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South African Insurance Association

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SAIA News

From the Desk of the Chief Executive- November Bulletin

From the Desk of the Chief Executive- November Bulletin

Dec 05, 2017

The end of the year is fast approaching and I want to take this opportunity to acknowledge our members for their participation in restoring the lives of many who were affected by the severe catastrophes and natural disasters that we were faced with this year.

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Draft Competition Code of Conduct for the automotive Sector

Draft Competition Code of Conduct for the automotive Sector

Dec 05, 2017

On 22 September 2017, the Competition Commission (the Commission) published a Draft Competition Code of Conduct for the Automotive Sector (the Code) in the Government Gazette for public comment.The Code seeks to address identified concerns in the aftermarket automotive industry and will bind various signatories such as Original Equipment Manufacturers (OEMs), government bodies and industry associations.

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The Conditions of Contract and the Maintenance Period Cover under the CAR Policy – cause for concern?

The Conditions of Contract and the Maintenance Period Cover under the CAR Policy – cause for concern?

Dec 05, 2017

At the recent inaugural South African Association of Engineering Insurers (SAAEI) Annual Conference, one of the presentations focused on the various Conditions of Contract/Contract Agreements commonly used in the Construction/Building industry, the need to understand the insurance clauses contained in each of them, and how this would impact on the cover under the Construction Risks Policy. The presenter stressed the importance of the above, as the Policy will only provide cover to the extent required in terms of the Contract Agreement.

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The Motor Vehicle Security Association of South Africa

The Motor Vehicle Security Association of South Africa

Dec 05, 2017

The Motor Vehicle Security Association of South Africa (VESA) already enjoys the support of SAIA and many short-term insurers and are working to build upon that. Foundations already laid shows good progress and are getting good traction. VESA has been engaging widely with insurers and broker groups and are working on developing a more sustainable risk management process around vehicle security. Many insurers have recognised the need to re-evaluate security implementation on an ongoing basis and discussions are focused on requirements and re-evaluation of security levels.

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Media Statement: SAIA Encourages Safety During Storms

Media Statement: SAIA Encourages Safety During Storms

Oct 19, 2017

The South African Insurance Association (SAIA) extends its sympathy to all who have been affected by the recent storms in parts of Gauteng and Kwa-Zulu Natal. Storms such as these which cause extensive damage to property and vehicles, highlight the importance of protecting one’s assets to reduce hardship following such devastation.

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From the Desk of the Chief Executive

From the Desk of the Chief Executive

Sep 11, 2017

In his keynote address at the SAIA Cocktail function in July, Deputy Finance Minister Sfiso Buthelezi pledged government’s support to the short-term insurance industry.

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Concerns raised by the Ombudsman for Short-term Insurance (OSTI)

Concerns raised by the Ombudsman for Short-term Insurance (OSTI)

Sep 11, 2017

Insurers’ policy wording and claims philosophies are not updated and aligned to changes in technology and criminal behaviour. For example, the clause “forcible and violent entry” is strictly interpreted but today, criminals use car jamming devices hence the insured will be unable to demonstrate “forcible and violent entry.”

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SAIA List of Standardised Terminology available on SAIA website

SAIA List of Standardised Terminology available on SAIA website

Sep 11, 2017

The SAIA list of standardised terminology has been published on the SAIA website. The terms were identified by the SAIA Treating Customers Fairly workgroup on Standardised Terminology. The aim of the list is to ensure that policy wording is understood fully by the consumer and that all potentially confusing terms be defined on the list, for the ultimate benefit of the consumer.

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Continuity of Contractors’ All Risks Annually Renewable Covers

Continuity of Contractors’ All Risks Annually Renewable Covers

Sep 11, 2017

Just as important as it is to ensure that Contractors All Risks (“CAR”) cover is adequate and aligns with the insurance requirements of the underlying construction contract, it is important for the purposes of ongoing insured projects to ensure that such cover remains in place and is continuous in the event that a decision is made not to renew annually renewable CAR policies, or to cancel such policies, and to substitute one insurer for another.

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Save-a-Car Project

Save-a-Car Project

Sep 11, 2017

The Save-a-Car project is an initiative by the South African Insurance Association (SAIA) and insurance companies, together with other stakeholders including the National Association of Automobile Manufacturers of South Africa (NAAMSA) and Original Equipment Manufacturers (OEMs). The pilot project has been established as a mechanism to reduce the cost of repairing damaged motor vehicles deemed to be uneconomical to repair.

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Deputy Finance Minister pledges Government's support to the Insurance Industry

Deputy Finance Minister pledges Government's support to the Insurance Industry

Jul 26, 2017

Deputy finance minister Sfiso Buthelezi has pledged government's support to the South African insurance industry and called on insurers to continue working in the spirit of collaboration and good corporate governance. Speaking at the South African Insurance Association's annual cocktail event, which took place on 20 July 2017 in Sandton, the deputy minister stressed that while the industry was on the right path, there was still a lot of work that needed to be done.

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Upcoming Events 2017

Upcoming Events 2017

Jul 07, 2017

The SAIA will be hosting its Annual General Meeting (AGM) and Cocktail function on Thursday, 20 July 2017.

