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Statement on SASRIA SOC Limited insurance claims

20 July 2021 Financial Sector Conduct Authority

The FSCA has noted with concern the civil unrest, riots and looting that have been happening in various parts of the country. At this stage, the extent of the damage suffered by businessowners has not been confirmed, as the loss figures change when new claims are reported.

In response to these events, the FSCA has been in discussions with Sasria Soc Limited (Sasria), the only non-life insurer that provides special risk cover in South Africa for risks such as civil commotion, public disorder, strikes, riots and terrorism. In these discussions, the Authority has received confirmation from Sasria that it will settle claims where the relevant cover is in place. The FSCA therefore urges Sasria policyholders affected by the unrest to submit their claims directly to their insurers, who will then engage with Sasria on the specific claims.

Quick Polls

QUESTION

As National Treasury mulls a two-bucket retirement system, mandatory contributions and preservation, regulation 28 is being amended to allow up to 40% of retirement fund assets to be invested in SA-based infrastructure… Which of the following retirement fund ‘tweaks’ would you consider most beneficial to your clients?

ANSWER

Give fund members emergency access to retirement savings
Let fund members invest 40% in infrastructure
Let fund members invest 40% offshore
Mandatory preservation when resigning from a fund
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