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After many years of challenges, 2018 proved to be a year of quite a few adjustments for many insurers.
After initially deciding that it would not be paying the life insurance claim by the family of Nathan Ganas, Momentum announced on 21 November that it had changed its mind and would be paying out the claim. On 21 November, FAnews published a newsletter on Momentums decision to pay out the Ganas case. This generated a lot of interest among our readers and we received a lot of interesting comments.
One of the key pieces of legislation that the Financial Sector Conduct Authority (FSCA) announced during 2018 was the impending implementation of a new set of the Policyholder Protection Rules (PPR). The new PPR will have a significant impact on group risk policies. The changes that the revised PPR will bring was discussed at the 2018 Alexander Forbes Hot Topics Seminar where Vickie Lange, Head of Institutional Best Practice at Alexander Forbes Investments, spelled out what insurers can look forward to.
Earlier in September, Insure Group Managers was placed under voluntary curatorship by the Financial Services Conduct Authority (FSCA) by mutual agreement with IGM management. Readers have been asking questions about Insure Group and its relationship with VBS Mutual Bank (VBS). FAnews spoke to Pieter Bezuidenhout, Insure Group’s Curator, to find out more about the current situation at Insure Group.
The strongest deterrent against FSP compliance missteps is or should be: