Guiding consumers since 2009

Insurance bill might be delayed

By Staff Writer

Linda Ensor

Political Correspondent

The treasury has been given a week by Parliament’s finance committee to consult with the insurance industry over the proposed Insurance Laws Amendment Bill, failing which it might have to delay processing it.

The committee’s decision followed an outcry by industry representatives during public hearings on Friday over the bill, which will set up a process for demarcating the business of health insurance policies and medical aid scheme policies. It also introduces regulations over binder agreements in the short-term insurance industry.

Committee chairman Nhlanhla Nene said the committee would decide on Friday whether the engagements between the treasury and industry had been adequate and whether a further period of consultation was required. The committee is constitutionally obliged to ensure that there is “meaningful consultation” on all proposed legislation.

South African Insurance Association CEO Barry Scott complained that the bill was received by industry just two weeks before submissions were due and so there was insufficient time to consult with members.

Recent Articles

Featured Debt counselling – the two sides of the coin

Being overindebted doesn’t just put a strain on your personal finances; it also puts a strain on your state of mind. The best solution is to start the process of debt counselling so that you can escape the debt cycle. But what are the ups and downs of joining this debt relief programme?

Travel ban – how to claim for the loss incurred

As with the recent Covid-19 pandemic, governments sometimes issue travel bans to prevent people from travelling to other countries. This becomes even more complicated if you’ve already planned and paid for your trip. Your flights will be cancelled, and you may lose money from cancelled accommodation arrangements. How do you claim for the financial losses incurred due to a travel ban?

How to finance and insure a second-hand vehicle

Buying a second-hand vehicle may suit your budget better than acquiring a new one. But what impact does an older model have on vehicle finance and car insurance? We reached out to specialists in the field to explain what the financial implications are of pursuing a second-hand vehicle.

Reading your loan agreement: look out for this

Many people don’t read their loan agreements. They just sign on the dotted line without realising that they could be signing their lives away. But it’s important to review your loan agreement before and after taking your loan to avoid future setbacks.

 

Deals

Udemy online course for R180

Price: R180
When: Until 27 March 2020
Where: Online

Educate your kids for free with Skills Share

Price: Free
When: Daily
Where: Online

Take advantage of payment holidays from Standard Bank and Nedbank

Price: Free
When: From 1 April to 30 June 2020
Where: Nationwide