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Insurance contracts - Towards the final frontier

11 March 2014 | General

These proposed changes to the accounting standard are expected to be the biggest ever financial reporting change for the insurance industry. Derived from a significant collaborative effort between International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB), the standard is set to provide a more common framework for insurance reporting. Even though the new standard’s effective date is likely to be no earlier than 2018, insurers need to start thinking about the changes now. While the changes will no doubt impact insurers’ accounts, insurers should view changes in accounting standards as far more than an accounting exercise. The impacts on the business, systems and people are often more pervasive than they seem.

PFA orders employer to release retirement benefit

10 March 2014 | PFA - Pension Fund Adjudicator

The Pension Funds Adjudicator Ms Muvhango Lukhaimane has ordered a retirement fund to pay a complainant his retirement benefit which had been withheld on the grounds that he had breached a clause in his contract relating to restraint of trade.

Employer cannot recover funeral loan from death benefit, PFA rules

26 February 2014 | PFA - Pension Fund Adjudicator

An employer has failed in its attempt to be repaid from death benefits for the loans it granted to the families of three deceased members to pay for funeral expenses.

Ombuzz Issue: Credit life retrenchment claims - Some Issues

26 February 2014 | Life Ombudsman

Credit life insurance is taken out to cover an outstanding balance of indebtedness to a credit provider – on home loans, personal loans, credit card purchases, and vehicle and furniture purchases, etc. The insurance pays in the event of death, disability, critical illness, and also retrenchment.

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The strongest deterrent against FSP compliance missteps is or should be:

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A criminal conviction Debarment Fine or penalty Any of the above can work

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