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Inaugural SAIA Indaba 2017

Inaugural SAIA Indaba 2017

Jul 07, 2017

The SAIA successfully hosted its inaugural Indaba on 10 May 2017 at the FNB Conference Centre. The event, themed “Supporting the National Development Plan through the Short-term Insurance Industry,” was well attended with representatives from various stakeholders, including government, financial sector bodies, industry captains, SAIA members and the media.

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Big Data: The Key to Eradicating Insurance Fraud

Big Data: The Key to Eradicating Insurance Fraud

Jul 07, 2017

Quality information is the bedrock of the insurance industry – from the initial risk modelling that determines one’s premiums to the claims assessment process all the way to the policy renewal stage.

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The Motor Vehicle Security Association of South Africa (VESA)

The Motor Vehicle Security Association of South Africa (VESA)

Jul 07, 2017

VESA has informed the short- term insurance industry that for all purposes affecting any vehicle safety and security products and systems and/or the installation thereof, the term “VESA Approved” shall mean compliance with all of the following three requirements:

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National Grading Standards Project update

National Grading Standards Project update

Jul 07, 2017

The SAIA and the Associations representing the Motor Body Repair (MBR) industry are proud to announce the introduction of the National Grading Standards for MBRs who want to be certified to do repair work on cars that are out-of-warranty.

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From the desk of the CEO- June 2017

From the desk of the CEO- June 2017

Jul 07, 2017

If the National Development Plan’s (NDP) promotion of economic growth and greater financial inclusivity is to be realised, then the ideology of economic transformation must be implemented.

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News Bulletin April 2017

News Bulletin April 2017

Jun 20, 2017

In this edition we have news on Transformation and governance risks, insurance risk, consumer education, stakeholder relations and communication as well as forum updates.

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From the Desk of the Chief Executive - April 2017

From the Desk of the Chief Executive - April 2017

Apr 12, 2017

There is little doubt that the recent cabinet reshuffle and credit rating downgrade announcement has brought a lot of concern for many South Africans, the far-reaching effects of which will be felt by the economy and society at large for some time. It is important that all leaders in government, business, organised labour and civil society, who have the interest of our country and all its citizens at heart, stand together to ensure that South Africa is on the right path to achieve a stable and sustainable political, social and economic environment for all South Africans.

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Consumer Education - April Update

Consumer Education - April Update

Apr 12, 2017

The FSC has been approved and submitted to the Minister of Finance and is awaiting final approval and gazetting by the Department of Trade and Industry (Dti).

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Council for Medical Schemes Publishes Demarcation Exemption Framework

Council for Medical Schemes Publishes Demarcation Exemption Framework

Apr 12, 2017

The Council for Medical Schemes (CMS) issued Circular 19 of 2017 on 15 March 2017 in respect of the Demarcation Exemption Framework, including the Guideline: Framework for Exemption of Providers of Indemnity Products that conducts the Business of a Medical Scheme from provisions of the Medical Schemes Act (MSA) 131 of 1998.

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The importance of developing insurance products for the poor

The importance of developing insurance products for the poor

Apr 12, 2017

If I had to define insurance today, I would say: Insurance is a financial tool that helps consumers pick up where they left off, after a loss. Without insurance, every time you experienced a major loss, you'd have to start all over again. In fact, this is what the poorest of the poor around the world face every time their shacks burn down or they lose a breadwinner

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VESA/ABS - New Electronic Standards

VESA/ABS - New Electronic Standards

Apr 12, 2017

The Motor Vehicle Security Association of South Africa (VESA) and its test house, the Accreditation Bureau for South Africa (ABS), have recently launched new specifications for Electronic Alarm and Immobiliser vehicle security devices.

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From the Desk of the Chief Executive

From the Desk of the Chief Executive

Feb 07, 2017

There seems to be a sense of optimism in the air as we step into the New Year; the rand is stronger against the US dollar compared to the same time last year and the delegation attending the recent Word Economic Forum in Davos have reported strong collaboration between business, labour and government. The recent good rains over a large part of our country have also added to the change in spirit.

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Business for Road Safety

Business for Road Safety

Feb 07, 2017

As part of the Department of Transport (DoT) Transport Month in October 2016, the SAIA issued a media release calling road users to be aware of distractions on the road. This was in support of the DoT initiatives which strive to reduce the number of, crashes accidents and road fatalities on our roads.

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Governance Risks Update

Governance Risks Update

Feb 07, 2017

The FSR Bill is in the final stages of Parliamentary consideration. As at 7 December 2016, the Bill was referred to the National Council of Provinces (NCOP) for concurrence.

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SAIA Forums Cont.

SAIA Forums Cont.

Feb 07, 2017

In 2016 SAIA commenced with the implementation of our new participative business model. This model allows SAIA to continue to actively drive common industry challenges while playing a secretarial and guidance role for specialist topics that are of interest to only a few members, known as SAIA Forums.

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Forums Update

Forums Update

Feb 07, 2017

The South African Machinery Insurance Association (SAMIA) held its final monthly meeting for 2016 on 06 December. This brief summary provides an overview of the association’s plans, accomplishments and key actions aligned to its mission of promoting technical understanding, knowledge transfer and social interaction between its members.

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Consumer Education Update

Consumer Education Update

Feb 07, 2017

Following a short break of season three of the SAIA financial literacy comedy series, Next of Next Week, the series began airing on Friday, 6 January 2017 at 17:30 on etv.

