisms for foods (GMO5) have been gathering momentum the last year or so, successfully bringing this controversial subject to the public’s attention. And while one may be highly...

August 2001
The way to go

Besides all of the normal business pressures of running a multinational company, there are the additional issues of language barriers, differences in corporate culture, regulatory constraints and a whole host of other obstacles to a smooth,...

August 2001
Adding value

Wrap funds continue to be a popular investment vehicle, attracting over 80% of the inflows into the unit trust industry. “Investors recognise that wrap funds can add value in a variety of ways,” says Cobus du Plessis, head of marketing at Sanlam...

August 2001
Exchange rate quandary

With relatively few exceptions, South African residents are liable for South African Estate Duty on their worldwide assets, which include the investment allowances remitted abroad since the relaxation of exchange control. This is not commonly...

August 2001
Leading the way

Unit Trusts are still the most cost- effective way for clients to invest on the stock exchange, simplifying the process of investing, providing for daily price updates and maximising returns by avoiding upfront commissions.
However, the...

August 2001
Fee-based winner

Sage Life has launched another global investment plan to provide its clients with access to both United States and European- based financial expertise in one product.
The International Investor, offered through Sage Life’s Bermuda branch,...

August 2001
Conspiracy of silence

AIDS is arguably the single most important strategic issue confronting South African businesses. There can be no doubt that its socio-economic significance will continue to escalate throughout the first few decades of the new century. Already...

August 2001
Low growth

The short-term insurance industry showed a growth of only 6,5% in gross premium income to R22 515m, based on the adjusted figures for 1998 and 1999, according to the Second Annual Report of the Registrar of Short-Term Insurance for the period to...

August 2001
Rules change

A member of an employer fund will no longer be able to transfer funds to a preservation fund if any cash benefit has been taken before the transfer, warns PriceWaterhouseCoopers (PWC) in its February 2001 bulletin. This follows changes to the...

August 2001
Stationary choice

Excess Technologies has introduced a new vehicle gear locking system that arms automatically. Called the Raptor it eliminates the need for the driver to manually insert a pin into the lock, as is the principle with most such systems available on...

August 2001
Flying high

In a move that has caught the aviation insurance market on the wrong foot, SA Eagle has announced the adoption of a new approach to the No Claim Bonus. Unlike in Motor Insurance, where the NCB moves from insurer to insurer staying with the car,...

August 2001
Ahead of the law

A register of intermediaries accredited to market long-term assurance products has now been introduced by the Life Offices’ Association (LOA), says Gerhard Joubert, Executive Director of the Association.
The new intermediary register is a...

August 2001
Trustees’ safety net

Increasing volatility as far as asset managers in South Africa are concerned, means that assessing performance returns is no longer adequate.
According to Investment Solutions’ Steven Braudo, “Trustees also need to assess the volatility or...

August 2001
Formal credit

Second-tier banking will become an integral part of the future of South Africa as the micro-lending industry moves from the traditional, often unethical operators on street corners to more formal approaches from organisations like African Bank....

August 2001
Being addressed

Insurance Times & Investments has been published for some 13 years, having been established in February 1988. For many years we have campaigned for reforms in the insurance and investments industry so that:
• Companies provided better...

August 2001
Realise your destiny

January 2001 saw the launch of The Destiny Fund, a new retirement fund specifically designed for small and medium sized companies (so-called ‘SMEs’). The Destiny Fund evolved from a commitment to the development of products that would uniquely...

August 2001
Only one assurance plan needed for life

When I started Insurance Times & Investments back in 1988 I had quite a few gripes about the insurance industry and, from time to time, wrote about these issues, suggesting a better way to treat and serve the consumer. The advent of the...

August 2001
Stop fishing

The Ombudsman’s office is seeing an increasing number of cases where AIDS is suspected but not confirmed and where a fishing expedition has been undertaken in the hope that nondisclosure will enable the insurance company to repudiate the claim,...

August 2001
Accounting for complaints

The banking industry decided to set up an Ombudsman’s Office in 1997 when it became clear that:
• there was a need to improve the public image of the banks;
• the industry was being criticised by government and consumer bodies regarding...

August 2001

Here is a question for you: what are the dumbest animals on Earth?
Answer: software programmers. Read this and tell me if you can find anything dumber.
Since 1984 I have been tirelessly, but tediously sorting out personal computers (PCs...

August 2001
Free spreadsheet

Most employees covered by PAYE probably pay too much tax and could take home more net pay if they made ‘proper planning’.
A free service from etaxes is available on the web, which could create an effective pay rise for most employees at no...

August 2001
More than price

From time to time, clients, brokers and consultants receive comparisons of rates quoted for group business. Price alone should not be the single criteria in measuring the competitiveness of these quotes.
“What is more important is to...

August 2001
Service guide

There’s no single universally accepted system that can be applied to all financial service providers’ internal controls. Their organisational and legal structures, their nature and scope of business activities, are so diverse that each business...

August 2001
General business

There are four Codes of Conduct to he introduced in terms of
Section 15 of the Financial Advisory and Intermediary Services Act, 2001. Three of them are specific to the short term insurance industry, the life industry and investment business...

August 2001
New on offer

South African unit trust investors have already taken a R26 billion stake in foreign equities, bonds and fixed interest securities and the offshore fund flow is likely to accelerate, says Old Mutual Unit Trusts’ managing director Mick Joyce....

August 2001
Client disclosure

In December last year the SA Insurance Association (SAIA) issued a suggested “Consent clause for information sharing”, intended to anticipate the proposed privacy legislation.
SAIA Executive, Caroline da Silva explained that the Government...

August 2001
Pinning up a notice

In a recent edition of Insurance Times & Investments Hollard Life gave notice that a number of companies had no authority to offer policies in its name. It said that “entities known as Power Insurance, Power-Net and Pinnacle Global” were...

August 2001
Honest approach

The insurance industry’s decision to introduce a so-called claims database for sharing client information between companies has drawn fire from the legal profession. Officially called the Insurance Data System, lawyers say its operation amounts...