KEEP UP TO DATE WITH ALL THE IMPORTANT COVID-19 INFORMATIONCOVID-19 RESOURCE PORTAL

FANews
FANews
RELATED CATEGORIES

SAIA welcomes publication of Competition Commission’s Practice Note on the Promotion of Competition and Inclusion in Supplier Panels of Banks and Insurers

05 May 2022 The South African Insurance Association (SAIA)

The South African Insurance Association (SAIA), a representative body of the non-life insurance industry, welcomes the publication by the Competition Commission of its Practice Note on the Promotion of Competition and Inclusion in Supplier Panels of Banks and Insurers (the Practice Note).

SAIA believes that the intentions of the Practice Note fairly align with SAIA’s transformation objectives; and that consolidating and refining approaches to treating suppliers fairly is important for further advancing transformation in the non-life insurance sector.

Said SAIA CEO Viviene Pearson: “The codifying of criteria for Treating Suppliers Fairly is critical for the non-life sector as a significant contributor to the economy through procurement of services with motor body repairers, plumbers, electricians, and other trades, in order to effectively deliver to the industry consumer value proposition.”

“These sectors include many SMEs who are already benefiting from the non-life insurers’ existing transformation policies.”

“SAIA appreciated the Competition Commission’s approach to consulting with the non-life insurance sector and the manner in which the commission has responded to issues of concern to non-life insurers,” said Pearson.

In promoting inclusion within the industry supplier value chain and aligned with the objectives of the Practice Note, SAIA with its members, have developed the Treating Suppliers Fairly (TSF) Framework, which was approved by the SAIA Board for incorporation into the SAIA Code of Conduct to be adopted by SAIA members. This TSF Framework was also shared with the commission as a contribution to its consultations.

Pearson said SAIA was further pleased to note that most of its 58 member companies publish supplier policies or criteria on their web sites as part of the drive to maintain transparency on matters that have been controversial in the past.


Themba Palagangwe, SAIA GM: Governance and Transformation added: “The commission’s Practice Note provides a good structure to assist SAIA’s members who have been engaged in transformation initiatives over a several years and in furthering the industry commitment towards promoting and participating in the broader transformation agenda.”

“Therefore, SAIA and its members are committed to supporting the initiative that promotes acceleration of transformation and the development of an inclusive society,”

Quick Polls

QUESTION

There are countless articles written about South Africa’s poor retirement outcomes. Which of the following would you single out as the biggest contributor to local savers not accumulating enough to buy an adequate and sustainable pension?

ANSWER

Lack of personal accountability
Poor participation in formal retirement funds
Reluctance to seek financial advice early on
SA’s high unemployment rate
fanews magazine
FAnews April 2022 Get the latest issue of FAnews

This month's headlines

The ethical core of insurance relationships
Debarment… a double whammy
A beginner’s guide to scaling the Tech Mountain
Leadership, climate and cybercrime… SA’s top risks
Unpacking the retirement reform developments
Subscribe now