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From the Desk of the Chief Executive

From the Desk of the Chief Executive

Nov 16, 2016

As we entered the final quarter of 2016 and look back at the year gone by, there was one very significant event on the financial calendar that requires mention: the Medium-Term Budget Policy Statement (MTBPS).

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Update on Agriculture Insurance

Update on Agriculture Insurance

Nov 16, 2016

The complexity of commercial farming is often not well understood, including by those involved as stakeholders in the wider agricultural industry.

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Governance Risks Update

Governance Risks Update

Nov 16, 2016

Due to the delay in the parliamentary process, the Financial Services Board (FSB) has confirmed that the original SAM “go live” date of 1 January 2017 is no longer attainable and that a more realistic SAM “go live” date is 1 July 2017.

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The Motor Vehicle Security Association of South Africa (VESA)

The Motor Vehicle Security Association of South Africa (VESA)

Nov 16, 2016

With VESA being incorporated into short-term insurance policies, the insurer is protected by not having to pay out a vehicle theft claim, should the insured’s vehicle not have met with the criteria of being fitted with a “VESA Approved” vehicle security device.

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SAIA Media Release: Crime stats- safety tips

SAIA Media Release: Crime stats- safety tips

Sep 28, 2016

Take precautions to protect your family and your property: A sustained increase of almost 15% in car hijackings over the last two years and an increase in both residential and business robberies reflected in the recently released national crime statistics are a cause for concern. To address this and help promote preventative safety action on the part of consumers, the South African Insurance Association (SAIA) has responded with safety tips.

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Insurance Risks Update

Insurance Risks Update

Sep 02, 2016

The objective of the workshop was to identify projects that Business Associations (and their members) could assist the DoT in the implementation of road safety related projects.

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From the Desk of the Chief Executive

From the Desk of the Chief Executive

Sep 02, 2016

As South Africa continues to grapple with economic growth challenges amid a tough economic environment, the discussion on economic transformation has once again been put under the spotlight. More than ever, there is a growing realisation by the government, business and labour that in order to achieve sustainable economic growth and improve the lives of all South Africans, all role players need to actively drive the economic transformation agenda.

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Governance Risks Update

Governance Risks Update

Sep 02, 2016

The Financial Services Board (FSB) advised the SAIA recently that the current legal amendments being drafted by the FSB would give effect to some of the proposals in the RDR Phase 1 Update.

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Transformation Update

Transformation Update

Sep 02, 2016

The SAIA Board has approved the Access Standards and submitted them to the Financial Sector Charter Council for approval.

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SAIA announces new board members

SAIA announces new board members

Jul 22, 2016

The South African Insurance Association (SAIA) yesterday announced the appointment of three new members to the SAIA board for the 2016 / 2017 year.

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Governance and Transformation- June 2016

Governance and Transformation- June 2016

Jul 06, 2016

The SAIA Board has approved the Enterprise and Supplier Development Strategy. Enterprise and Supplier Development will focus on black broker development as well as the development of suppliers in the motor and construction space.

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Short- term insurance: An insurance roadmap to growth in a strained economy

Short- term insurance: An insurance roadmap to growth in a strained economy

Jul 06, 2016

With continued economic pressure and the extent and rate at which the macro and regulatory environment continues to change, doing business in the country is extremely challenging. The impact of these challenges is reducing consumers’ disposable income and consequently, they are cancelling their insurance policies during a time where it is most valuable.

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Update on the SAIA Forums

Update on the SAIA Forums

Jul 06, 2016

The SAIA Forums have had their first meetings and elected their respective chairpersons to represent them as per the Terms of Reference.

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Strategic Insurance Data Committee

Strategic Insurance Data Committee

Jul 06, 2016

The former Insurance Data System (IDS) Steering Committee has been revamped, including a name change and will now be known as the Strategic Insurance Data Committee (SIDC).

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Stakeholder Relations and Communication

Stakeholder Relations and Communication

Jul 06, 2016

The SAIA continues to build and strengthen relationships with new and existing stakeholders as part of its stakeholder relations strategy. Since the beginning of the year, the association has engaged (and continues to) with various stakeholders in the financial sector and the government

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Upcoming Events

Upcoming Events

Jul 06, 2016

The SAIA Annual General Meeting and Cocktail Function will be held on 20 July 2016 at the Johannesburg Country Club in Auckland Park. The keynote speaker at the cocktail function will be the Deputy Governor of the South African Reserve Bank, Mr Kuben Naidoo.

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Insurance Risks Update- June 2016

Insurance Risks Update- June 2016

Jul 06, 2016

The initial research by PwC on a potential implementation model for Compulsory Third Party Motor Property Insurance (CTPMPI) in South Africa has been completed.

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Updated Comprehensive Parallel Run 2016

Updated Comprehensive Parallel Run 2016

May 06, 2016

The updated Comprehensive Parallel Run (CPR) exercise taking place in 2016 will allow a final opportunity for insurers and the FSB to establish and test resources, processes and systems ahead of full SAM implementation.

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Establishment of SAIA Forums

Establishment of SAIA Forums

May 06, 2016

In implementing the SAIA’s participative model, the SAIA has established Forums to address various relevant and sub-sector specific challenges.

