Intermediaries Guarantee Facility-SAIA

Intermediaries Guarantee Facility Limited (IGF) is a facility set up by the short-term insurance industry generally for the purposes of providing security in terms of Section 45 of the Short-term Insurance Act read together with Regulation 4 thereto. A short-term insurer may not authorise a person in writing to act as an independent intermediary, to receive, hold or in any other manner deal with premiums payable to it under short term policies unless that person has provided security in terms of the Regulations Part 4 and Section 45 of the Short-term Insurance Act 1998.

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The past year has been characterised by interactions with motor dealers, acting in their capacity as short-term insurance intermediaries, coming to terms with compliance requirements facing them – in particular those relating to Section 45, Regulation 4, of the Short-Term Insurance Act.

The Intermediaries Guarantee Facility Limited (IGF) is positively influenced by the broadening customer base – growth however being at a slower rate than was initially anticipated. The impact of the global financial crisis will naturally filter down to all citizens of the world in varying degrees. The result of the above is increased risk for IGF, in particular the credit risk of the re-insurers of IGF, necessitating adherence to appropriate risk management principles to mitigate this risk.

The year 2009 will see many changes in the short-term insurance market with the industry attempting to avoid the impact of the financial crisis and re-align businesses with pending new regulations and future expectations.

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The South African Insurance Association
Association Incorporated under Section 21
Registration No.1998/25543/08

Postal address:
P.O. Box 30619
Braamfontein
2017

Physical address:
3rd Floor, JCC House
27 Owl Street
Milpark

Contact detail:
Tel: +27 11 726 5381
Fax: +27 11 726 5351
Email: info@saia.co.za

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Intermediaries Guarantee Facility

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