REPORT BACK – 2009
SHORT TERM PERSONAL LINES
COMMERCIAL & CORPORATE
IDS AND THE “ACORD”
STANDARDS
• IDS COLLECTS DATA FROM INSURERS AND
INTERMEDIARIES WHO HAVE THEIR OWN SYSTEMS
• CONNECTIVITY INFORMATION FROM INTERMEDIARIES
TO INSURERS WILL BE LINKED TO ACORD STANDARDS
• MEMBERS OF FIA ARE ASSOCIATE MEMBERS OF THE
ACORD
SOUTH AFRICAN INSURANCE
CRIME BUREAU
• THE SAICB’s FOCUS IS TO MINE THE IDS DATA (they
have successfully identified many syndicates and
fraud with individuals)
• THE SAFPS (The South African Fraud Prevention
Service) and the SAICB share and list fraud data.
The SAFPS members include Banks, Retailers and
other Financial bodies.
COMPULSORY THIRD PARTY
PROPERTY MOTOR INSURANCE
• ONGOING DEBATE AT SAIA/FIA
• BIGGEST PROBLEM – COLLECTION OF PREMIUMS
• 2nd BIGGEST PROBLEM – AGREEMENT OF DEPT. OF
TRANSPORT
• VEHICLE STATS:
LICENCED VEHICLES 8,5m - TRAILERS 1m – 70% UNINSURED
ESTIMATE OF UNLICENCED VEHICLES – 6m (also uninsured)
• TOTAL UNINSURED VEHICLES ON SA ROADS 12,650,000
CONSUMER PROTECTION ACT
• Purpose of the Act
• The primary purpose is to prevent exploitation or harm to
consumers.
• Creating a strong culture of consumer rights and
responsibilities.
• Promoting a fair, efficient and transparent market place for
consumers
• and business by introducing administrative sanctions, and
allowing
• Consumers to demand refunds if goods are of inferior
quality.
Multi-Mark 111 and the
Competitions Commission
• MULTIMARK 111 – IS STILL UNDER REVIEW
• REFERRAL TO A HIGH LEVEL AUTHORITY INCLUDING
FSB TREASURY YET TO HAPPEN
• ALL PARTIES ARE IN AGREEMENT THAT THE
CONSUMER MUST BE PROTECTED
CLIENTS MONEY AND INSURANCE BROKERS
•
•
•
•
PUT CLIENT’S INTEREST FIRST
DO NOT MAKE SECRET PROFITS
KEEP CLIENT’S MONEY SEPARATE
CLEAR WRITTEN AGREEMENT WITH CLIENT ON
INTEREST EARNED
SECOND HAND GOODS BILL
• FIA INSIGHT – GOOD ARTICLE FROM MIKE STOKER
• REGULATIONS TO THE ACT–NOT PROMULGATED
• IN BILL FORM – INSURERS AND THEIR AGENTS
WOULD NOT HAVE TO REGISTER AS A DEALER
• THIS MUST BE REVIEWED ONCE THE REGULATIONS
HAVE BEEN PROMULGATED
AMENDMENTS TO POLICYHOLDER
PROTECTION RULES
• PROPOSED VARIATION OF RULE 7.4 EFFECTIVE
1 JANUARY 2010
• THE MINIMUM PERIOD OF 90 DAYS IS EXTENDED TO
180 DAYS FOR MAKING RESPRESENTATION TO THE
INSURER
SUB-COMMITTEES
WORK IN PROGRESS
• DATA PRIVACY
WILLIE GREYLING – ROWLAND RAMALINGHAM
• SASRIA
IRENE BEST – ROD PEARSON
OUTRAGEOUS OUTSURANCE
ADVERTISEMENTS
• MUTUAL AND FEDERAL WON THEIR CASE
OUTCOME WAS SIMPLY THAT OUTSURANCE MUST
WITHDRAW THEIR ADS