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The FAIS Act, 2002

The FAIS Act, 2002

May 06, 2016

On 14 April 2016, The Registrar of the Financial Services Providers (“The Registrar”), published for public comment, the proposed amendments to the Notice on Qualifications, Experience and Criteria for approval as a Compliance Officer, 2010 as published by Board Notice 127 of 2010 in Government Gazette No 33537 of 9 September 2010.

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Consumer Education Update

Consumer Education Update

Mar 07, 2016

Work on season three of the popular Next of Next Week (NONW) edutainment comedy series is currently underway. The new season will be a six part, 24 minute sitcom to be aired on national television.

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Motor Body Repair (MBR) Challenges

Motor Body Repair (MBR) Challenges

Mar 07, 2016

It was agreed to form a Non-Motor Transformation and Sustainability Forum (NMTSF) that will be inclusive and should have a national footprint of all relevant stakeholders.

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Retail Distribution Review (“RDR”)

Retail Distribution Review (“RDR”)

Mar 07, 2016

Members have agreed on the FSB’s proposed two-tier model for adviser categorisation but have proposed that the complexities of short-term insurance, such as distribution models, be taken into account......

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STRIDE Announces Change

STRIDE Announces Change

Mar 07, 2016

The Short Term Reinsurance Information Data Exchange (STRIDE) successfully sold the short-term switch to the industry-owned financial services exchange company, ASTUTE.

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From the Desk of the Chief Executive

From the Desk of the Chief Executive

Mar 07, 2016

As part of its value proposition, the SAIA seeks to become more involved in the broader discussion in the country to find sustainable solutions where we can contribute as an industry to grow South Africa’s economy.

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Delegate Registration 2016

Delegate Registration 2016

Jan 11, 2016

IISA , FIA and SAIA present the the insurance conference 2016 - Business Unusual: at Sun City 24-27 July 2016. Delegates please register!

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SAIA Board Appoints Chief Executive

SAIA Board Appoints Chief Executive

Dec 17, 2015

The Board of the South African Insurance Association (SAIA) is pleased to announce the appointment of Ms Viviene Pearson as the SAIA Chief Executive Officer, effective 1 January 2016. The decision was taken at the Board’s meeting on 4 December 2015.

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Consumers urged to protect against severe weather

Consumers urged to protect against severe weather

Nov 24, 2015

The recent severe hailstorms in Gauteng, which have damaged both buildings and vehicles, highlights the importance of having the correct insurance cover in place to protect consumers and businesses against costly damages.

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SAIA Bulletin September 2015

SAIA Bulletin September 2015

Oct 02, 2015

In this issue: Motor Transformation and Sustainability Forum, SAIA Donation to BACSA, IUMI 2018 Conference, FAIS Circular 4 of 2015, Safety at Construction Sites

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Carjacking on the rise in SA

Carjacking on the rise in SA

Sep 30, 2015

Crime statistics published yesterday reveal that carjacking has spiked over the 2014/15 year, increasing by 14.2% in comparison to the previous year.

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New SAIA Board Members

New SAIA Board Members

Aug 19, 2015

The SAIA is pleased to announce the election of four new members to the SAIA Board following the Association’s Annual General Meeting (AGM) on 23 July 2015.

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SAIA Annual Review Released

SAIA Annual Review Released

Aug 06, 2015

We are pleased to present the SAIA 2015 Annual Review. The Annual Review reflects on the work done in the last year, including our challenges and achievements.

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SAIA Consumer Education

SAIA Consumer Education

Aug 05, 2015

Season two of the popular Next of Next Week edutainment comedy series, which is one of SAIA’s Consumer Education Initiative projects, is now airing on eTV.

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SAIA Bulletin July 2015

SAIA Bulletin July 2015

Aug 05, 2015

SAIA Monthly industry bulletin. The Financial Services Board (“FSB”) has invited key stakeholders to participate in working groups to do further work on developing final legislative and regulatory changes following its consideration of the Retail Distribution Review (“RDR”) comments.

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SAIA Media Release- SAIA welcomes FSB’s Retail Distribution Review

SAIA Media Release- SAIA welcomes FSB’s Retail Distribution Review

Nov 14, 2014

The SAIA confirmed today that it welcomed the release of the Financial Services Board’s (FSB) Retail Distribution Review (RDR). The paper proposes 55 policy decisions that will be considered by a SAIA RDR Task Team. The SAIA’s Adv Suzette Olivier confirmed that this paper is in line with the new outcomes-based approach to regulation of the FSB created on an activity, risk-based and proportionate model of regulation. The deadline for comments on the document is 2 March 2015.

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School Holidays: Safety Tips from SAIA

School Holidays: Safety Tips from SAIA

Jun 29, 2014

With the school holidays approaching consumers are urged to be on high alert about the following types of crimes that occur and to which unsuspecting holiday makers may become victim:

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SAIA Elects a New Board

SAIA Elects a New Board

Jun 26, 2014

The South African Insurance Association’s (SAIA) members held the 2014 Annual General Meeting of the association on 25 June. At this meeting members committed to a revised Code of Conduct.

