Draft amendments were published earlier this year. These amendments focus on a more risk-based approach regarding the monitoring and verification of clients and have been proposed in order to meet international standards. This approach will simplify the current system of compliance by providing financial institutions with flexibility to determine how they verify their clients’ identity, taking into account the particular circumstances of each client. On Tuesday, 27 October 2015, the Minister of Finance, Nhlanhla Nene, tabled the Financial Intelligence Centre Amendment Bill in Parliament.
On 5 November 2015 the FSB Enforcement Committee imposed a penalty of R100,000.00 against Discovery Insure (Discovery) after this matter was referred to the Committee by the Registrar of Short-Term Insurance (the Registrar). During the period of September 2014 to January 2015, Discovery offered a premium waiver to members of the public who used the … Continued
Invitation for Public Comment on the Draft Credit Life Insurance Regulations
Posted on 24 Nov 2015
On 13 November 2015 the Department of Trade and Industry released a notice as invitation for public comment on the draft Credit Life Insurance regulations. The draft regulations aim to propose maximum limits which credit providers may charge for fees, commission or expenses relating to credit life insurance. Interested parties may submit their written comments … Continued
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