a) Do not sign an empty or partially completed application form. b) Fill out all forms in ink. c) Keep all the documents given to you and write down what you are told. d) Ask your consultant for a letter of representation and don`t be pressured to buy the product. e) Inaccuracy or non-disclosure of relevant facts by you may influence an insurer on claims arising from your insurance contract. Mr.C. Pillai, P O Box 74571, Lynnwood Ridge 0040, Tel (012) 470 9080, Fax (012) 348 3447, info@faisombud.co.za. When providing a financial service, the information listed below must be disclosed to a client so that the client knows who they are dealing with and is able to make an informed decision. Financial Service Board, PO Box 35655, Menlo Park 0102, Tel: (012) 428 – 8000, Fax: (012) 347 – 0221 To achieve the results of fair treatment of clients, advisors must ensure that all information is clear and in plain language. Subsection 8(2) of the General Code of Conduct states: ”The supplier shall take reasonable steps to ensure that the customer understands the advice and is able to make an informed decision.” In a recent IN FAIS mediation agreement, the Ombudsman stated: ”I am satisfied that the complainant`s content was not explained and that she was not aware of the consequences of signing the said files,” underscoring this point.
(a) the name, address, postal address and contact details of the supplier of the product. (b) information on the legal department of the insurer. (c) details of the filing/filing of a complaint and/or appeal. (d) the nature of the policy concerned. e) Scope of the premium obligations you incur as a policyholder. (f) the method of payment of the premium, the due date of the premiums and the consequences of the non-payment. g) Details of the procedure for handling complaints from the supplier of the product. Lord. Brian Martin, PO Box 32334, Braamfontein 2017, Tel: (011) 726-8900, Fax: (011) 726-5501, info@osti.co.za. DISCLOSURE AND OTHER LEGAL REQUIREMENTS RELATING TO PERSONAL BUSINESS LINES AND COMMERCIAL INSURANCE ACTIVITIES (This statement is not part of the insurance contract or any other document) a) Name, address and contact details of the intermediary/broker.
b) Legal status of the intermediary/broker. (c) whether the services are provided under supervision. (d) if the intermediary/broker holds more than 10 % of the shares of the insurer and/or (e) if the intermediary/broker has received more than 30 % of the insurer`s total remuneration in the preceding year. f) If the owner of the intermediary/broker is in any form of professional liability insurance. g) Details of the intermediary/broker`s complaint policy and procedures. (h) details of the intermediary/broker`s compliance agreements. (i) the marginal amount of fees, commissions or consideration of value to be paid. j) Contractual agreement with the insurer, including any restrictions or conditions. k) The intermediary/broker must have a valid license to operate in this particular category of business.
While consultants broadly apply the legislation, only minor changes are needed to achieve TCF results, as the law and the general Code of Conduct provide a framework for good business practices. (a) they shall be informed of any material changes to the information referred to in paragraphs 1 and 2; (b) Where the information referred to in paragraphs 1 and 2 has been provided orally, it shall be confirmed in writing within 30 days. c) If a complaint to the intermediary or insurer is not resolved to your satisfaction, you may file the complaint with the FAIS Ombudsman. d) The polygraph or lie detector test is not mandatory in the case of a claim and the failure of a claim cannot be the only reason for rejecting a claim. (e) Where the premium is paid by debit order, the debit order shall be given to the intermediary or supplier of the product. Nor can it be transferred without your consent. f) The insurer must inform you in writing of its intention to cancel your debit order at least 30 days before its cancellation g) The insurer and not the intermediary must indicate the reasons for the rejection of your claim. h) Your insurer cannot cancel your insurance only by notifying your intermediary. There is an obligation to ensure that the notice has been sent to you.
i) You are entitled to a free copy of the policy. j) In the case of a rejected (rejected) claim, the declarations must be made to the competent insurer within 90 days of the date of the corresponding decision. (k) A policy must include a provision for a grace period for the payment of premiums of at least 15 days after the respective due date. In the case of a monthly policy, this provision must apply from the second month of the policy currency. As a short-term policyholder or potential policyholder, you are entitled to the following information: Providing an information package to read a customer may not be sufficient as it is also necessary for the customer to receive information in a way that they can understand. It is therefore important that when a consultant advises, all information is provided in writing and explained to the client. .
