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August 2004
Headache

Figures released by Medscheme recently show that the cost of treating mental illness inn South Africa is increasing significantly.

According to Dan Pienaar, MD of Solutio Health Risk Management, the costs...

August 2004
Wind of change

The first change in legislation governing atmospheric pollution since the Air Pollution Protection Act of 1966 will be the new, long-awaited Air Quality Bill. Its objective will be to address many concerns about the...

August 2004
Personal policy

Many winters will be remembered for natural disasters like huge storms, snow and devastating fires that caused millions of rands of damage to property, to say nothing of the human suffering involved.

But...

August 2004
Coming into their own

For the first quarter of this year, the linked investment service provider (LISP) industry had its best quarter since 2000. Assets under management in this highly competitive industry now total more than R91 billion,...

August 2004
Sterling/dollar opportunity

Barclays Private Clients through its South African representative offices has launched a new international High Interest Index Linked Deposit Account (HI-ILDA 7). The account is available immediately for financial...

August 2004
Poor times

Poor returns are making retirement fund trustees a bit twitchy, fearing legal action by tetchy members. Consumers are getting only too wise about the machinations of the financial world, and there’s no longer the easy...

August 2004
Time for caution

This current boom in the residential property market has seen the yield on such investments decline by 50% — or, put another way, houses are twice as ‘expensive’, compared to the 1998/1999 period. Without any...

August 2004
Sobering thoughts

Throughout the roaring nineties, asset management was seen as the industry of choice for every ambitious youngster with an accounting degree. High financial rewards and continuing strong market returns made...

August 2004
Top of the class

In the three years to end April 2004 the Stanlib Quants Fund has achieved a return of 65,29% and this, the company says, is statistically significant proving a ‘three-year test’, which ‘puts it top of the class.’...

August 2004
Herd mentality

Investors who follow market trends rather than stick to an investment plan that matches their risk profile are more likely to lose their money than realise a healthy profit.
“Clients who invest in the current top performing sectors or funds...

August 2004
Time bar repudiation

Parties to an insurance contract need to know what a ‘claim’ is in order to decide whether a claim has been lodged timeously under an insurance policy. Metcash Trading Limited found this out to its cost in its action...

August 2004
Switch hopes

One of South Africa’s oldest and more established medical schemes, National Medical Plan (NMP), intends to amalgamate with Momentum’s new Pulz medical scheme with effect from January 2005. It is a significant date...

August 2004
Global appeal

Travel Insurance Consultants (TIC) has introduced a new range of global leisure and business travel insurance options, underwritten by Santam. The introduction of TIC’s new products follows extensive research into the...

August 2004
All together

Any employer wanting to outsource the pension fund to focus more on core company business should consider an umbrella fund, says Old Mutual Investment Administrators marketing manager Hugh Hacking.

...

August 2004
Complexities explained

When VAT was introduced on 30th September 1991, few realised the complications of applying the tax to short-term insurance business. It soon became evident that there would be VAT payable on premiums and on broker...

August 2004
Experience counts

With the introduction of the Financial Advisory and Intermediary Services Act (FAIS) financial service providers faced a crisis. The legislation specifically required financial service providers to obtain certain...

August 2004
The task at hand

The charter will significantly change the face of the financial sector by 2008. Below we provide you with concise details about charter targets that will help you to understand the changes that are coming. Although...

August 2004
Revalue regularly

Under-insurance is one of the biggest short-term headaches, and yet it is so simple and easy to avoid.

The term refers to a situation when the value for which you are insured is less than the actual...

August 2004
Dos and don'ts

The Office of the Ombudsman for Short-term Insurance saw a 34% rise in complaints from policyholders in 2003, and this was partly due to problems where claims are not paid because insurers say incorrect information...

August 2004
Cost cutting exercise

This article is not about choosing the best policy for the best premium, but rather to discuss the advantages or otherwise of paying for your householder’s and motor insurance policy on a monthly or an annual basis....

August 2004
Less is less

It should be a fundamental principal of any government policy that certain services are better provided on a centralised basis, thus funded by a pooled tax system. An important part of this is to apply an equitable...

