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The Stage
Is SA’s medical scheme industry in limbo?

National Treasury promulgated the Demarcation Regulations (DRs) governing medical gap cover, primary healthcare policies and hospital cash plans in January for implementation on 1 April 2017.The regulations are a significant step forward for insurers, brokers, consumers and even medical schemes. FAnews approached a few people to get their views on this.

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Straight Talk
Fit and proper principles to replace REII exams

Over the years, many industry stalwarts have sung the praises of the industry and the fact that the Financial Services Board (FSB) is putting its best foot forward when it comes to professionalising the industry. The industry is indeed a far cry from what it was ten years ago when it comes to professionalism, and it seems like this will change even further when a new wave of regulatory reform reaches the industry’s shores in 2018.

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Featured story
Small steps being made in the right direction

July is savings month. Adopting this label was government’s attempt to highlight the importance of savings and to try and create a savings culture in a country that is not famous for it. The reality is that it is a hard knock life for people who want to save, the economy is experiencing turbulent times and political actions/decisions are placing South Africa in mortal danger of yet another credit downgrade at the end of the year.

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Quick Polls

QUESTION

The FSB is thinking of scrapping Level II Regulatory Exam (which would have tested product knowledge) in favour of an approach that forces insurers to train staff and monitor their actions. Do you agree with this approach?

ANSWER

Yes. The Level II Regulatory Exams were a massive headache for those who had to write them
No. At least with the exams you knew who were the top achievers. A lot of trust now needs to be given to insurers.
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FAnews June 2017 EditionGet the latest issue of FAnews

This month's headlines

FIA Awards… a whole new journey
Old Mutual Insure steps out of the box
State intervention for microinsurance: justifiable?
Big Data; the new ‘oil’
SA – a fallen angel? Investing in a junk status economy
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