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SA Insurers Hold Urgent Forum on Climate Change

SA Insurers Hold Urgent Forum on Climate Change

May 30, 2014

South Africa’s major insurance companies together with their industry bodies, the South African Insurance Association (SAIA) and The Insurance Institute of South Africa (IISA), reinsurance experts, weather scientists and an international agricultural insurance specialist held an urgent forum to address insurance risk and exposure, due to recent extreme weather events that have caused massive damage and that had led to insurance claims of more than R1 billion in the past year.

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Holiday Makers urged to be streetwise on crime- SAIA

Holiday Makers urged to be streetwise on crime- SAIA

Apr 17, 2014

The South African Short-Term Insurance Association (SAIA) has called on holiday makers to be on the look out over the Easter holidays when people tend to let their guard down. More and more holiday makers are becoming victims of crime at their holiday destinations due to the fact that criminals prey on more relaxed and often unaware tourists.

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The SAIA Cautions Motorists

The SAIA Cautions Motorists

Apr 16, 2014

The South African Short-Term Insurance Association (SAIA) has yet again called on motorists to be careful when driving during the coming Easter Weekend. This warning follows a call for caution by the SAIA during February when heavy rains caused massive damage to roads and led to an increase in short-term insurance claims, mostly due to vehicle accidents and damage to vehicles.

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Short- term Insurance Industry cautions motorists

Short- term Insurance Industry cautions motorists

Mar 07, 2014

The representative body of the short-term insurance industry, the South African Insurance Association (SAIA), has urged motorists to be cautious while travelling during the torrential rain which has affected the vast part of Gauteng and surrounding provinces. - SAIA urged motorists to take extra care on damaged roads, and in places where there is flooding and rain in order to avoid the increased risks of accidents.

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Hailstorms, car insurance and SMS warnings

Hailstorms, car insurance and SMS warnings

Jan 12, 2014

Are you still covered if you ignore an insurer’s notification? You may have been receiving these types of SMSes of late, following severe hailstorms in Gauteng in the past, that damaged thousands of vehicles and caused claims running into millions of rands.

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The SAIA and its members pay tribute to a legendary world leader

The SAIA and its members pay tribute to a legendary world leader

Dec 06, 2013

“During my lifetime I have dedicated myself to this struggle of the African people. I have fought against white domination, and I have fought against black domination. I have cherished the ideal of a democratic and free society in which all persons live together in harmony and with equal opportunities. It is an ideal which I hope to live for and to achieve. But if needs be, it is an ideal for which I am prepared to die.” Nelson Mandela.

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Inmag 2013

Inmag 2013

Oct 21, 2013

NMAG introduces school and university students to the diversity of the insurance and finance industries in a way that speaks directly to their needs. It’s the perfect opportunity for stakeholders to reach the youth of today, expand product awareness and attract a creative, innovative and, above all, enthusiastic workforce.

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Insurers to automatically reassess the value of motor vehicles

Insurers to automatically reassess the value of motor vehicles

Aug 13, 2013

The South African Insurance Association (SAIA) recently confirmed that all its members will be required to automatically reassess the value of motor vehicles regularly in future, without any prompting from policyholders. The wording of this requirement has been included in the SAIA Code of Conduct after being approved by the SAIA Board in July 2013.

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Release of the Financial Sector Code

Release of the Financial Sector Code

Jul 16, 2013

The South African Insurance Association (SAIA) today welcomed the release of the Financial Sector Code for Black Economic Empowerment, which was launched in Johannesburg this morning by the Minister of Trade and Industry, Dr Rob Davies, and Minister of Finance, Pravin Gordhan. The Department of Trade and Industry (DTI) gazetted the FSC in December last year under section 9(1) of the Broad-based Black Economic Empowerment Act.

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Media statement on OSTI releasing of industry statistics

Media statement on OSTI releasing of industry statistics

Jun 11, 2013

Media statement on OSTI releasing of industry statistics. The South African Insurance Association (SAIA) fully supports the publication of statistical information relating to the adjudication of short-term insurance complaints by the Ombudsman for Short-term Insurance (OSTI). This enhanced transparency is a positive step in the fair treatment of customers, said the SAIA’s General Manager: Technical, Suzette Strydom, after the OSTI released statistics on the number of complaints to his office as a percentage of total claims and the overturn rates of rejected claims. It is the first time that such statistics have been released to the public and it is done with the full support of the short-term insurance industry.

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Food Security: Sustainability of Multi-Peril Crop Insurance, A Public Private Partnership.

Food Security: Sustainability of Multi-Peril Crop Insurance, A Public Private Partnership.

Mar 18, 2013

Johannesburg - An industry initiative to look into a possible Private Public Partnership (PPP) between the South African government and the insurance industry resulted in a workshop being held on the 22nd of February, 2013, at the Birchwood Hotel Conference Centre, that has widely been hailed as successful by the delegates and stakeholders who attended the informative and educative session.

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FPASA’s Insurer Fire Impact Reduction Strategy

FPASA’s Insurer Fire Impact Reduction Strategy

Jan 31, 2013

The FPASA has, since its inception, conducted services of benefit to the short term insurance industry. These services have been revised and improved over the last few years to improve the value offered to the industry. All now form part of our InFIReS project.

