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September 2001
Life skills

In terms of Section 15 of the Financial Advisory and Intermediary Services Act, 2001 (FAIS), regulations set down Codes of Conduct that control the business practices of various service providers. All are subject to the General Code of Conduct,...

September 2001
Regent Insurance Co Limited v Maseko 2000

Respondent lodged a motor claim with appellant insurance company. When sued, the insurer alleged that the summons was out of time because the policy allowed for a time period of only 90 days after the claim had been rejected for the institution...

September 2001
An ART to it....

The most common risk reduction strategies currently being undertaken by employers to manage the healthcare costs associated with HIV/AIDS include member education and awareness, and HIV/AIDS management programmes which involve the case management...

September 2001
Emerging error

The number of complaints the Ombudsman’s office receives suggests that the negotiation of credit life assurance leaves much to be desired, notes Ombudsman for Long-Term Insurance, Jan Steyn, in his latest report for 2000.
Credit assurance is...

September 2001
Lapsed conscience

Total income for the life industry as a whole slipped 2,5% to R149 551m in 1999, according to the Second Annual Report of the Registrar of Long-Term Insurance for the period to June 30th 2000 (see table). Net premiums hardly changed, while there...

September 2001
Filling a gap

Sage Unit Trusts has launched its 12t] retail unit trust, the Sage Income Fund. Established on 1st August 2001, it fills a gap in the range of fixed interest unit trusts offered by the company, and is positioned between the Sage Money Market and...

September 2001
For maximum protection

Liberty Unit Trusts has launched a new Domestic Equity Asset Allocation Flexible Fund, called the Quants Fund. The fund’s primary objective is to achieve long-term investment returns through active management of the fund’s asset allocation,...

September 2001
Techie trouble

Investors wondering when it will be the right time to get back into the IT (Information Technology) and TMT (Technology, Media and Telecommunications) sectors would do best to steer clear of the sector for the next quarter. A recovery is only...

September 2001
Reducing CGT events

Liberty Collective Investments (LCI) believes that Wrap Funds will continue to play an important role in retail Investment. Thus, the company is not closing its six domestic and four offshore wrap funds, known as the Symphony Portfolios. Sanlam...

September 2001
Worldly wise

As financial barriers continue to be relaxed and global opportunities offered to South Africans increase, the public is becoming more financially aware. To keep up with this emerging trend, banking institutions have had to design new and...

September 2001
Getting active

In previous quarters, unit trust fund managers have been widely criticised for the relative underperformance of actively managed funds in comparison to the passively managed index funds.
Fanie Lategan, chief executive of Sanlam Unit Trusts,...

September 2001
Open to interpretation

European Union ministers have agreed to replace the Warsaw Convention, which governs airline passenger liability, with the 1999 Montreal Convention.  Commentators state that this will give 

...

September 2001
Advance guard

The need in South Africa for kidnapping cover and other specialised insurance has been met by a new London based Glenrand MIB trading division, Glenrand Health & Specialty (GHS).
The division, which recently acquired the specialty...

September 2001
Ready to roll

Medscheme CEO, Anton Roux says that Medscheme is completely ready for the administration of Fedsure Health’s 100 000 member families in advance of the 1st August deadline.
“The Call Centre is already up-and- running with additional staff...

September 2001
Ongoing disease

The Life Offices’ Association (LOA) has sent a strongly worded critique of the proposed Medical Schemes Amendment Draft Bill to the Minister of Health, warning that, in its view, there is far too much open to regulation, even more restrictions on...

September 2001
Healthy choice

Asset allocation is recognised as the main determinant of investment performance over the longer term. In fact, research has proven that this contributes in excess of 90% to the variation in returns of an investment, according to Momentum. This...

September 2001
Measuring equipment

Recent statements from the mining industry and other corporate bodies indicate that they are establishing firm commitments on improving the health management of employees who are HIV positive or who have contracted AIDS.
These institutions...

September 2001
Pothole duties

Deneys Reitz on insurance case law: Cape Town Municipality v Bakkerud 2000
Respondent was an elderly lady who sustained injuries when she stepped into a pothole in a sidewalk in a busy street of Cape Town. The hole had been there for at...

September 2001
Short term shortfall

South African platinum mines, currently supplying 80% of world demand for the precious metal, may be forced to devise innovative ways of covering themselves against risk as the international insurance industry casts a wary eye at the huge...

