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 The cost of being sick in South Africa

Finding affordable healthcare in South Africa is possible, but it comes with its own challenges. Justmoney contacted 13 doctors in Cape Town to find out how much an appointment costs. We also found out how medical schemes assist with these costs, and we compared South Africa with its BRICS counterparts.

Read more

Rand 3.5% stronger – a good start to 2019

The rand has started 2019 with a bang and is 3.5% stronger against the US dollar. This is mainly the result of off-shore events, which makes this sentiment driven. And ­- as we all know - sentiment can change at the drop of a hat. 

Read more

Foreign nationals vs. Loans

It’s true, foreign nationals often struggle when living in a foreign country. From language barriers and battling unemployment, to xenophobia and struggling with financial support services.

Read more

What do doctors have to say about ‘leisure sickness’?

We got in touch with local physicians to find out what they think about leisure sickness. We had a look at the symptoms, treatment, and costs thereof, and we found out which other illnesses could display similar symptoms.

Read more

Sign Up

To our weekly newsletter for advice you can bank on

Deals

Obz Cafe Cocktail Special

Price: R55-R59
When: Tuesdays-Fridays
Where: Cape Town

Telkom January Big Deal

Price: R807 pm
When: Until 31 January
Where: Nationwide

Planet Fitness Special

Price: R199
When: Daily
Where: Nationwide