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SAIA 2012/13 Financial Literacy Initiative kicks-off

SAIA 2012/13 Financial Literacy Initiative kicks-off

Jan 29, 2013

Hot on the heels of its Consumer Financial Literacy initiative 2011/12, the South African Insurance Association (SAIA) is proud to announce that its 2012/13 programme has commenced. Acclaimed as a world first, the South African Insurance Association’s initiative run by service provider Bright Media on its behalf has been running since 2005 throughout all South African provinces.

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Financial Literacy Initiative kicks-off

Financial Literacy Initiative kicks-off

Nov 23, 2012

Hot on the heels of its Consumer Financial Literacy initiative 2011/12, the South African Insurance Association (SAIA) is proud to announce that its 2012/13 programme has commenced.

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SAIA increases workforce

SAIA increases workforce

Nov 06, 2012

SAIA increases workforce in light of SA’s regulatory framework. As a result of a shake-up of the Financial Services Sector’s legal framework and a slew of regulatory reforms, the South African Insurance Association is glad to announce that it has made two appointments to bolster its technical team in order to effectively deal with compliance issues and demands paired with the reforms.

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Human Capital Development Committee established

Human Capital Development Committee established

Oct 22, 2012

The financial service industry establishes a human capital development steering committee to boost professionalism. In order to oversee and drive the professional standards of the South African short-term insurance industry, a number of industry associations have joined forces to form the Short Term Insurance Human Capital Development Steering Committee.

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SAIA becomes member of the GFIA

SAIA becomes member of the GFIA

Oct 11, 2012

The South African Insurance Association (SAIA) has announced that it is proud to be a member of the newly established Global Federation of Insurance Associations (GFIA). Thirty-one insurance associations representing 87 per cent of the worldwide insurance business formally established the Global Federation of Insurance Associations (GFIA) on the 9th of October, 2012.

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3 new SAIA directors elected; Donates R2m to fight crime

3 new SAIA directors elected; Donates R2m to fight crime

Jul 24, 2012

The SAIA elects three new directors; Donates R2m to fight against crime. The South African Insurance Association (SAIA), a body representing 58 member companies within the short-term insurance industry on Tuesday, 24 July 2012 announced that it had successfully held its thirteenth Annual General Meeting (AGM) at its new offices in Roodepoort.

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ClimateWise Thought Leadership

ClimateWise Thought Leadership

Jun 25, 2012

In this Thought Leadership article, Ian Kirk, Chief Executive of Santam Group explores the implications of a key theme at the Rio+20 conference for the insurance sector. Ian demonstrates how the insurance sector is uniquely placed to act as global connector for shared values and what the value of ecosystem resilience plays in mitigating disaster risk, including climate change risk.

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SAIA submits comments on Demarcation Regulations

SAIA submits comments on Demarcation Regulations

May 02, 2012

The South African Insurance Association (SAIA) has announced that it has completed the exercise of its member comments collation and has made its submissions to the National Treasury with regards the Proposed Demarcation Regulations between Health Insurance Policies and Medical Schemes.

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Business process reviews are key to insurers

Business process reviews are key to insurers

Mar 16, 2012

The South African Insurance Association (SAIA) says reviewing business processes is an important practice to insurers to institutionalise best practice across all client touch points. Debbie Donaldson, SAIA General Manager: Strategy and Planning says with increased access to technology and information the claims and underwriting processes have become more convenient and client friendly, however, the cost of insurance remains affected by organised crime activities.

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Share Call Number Initiative for consumers

Share Call Number Initiative for consumers

Feb 20, 2011

In support of the drive towards the consumers in South Africa, the Credit Ombud, the Ombudsman for Banking Services, the Long term Insurance Ombud, the Short term Insurance Ombud, the Financial Services Board (FSB), the FAIS Ombud and the National Credit Regulator (NCR) collaborated to develop a share call number for consumers, which went live on 1st January 2011. Consumers can call 0860 OMBUDS (0860 662 837) and they will be connected directly to any of the offices listed above or guided to whom they should contact if they are not sure which Ombud or regulatory office handles the relevant complaint in the financial industry.

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New drivers licence legislation delayed

New drivers licence legislation delayed

Feb 03, 2011

“The South African Insurance Association is concerned that the amendment concerning the driving licence legislation which was supposed to become effective on 1 February 2011, which would make it illegal to drive a light motor vehicle with a licence of a heavy vehicle, was delayed, according to an announcement of the Department of Transport, issued on 1 February 2011, “says Dawie Buys, SAIA Motor Manager.

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SAIA Chairmans Report 2010

SAIA Chairmans Report 2010

Dec 31, 2010

The 2009/2010 year under review has come to an end with signs of the global credit crunch easing and the South African economy appearing to be lifting slowly out of the recession that we have experienced ever since the collapse of Lehman Brothers in September 2008. It would be reassuring to think that the global crisis is over. However, the worries about sovereign debt in mainly Euro-zone countries remain a black cloud on the global economic horizon.

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SAIA Annual General Meeting and Cocktail Function

SAIA Annual General Meeting and Cocktail Function

Jul 29, 2010

Foundations in place to ensure a sustainable future for short-term insurers A new board of directors for short-term insurers was elected at the Annual General Meeting (AGM) of the South African Insurance Association (SAIA) that was held at the Johannesburg Country Club in Auckland Park last night. The evening ended with the SAIA Annual Cocktail Function, themed, “Foundations for the future”. This networking event is seen by many as the highlight of the short-term insurance calendar.