September 2001
Post-retirement nightmare

Under the revised Medical Schemes Act, the contribution by employers to the medical care of their pensioners through subsidising medical aid contributions is placing a huge strain on the profitability of many companies. In many instances,...

September 2001
Investment advice

In Cooper V Syfrets Trust Ltd. 2001 a qualified accountant approached S for advice relating to a ‘long-term safe investment’. On the advice of one of S’s executive investment managers, V, the money was invested with Masterbond. On the maturity...

September 2001
The deeper you go….

Experts are unable to prove that mining activities in South Africa are responsible for earthquakes that have caused damage amounting to millions of rands in areas such as Tulbach in the Cape, says Professor Andrzej Kijko of the Council for...

September 2001
Grand fire

Just where does a contractor’s professional liability begin and end if he is acting upon the instructions of other professional parties? “A recent Appeal Court judgment is seen as a landmark finding on the issue and sets precedents for...

September 2001
Screech

The smallest things in life seem the easiest to walk. In household burglaries video recorders, hi-fi equipment and cameras are often targeted, while in offices it is laptops and presentation slide machines.
A company called Daytan Projects...

September 2001
Better wits

Years ago, managing risk meant purchasing insurance, hut management has now adopted a more diligent and pro-active approach.
Management, previously focusing on insurance as a means to combat risk, is now increasingly making use of formalised...

September 2001
Gathering up

Sanlam says it has integrated two of its divisions, Sanlam Personal Finance and Sanlam Employee Benefits, into a single business, Sanlam Life. The two divisions were the company’s strongest brand drivers and contributed 54% and 10% respectively...

September 2001
Notable success

KBC Financial Products, international investment bankers, has announced the successful completion of an international equity linked note issue for the Sage Group.
The notes have been issued by Sage International Finance Limited (BVI), a...

September 2001
Smart forms

Since the start of the year, Mutual & Federal clients with Internet access have been able to register non-motor claims through a ‘smart form’. Policyholders simply go to www.mf.co.za and click on ‘claims’. They then complete the form and send...

September 2001
Controlling costs

The costs of HIV/AIDS and its complications represent a large threat to the financial viability of medical schemes.
“There is an urgent need to address the funding of HIV/AIDS management in a rational way to ensure optimal use of scarce...

September 2001
Avoiding the needle

An HIV infected needle pierces a doctor’s surgical gloves, a paramedic saves the life of a roadside victim and they contract HIV. Such are the daily hazards of medical and emergency personnel as they perform their professional duties in a country...

September 2001
Not managing

According to the findings of the 2001 Old Mutual Healthcare Survey, cost control is the most important strategic issue facing employers in the provision of medical cover for their employees, as it has been for the previous four surveys since 1994...

September 2001
Natty ideas

Until recently little was known of National Insurers (Natsure), though it had been registered as long ago as 1968. For many years it was just a captive building society property insurer used to cover Saambou’s home loans, and it simply charged...

September 2001
Money World Exhibition

The Financial Planning Institute (FPI) will be presenting a series of seven workshops on various aspects of personal financial planning at the Money World Africa exhibition to be held from 4-6 October 2001 at the Sandton Convention Centre.
...

September 2001
Fully complied

Mutual & Federal says it has fully complied with impending Policy Protection Rules (PPR) on its single biggest book of business, Allsure. By early April it had communicated to its Allsure clients that the product was PPR-compliant.
The...

September 2001
Astute move

A financial information service that can provide intermediaries with instant online insurance information has recently been launched. It will only be available to those intermediaries who register with the Life Offices’ Association (LOA):
...

September 2001
Years of losses

In the May renewal session airline premiums grew by 35°c over last year. Hull Rates accounted for 22° and fleet values the balance. On liabilities the rise was similar at 23°c. Loss experience has played an important part in all this — airlines...

September 2001
Service standard

Creditor specialist Pinnafrica Insurance says it was recently awarded the ISO 9002 accreditation and certificate after undergoing a stringent auditing process by the SABS (South-African Bureau of Standards).
ISO stands for International Serv...

September 2001
Gathering momentum

Fedsure General, including its subsidiary FGI in Namibia, has recorded a 7471% increase in underwriting profit from R140 000 to R10,6m for the half year to June 30tI 2001, compared to the same half last year, according to its latest unaudited...