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Industry Response to the VAT Increase

From 1 May 2025, VAT will increase from 15% to 15.5%, irrespective of the National Budget approval. An Industry Tax/VAT Workgroup (of which the FIA are member) together with SAIA, is working on expert guidance and FAQs to support members through this transition.

Insurance risks to tackle in 2025

South Africa’s insurance industry faces a shifting landscape of threats, with rising digital vulnerabilities, escalating natural disasters, and business interruptions likely to define 2025. These challenges are not unique to South Africa but as risks grow more interconnected, businesses and individuals must adopt proactive strategies to mitigate disruptions and safeguard their assets.

From Advocate To Grateful Consumer

“We had to move four adults, three dogs, one cat and a bird to a new home and pay rental for six months – this was all covered by insurers.” After building a career in the insurance industry, Sandra Snowball, Head of Membership at the FIA, experienced, first hand, the importance of comprehensive insurance when she lost her home to a fire.

Eye On The Future

As the digital revolution improves how we conduct business, Sedick Isaacs, Head: Business Insurance Services at Bryte Africa Takaful, takes a look at how we can start recalibrating the insurance industry for the future.

Set Them Up For Life

A single lump sum benefit to cover all a client’s requirements in the event of their death is often not the optimal solution. In this article, Nic Smit, Product and Pricing Executive at Bidvest Life explores a better solution.

Fund ordered to hear full story before witholding benefit

A provident fund that withheld payment of a withdrawal benefit on the basis that the member had defrauded the company has been ordered by the Pension Funds Adjudicator to request the complainant to place her version of events before it.

Take It Easy

Risk mitigation is about helping your clients prepare for potential risks before they occur, allowing them to enjoy a worry-free holiday season. As financial advisers, this proactive approach helps build trust, strengthens relationships, and enhances the overall client experience. Help your clients relax with these tips from Johanni Jennings, Head of Auto&General.

Behind the Numbers

In the ongoing battle against financial crime, South Africa has taken a significant step forward. The Financial Intelligence Centre (FIC) has recently issued new guidance on Ultimate Beneficial Ownership (UBO), lowering the threshold expected for identifying controlling ownership from 25% to 5%. This change, detailed in Public Compliance Communication 59 (PCC59), represents a crucial shift in our approach to combating money laundering, corruption, and other financial crimes.

Together, We Thrive

At the recent Broker Leadership Forum, co-hosted by the Insurance Institute of Gauteng and Discovery Insure, industry leaders came together to discuss how brokers can thrive during uncertain times. How? By focusing on human connection and putting the clients’ needs first.

Beyond Traditional Demographics

Personalised advice builds trust and loyalty and is crucial for ensuring client satisfaction and forging lasting relationships. This is especially true for healthcare advice, as the purchase of medical cover will most likely be for the medium to long term, unlike fast-moving consumer goods and one-off services. Learn how valuegraphics can take you to the next level as an adviser.

Subscriber Terms and Conditions

  1. APPLICATION OF TERMS
    • These terms and conditions (“Subscriber Terms”) apply to the subscription by any qualifying member of the South African Underwriting Managers Association NPC (“SAUMA”) to the services and benefits offered by FIA Services (Pty) Ltd (“FIA Services”) under the SAUMA affiliation arrangement (“Subscription”).

  2. NATURE OF SUBSCRIPTION
    • A Subscription under this arrangement:
      • does not constitute membership of FIA NPC;
      • does not confer any voting rights or governance participation in FIA NPC; and
      • is governed solely by the contractual relationship between the Subscriber and FIA Services.

  1. ELIGIBILITY
    • To qualify for the Subscription, the applicant must, at the time of application, be a current paid-up member of SAUMA.
    • FIA Services will verify the applicant’s SAUMA membership status with SAUMA prior to activation, and may re-verify such status periodically.
    • If a Subscriber ceases to be a paid-up member of SAUMA, the Subscription will correspondingly be terminated.
    • Applicants are required to authorise FIA Services to confirm their SAUMA membership status with SAUMA as part of the application process.

