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ISR3702 – STUDY NOTES
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ISR3702 – STUDYNOTES
,Chapter 1 : Life insurance industry bodies affecting the life interm
.1 Financial sector conduct authority (FSCA)
Independent body that supervises market conduct of institutions and services in term
seerally parliamantray acts
Second regulatory the prudential authority (PA), located within South African reserve
o Taken together form part of Twin Peaks regulatory system
FSCA responsible for financial supervision of road accident fund
Regulatory actions include authorization and cancellation of financial services licence
Has powers of investigation with criminal sanctions in event of obstriction
Provision is made for appeals against any decisions taken by FSCA
Licensing, administration and control of financial service providers in accordance with
and conditions of financial advisory and intermediary services
1.2Life insurance ombudsman
Came into existence 01 Jan 1985
Regarded as effective and efficient alternative to resorting to legal processes
Takes no instruction from anyone regarding the existence of his authority
Acts as meditor or conciliator who endeavour to bring about a settlement, recently been
granted the power to act as an arbitrator
Receives complaints submitted either verbally or in writing
o After complaint has been lodged the ombudsman calls on insurer in question to re
and submit all relevant documentation ‘
1.3Association of savings and investmnets of south africa
o ASISA represents majority of south africas asset managers, collective investment schem
management companies, hedge funds, linked investment service providers, multi-mana
life insurance companies
o Aims to:
o Work towards greater level of playing fields
o Create environment enabling more holistic regulation
o Become more consumer focused
o Collectively engage with govenemtn on policy issues
1.4Insurance institute of south africa (IISA)
o Was modelled oon the chartered insurance institute (CII) in London is affiliated to that bo
o Institute is governed by a Board, comprised of the current president of the ISSA, the imm
past president and the Honorary treasurer, as well as several industry body representati
members elected from industry
o Major functions of the IISA include the awarding of membership certificates to successfu
learners at various levels of professional membership
, 1.5Financial planning institute (FPI)
Formed in 1982 as the institute of Life and Pension Advisors (ILPA)
Object of FPI is to be representative body, whose aims are to test, develop and protect
competence of persons engaged in life insurance =
Aim is to promote and advance education of all its members, by continued development
study and practice of all relevant principles
Supported by intermediates from life and employee benefits
Must pass a rand of advanced examinations in field of financial planning and are subject
strict code of conduct as outlined in generally accepted professional practice outline kno
GAPP
1.6Financial intermediaries association (FIA)
Represents more than 15000 licensed financial service advisors throughout south africa
Primary response is to represent, protect, promote and further the common interest of it
members
Large and steady national membership comprising financial services intermediaries who
the broad spectrum of financial planning
1.7Black Brokers associations
Black insurance professional of SA (BIPSA) officially launched in November 2004 and hav
formally incorporated as a section 21 company
Take the responsibility of contributing constructively to the transformation of the insruna
industry seriously.
Mission is to accelerate transformation and development for black insurance professiona
their values are:
o Probity
o Independence
o Professionalism
o Service
o Equity
o Urgency
o Entrepreneurship
BIPSA has following strategic pillars:
o Development
o Entrepreneurship
o Transformation
o Insurance eduction/awareness
Intends to introduce largest structured mentorship programs in south africa
Black brokers forum (BBF)
Formed early in 1999 with the aim of providing a home for previously disadvantaged bro
who were unable to meet the standards of existing broker organisations
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