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SAIA appoints new Manager

SAIA appoints new Manager

Jun 01, 2010

SAIA appoints new Manager: Image and Reputation Yvette Francis was appointed as the new South African Insurance Association (SAIA) Manager: Image and Reputation on 1 June 2010.

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Termination of binder agreements and related unilateral cancellation of short-term insurance policies

Termination of binder agreements and related unilateral cancellation of short-term insurance policies

Apr 07, 2010

SAIA supports the directive and information letter paraphrased below that was distributed on 31 March 2010 by the Financial Services Board (FSB) to enhance the reporting requirements for all short-term insurers and collate information from them in the event that they terminate binder agreements. This includes those cases where the binder termination results in a unilateral cancellation of a book of policies in terms of Rule 7.3 of the Short-term Insurance Policyholder Protection Rules (PPR) made under section 55 of the Short-term Insurance Act, 1998 (Act No. 53 of 1998) (STI Act).

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SAIA appoints new manager to address the sustainability of motor insurance

SAIA appoints new manager to address the sustainability of motor insurance

Apr 07, 2010

SAIA appoints new manager to address the sustainability of motor insurance Viviene Pearson was appointed as the new South African Insurance Association (SAIA) Manager: Motor, from 1 April 2010. This position was created as a result of a SAIA Board decision to address the sustainability of motor insurance through an approved SAIA strategy.

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Fit and Proper competency requirements and failure to comply

Fit and Proper competency requirements and failure to comply

Apr 07, 2010

The South African Insurance Association (SAIA) supports the information published in recent Financial Services Board (FSB) circulars regarding the Financial Advisory and Intermediary Services Act (FAIS) Fit and Proper competency requirements and the debarment when sole proprietors (FSPs), key individuals and representatives fail to comply. SAIA urges all financial services providers to comply with the necessary requirements and expectations as paraphrased below to protect policy holders.

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Chief Executive’s report and short-term market

Chief Executive’s report and short-term market

Mar 09, 2010

At time of writing this report, we have just less than 60 days to go to the kick-off of the 2010 FIFA Soccer World Cup, being held for the first time on the African continent. While, hopefully, there will be no major insurance issues arising from the event, all business will be affected in one way or another. It will be difficult to move around the cities, and keeping staff focused on the job at hand will be challenging. Nevertheless, we at the SAIA will be joining in the excitement of the event, which in all likelihood will happen in our country only once in our lifetime. It is likely that Government will virtually down during this period, so there won’t be much new emanating from that source for us to consider. However, given our workload and the number of new tasks we have assumed, there will be no time to slack off, so SAIA will remain hard at work.

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SAIA FSC Consumer Education Initiative Report

SAIA FSC Consumer Education Initiative Report

Nov 25, 2009

Millions spent on financial literacy and generic insurance education The South African Insurance Association (SAIA) has spent over R40 million on consumer education to date, and today, reported back on the short-term insurance industry’s recently concluded 2008/9 consumer education initiative. The initiative was aimed at Living Standard Measure (LSM) 1 – 5, black people as per the requirements of the Financial Sector Charter.

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South African Insurance Crime Bureau (SAICB)

South African Insurance Crime Bureau (SAICB)

Oct 12, 2009

The South African Insurance Crime Bureau (SAICB) was launched in Johannesburg on 30 October 2008. This was the culmination of a long process whereby the industry sought a way to address insurance fraud formally, collaboratively and comprehensively.

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Crime-Combating Initiatives

Crime-Combating Initiatives

Oct 12, 2009

SAIA and its members have been very active in the crime-combating arena. Not only does crime affect all individuals and businesses in South Africa, it also directly impacts on our industry. Although the need for a holistic, targeted and collaborative approach with regards to insurance fraud and crime led to the establishment of the South African Insurance Crime Bureau (SAICB), SAIA still needs to represent the industry in general crime combating areas.

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Road Safety: An Area of Great Concern

Road Safety: An Area of Great Concern

Oct 12, 2009

Road safety initiatives are being implemented by the South African Insurance Association (SAIA) in an attempt to curb the high accident rate in South Africa and to thereby ensure that motor insurance remains affordable. “Motor insurance, our largest class of business is under considerable pressure with around 70% of insurance claims being road accident related and alcohol consumption is a factor in many of these instances,” says SAIA spokesperson.

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The link between crime and road safety

The link between crime and road safety

Oct 12, 2009

Most people would be very concerned about the fact that around 50 people are murdered in South Africa daily, however, not as many seem to be as worried about the fact that around 36 people lose their lives in road accidents daily. In fact, an important link between crime and road safety exists in more ways than one.

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This could happen to you…

This could happen to you…

Oct 12, 2009

This could happen to you… The procedures followed when you are stopped for an alcohol breathalyzer test while driving. The recently opened Alcohol Testing blood alcohol testing centre in Johannesburg, created by the South African Insurance Association (SAIA), in partnership with Business Against Crime South Africa and the Johannesburg Metro Police Department is certainly not the place where anybody would like to find themselves on a Saturday evening, or any other day or night.