August 2004
One call

Every year, vehicle accident insurance claim settlements in SA amount to some R4,2billion. There are about 350 000 accidents, 1,2m breakdowns and roughly 140 000 vehicle thefts and hijackings.

These...

August 2004
All together

The convenience of electronic banking and the continuing globalisation of financial services means it will be only a matter of time before consumers can conduct their banking affairs anywhere in the world. Already...

August 2004
Franchise option

Vehicle accidents are now costing about R2 billion a year with some R100m going to fraudulent activities and corruption among certain service providers within both the autobody repair and insurance industries....

August 2004
Tricky problem

Have you ever had a torn banknote, or a piece missing from it? You may find the shop keeper refuses tender, saying the currency isn’t worth anything. And if it is a R100 note you could be in for an unfortunate loss....

August 2004
FAIS key

Mutual & Federal has obtained its licence to practice as a ‘financial services provider’ in terms of the Financial Advisory and Intermediary Services (FAIS) Act.

All financial service providers,...

August 2004
Clients beware

The long-awaited Financial Advisory and Intermediary Services Act 2002 (FAIS) will come into full operation in September this year. Its main aim is to protect clients and to regulate the rendering of financial...

August 2004
Poly test

Deneys Reitz on insurance case law: Schoeman v Constantia Insurance Co Ltd 2003

The appellant claimed under an insurance policy for indemnification for loss suffered after a burglary. She completed a...

August 2004
Question of relevance

Following his evidently tortuous experience being assessed for accreditation, in terms of the Financial Intermediary and Advisory Services (FAIS) legislation, Aviation Consultant Henry Tours has conveyed his concerns...

August 2004
Remove the blinkers

It is certainly good advice to save for retirement through an investment plan, but First Link Insurance Brokers rightly points out that this should only be part of the strategy. What about reducing your expenditure,...

August 2004
Financial footing

The risks facing both existing and first time homebuyers are not always property related, points out Mortgage SA.

This is a company specialising in ‘mortgage origination’, and which has recently decided...

August 2004
Coughing up

Members will have to pay higher premiums into group schemes to cover the increases in costs of combating multi-resistant TB strains.

A new super bug, with the technical name of DRF 150, has been...

August 2004
FAIS initiative

The Short-term Insurance division of Assupol Life has negotiated a broker agreement with Auto & General.

Assupol first became involved in the marketing of short-term insurance in 1994, but it only...

August 2004
Suggested FAIS approach

The SA Insurance Association (SAIA) recommends that insurance companies require underwriting managers to register as Financial Service Providers (FSP) in terms of the Financial Advisory and Intermediary Services Act (...

August 2004
Bedding down

Medscheme Life says it is looking for opportunities to benefit its existing medical aid membership base by developing products and working through “various distribution specialists”.

Comments Russel Ives...

August 2004
Help for employers

The South African Business Coalition on HIV/AIDS (SABCOHA) has launched an HIV/AIDS toolkit to help companies in implement an effective workplace programme.

Based on research by local and global best...

August 2004
In a muddle

As the year unwinds, 9/11 seems to have been forgotten and there is much pressure on underwriters to bring down rates. Major risks, even those with loss histories that make your eyes water, have retained the same...

August 2004
Quick locate

The establishment of the South African stolen vehicle tracking and recovery industry in the early nineties has played a significant role in combating crime. Police statistics reveal that vehicle crime is in decline....

August 2004
Overdue

It appears that some financial advisers and intermediaries do not fully understand the licensing process and think that a registration number is the actual licence.

This, and a few other misunderstandings...

August 2004
The hunt is on

TransUnion ITC’s Insurance and Medical division says it has so far traced and paid out pension beneficiaries in excess of R100 million. Working with Benefit Recovery Services (BRS) it is trying to trace people who are...

August 2004
Blinding competition

The short-term market seems to be falling into old habits again with the costs of placing commercial risks being slashed by up to 40%. Santam is worried about this dangerous development, pointing out that ‘crazy price...