  1. SERVICES
    • The Subscription entitles the Subscriber to the following benefits:
      • Complimentary access to the FIA CPD Platform;
      • Complimentary access to the FIA Insight Magazine (digital edition);
      • Advertising opportunities on FIA platforms at a discounted rate of 15% (fifteen percent) off the prevailing published rates; and
      • Invitations to attend FIA Technical Webinars annually.
    • FIA Services reserves the right to update, vary or substitute the Services from time to time, provided that the overall value and nature of the benefits remain materially the same.

  1. FEES AND PAYMENT
    • The monthly subscription fee is R260.00 (two hundred and sixty rand) for up to seven registered individuals (Key Individuals and Representatives), and R36.00 (thirty-six rand) per additional registered individual thereafter, excluding VAT.
    • The Subscriber shall provide FIA Services with the required details of each individual to be registered under the Subscription for the purposes of activation and billing.
    • All fees are exclusive of VAT, which shall be charged at the prevailing statutory rate.
    • Subscription fees are reviewed annually in March and may be adjusted with effect from 1 April.
    • Any changes to the Subscription, including but not limited to the number of Representatives and Key Individuals registered under the Subscription, may only be effected once annually during the annual review period in March of each year, with such changes taking effect from 1 April.
    • Subscription fees shall be billed monthly in arrears, unless the Subscriber elects an annual billing cycle at the time of application.
    • The Subscriber shall ensure that all billing information (including contact details, authorised signatories and bank account details) is kept accurate and up to date.
    • Non-payment of subscription fees may result in suspension of access to the Services until such fees are brought up to date.
    • The Subscriber acknowledges and agrees that all subscription fees payable under these Subscriber Terms may be collected by way of debit order, which shall be processed by the holding company, FIA NPC (The Financial Intermediary Association of South Africa), on behalf of FIA Services. Payment to FIA NPC shall be deemed to constitute valid and sufficient discharge of the Subscriber’s payment obligations to FIA Services under these Subscriber Terms.

  1. ONBOARDING
    • Onboarding will be conducted as a Subscription with FIA Services under the SAUMA affiliation arrangement.
    • Onboarding will not confer FIA NPC membership status or any associated rights.
    • Onboarding is conditional on confirmation of the Subscriber’s current SAUMA membership at the time of application

  1. DATA PROTECTION
    • FIA Services will process all personal information in accordance with the Protection of Personal Information Act 4 of 2013 (POPIA) as set out in our POPIA policies.
    • By subscribing, the Subscriber authorises FIA Services to confirm their SAUMA membership status with SAUMA and to process personal information for the purposes of fulfilling the Subscription.

  1. TERMINATION
    • The Subscriber may terminate the Subscription by giving FIA Services one calendar month’s written notice.
    • FIA Services may terminate the Subscription on one calendar month’s written notice, or immediately if the Subscriber breaches these Subscriber Terms and fails to remedy such breach within 14 (fourteen) days of receiving written notice.
    • Termination of the SAUMA–FIA Services affiliation agreement shall not automatically terminate these Subscriber Terms.
    • Termination by the Subscriber shall not relieve the Subscriber of liability for any subscription fees accrued up to the effective date of termination.
    • FIA Services may suspend or terminate the Subscription with immediate effect in the event of non-payment of fees by the Subscriber.

  1. GENERAL
    • These Subscriber Terms are governed by the laws of the Republic of South Africa.
    • Any disputes arising under these Subscriber Terms shall be dealt with in accordance with the dispute resolution provisions contained in the FIA NPC membership terms and conditions, as modified to reflect that the contractual relationship is with FIA Services.
    • Any notices required under these Subscriber Terms may be validly delivered by email to the addresses provided in the Subscriber’s application form, and such notices shall be deemed received on the day of transmission if sent during business hours.
    • The Subscriber may not assign, cede or transfer any of its rights or obligations under these Subscriber Terms without the prior written consent of FIA Services.
    • No variation of these Subscriber Terms shall be of any force or effect unless reduced to writing and signed by both FIA Services and the Subscriber.