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Insurance consequences in the case of drunk driving

Insurance consequences in the case of drunk driving

Oct 12, 2009

When one has the unfortunate experience to land up in a motor vehicle accident, many bad consequences could be suffered. The least of all may be the worry about who is going to pay for the damage to the vehicles involved. That is what insurance is for though, isn’t it?

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Insurance Data System (IDS)

Insurance Data System (IDS)

Oct 09, 2009

The SAIA and its member companies, in partnership with TransUnion, have successfully established an information-sharing platform for the benefit of the short-term insurance industry at large, in its fight against fraud and to manage risk. With increasing economic pressures on the South African consumer, it becomes more and more important for insurers and brokers to accurately identify the risks associated with policyholders and the assets they insure, making information-sharing platforms such as IDS invaluable in the claims and underwriting process.

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Road safety initiatives

Road safety initiatives

Oct 09, 2009

Since SAIA’s involvement with Business Against Crime South Africa began, motor theft has reduced by around 50% (measured per thousand vehicles) and, although still important is no longer the primary cause of concern for motor insurers. Instead, road safety has become an area of great concern as the motor account is under considerable pressure with around 70% of motor insurance claims being road accident related (and alcohol consumption is a factor in many of these instances) while still supporting crime initiatives to make sure that the successes that have been achieved are sustained.

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Stakeholder relationship strategy

Stakeholder relationship strategy

Oct 09, 2009

SAIA cannot have any success if we do not have a strong relationship with our stakeholders. A SAIA stakeholder relationship strategy is therefore always in place and is largely successful.

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Crime

Crime

Sep 09, 2009

SAIA and its members have been very active in the crime-combating arena. Not only does crime affect all individuals and businesses in South Africa, it also directly impacts on our industry. Although the need for a holistic, targeted and collaborative approach with regards to insurance fraud and crime led to the establishment of the South African Insurance Crime Bureau (SAICB), SAIA still needs to represent the industry in general crime combating areas.

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SAIA donates over R1.5 million to improve road safety and combat crime

SAIA donates over R1.5 million to improve road safety and combat crime

May 14, 2009

Joint media release: The South African Insurance Association (SAIA) and Business Against Crime South Africa (BACSA). SAIA donates over R1.5 million to improve road safety and combat crime. “Motor vehicle crashes have replaced theft as the primary point of concern for insurers. In addition, the unacceptable levels of crime in South Africa remain of great concern to the South African Insurance Association (SAIA), its members and the country at large. This is why the SAIA Board approved an 8th annual contribution towards Business Against Crime South Africa (BACSA),” said Ronnie Napier, Chairman of the SAIA Board, at a cheque handover media event in Illovo on 14 May 2009.

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Consumer Protection Act 2008

Consumer Protection Act 2008

Mar 16, 2009

Consumer Protection Act 2008 - Opinion provided by Jackie Hurter on the application of the CPA within the short-term insurance industry. (Please note that this opinion does not necessarily express the views of SAIA, however, it is provided to stimulate debate and should be applied to member company’s practices as deemed appropriate).

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500 Detectives trained through anti-crime partnership

500 Detectives trained through anti-crime partnership

Feb 26, 2009

Joint media release: The South African Insurance Association (SAIA), Business Against Crime South Africa (BACSA) and the Gauteng SAPS. Today, the members of the South African Insurance Association (SAIA), Business Against Crime South Africa (BACSA) and the Gauteng SAPS celebrated the successful completion of the SAIA funded training of 500 detectives from the Gauteng SAPS.

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SAIA Member Participation

SAIA Member Participation

Dec 09, 2008

SAIA members will be invited to participate in this project by providing information on their own relevant products for this market before and after the broadcasts, putting up call centre facilities to accept enquiries about their products, and reporting on such calls to the SAIA in order to draw the link between the education project and the potential uptake of products. Please look out for the communication in this regard that will be coming your way shortly.

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Short-term insurance industry contributes to financial literacy education

Short-term insurance industry contributes to financial literacy education

Oct 07, 2008

The South African Insurance Association (SAIA) today reported back on the short-term insurance industry’s consumer education initiative implemented in 2007/8 with 2007 financial year end funds. A total of R8 552 111.23 was pooled voluntarily by SAIA members in terms of their 0.2% commitment to consumer education in the financial services arena in terms of the Financial Sector Charter. This consumer education initiative was aimed at the lower income group or LSMs 1 – 5 and Black people as per the requirements of the Charter.

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Napier appointed as Chairman of the SAIA Board

Napier appointed as Chairman of the SAIA Board

Sep 17, 2008

The South African Insurance Association (SAIA) confirmed that Ronnie Napier has today accepted his appointment as the new Chairman of the SAIA Board after a special general meeting held at the SAIA offices in Milpark on Monday, 15 September 2008.

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Short-term insurers elect new board

Short-term insurers elect new board

Jun 13, 2008

The short-term insurers selected a new board of directors at the Annual General Meeting of its representative body, the South African Insurance Association (SAIA), yesterday on 12 June 2008 in Johannesburg.

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Consumer credit insurance report welcomed

Consumer credit insurance report welcomed

Apr 22, 2008

The Life Offices’ Association (LOA) and the South African Insurance Association (SAIA) welcome the release of the Consumer Credit Insurance Enquiry Report by the independent panel of enquiry jointly appointed by the LOA and the SAIA in July last year to identify problem areas in the consumer credit insurance market.

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