Employer Waivers

The worst time to receive surprises related to your group cover is at claims stage, and one of the areas that has thrown up a few surprises is that of employer waivers. An employer waiver is a rider benefit that can be added to income protection. It allows an employer to insure contributions that it… Read More

Requirements for Moving Schemes

The regulatory changes that came into effect last year, as a result of the Policyholder Protection Rules, have affected many aspects of the way we do business. One such important aspect is that when a scheme changes from one insurer to another, certain regulatory requirements must be met with the previous insurer before the scheme… Read More

Member Data – Spouses

This is a reminder that schemes that have spouses cover should be providing the below information monthly in excel: Main member’s data including full name and surname, ID number, salary, category and contact details Marital status Spouse’s member data including full name and surname and ID number If a passport number is provided (in the… Read More

Rate Review in 2021

There has recently been some confusion as Sanlam has communicated that there has been postponement of risk premium increases from 01 April 2021 to 01 October 2021, however this is only applicable to Sanlam Umbrella Fund (SUF) schemes and not on direct Sanlam Group Risk (SGR) or Sanlam schemes via TSA. TSA scheme reviews will, therefore, continue… Read More

Sanlam – Payment of the Death Benefit options

In 2019 Sanlam introduced two options for the payment of the death benefit in order to prevent disputes at claim stage. All Employer groups choose one of the following two options that apply to every claim: Option 1 (the default option) : Claims will be paid to the Insured’s Dependants and/or Nominees as solely decided… Read More

Covid-19 Notices

As we navigate through the Covid-19 pandemic, we hope that you and your family, as well as your businesses, are keeping safe and well.Please take note of the following in the relevant areas in relation to the impact of Covid-19. Premiums We understand that in these financially challenging times, premium obligations may not be met.Some… Read More

Useful Claim Reminders

The purpose of group risk is to have valid claims paid as quickly and as simply as possible. Our claims team is dedicated to making sure this happens but the following are key requirements to help get this done: Timeous notification of claims Fully completed details on all claim forms (blank fields or incomplete information… Read More

Regulatory Changes in 2020

Many of the legislative changes we have been hearing about for some time have now come into effect and are going to impact how we do business, both on new schemes and with existing clients. New requirements are asking all financial service providers to know more about the parties they conduct business with. At the… Read More

Regulatory Changes

Recent and upcoming regulatory changes, and particularly changes to the Policyholder Protection Rules and the Financial Intelligence Centre Amendment Act, are shifting the industry to a risk based (rather than a rules based) approach to compliance and to how we conduct business in general. One area impacted by these changes is the due diligence process… Read More

Policyholder Protection Rule Changes

Parts of the amendments to the Policyholder Protection Rules will require insurers to communicate directly with members of group risk schemes in future and in order to assist them in fulfilling this regulatory requirement, TSA has been tasked with making changes to the data that we collect on a monthly basis. In addition to the… Read More

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