In response to a request by the Financial Services Conduct Authority (then Financial Services Board) that industry bodies, namely the South African Insurance Association (SAIA), the Financial Intermediaries Association (FIA) and the South African Underwriting Managers Association (SAUMA) submit an industry solution that will provide direction regards the minimum requirements for the transfer of data content between non-life insurers and third parties that render outsourced services (including binder services), a Draft Joint Industry Guideline on Minimum Data Requirements was developed and underwent rigorous consultation processes including the regulator and finally approved by the respective industry Boards. The implementation of the Guideline as stipulated in the Insurance Regulations under the Short-term Insurance Act is 01 January 2020.
The review of the SAIA Code of Conduct is progressing well with input from our members and the FSCA, with a final round of internal review comments being considered. At the beginning of November 2019, the Code will then be circulated to SAIA members, the FIA, the OSTI and the SAIA Board Committee: Governance Risks for a final round of comments before it is tabled to the SAIA Board of directors for consideration and adoption at the SAIA Board meeting on 28 November 2019.
SAIA is concerned about the persistent hijackings of long haulage trucks, related road crashes, and riots-and-looting on our national roads, especially along the N3, the main route connecting Johannesburg and Durban. The association hosted a stakeholder workshop on 11 October 2019 wherein all concerned participants agreed that there is a need to work as a collective to find solutions for our communities, road users and insurers. The workshop was attended by the non-life insurance industry, SASRIA, toll concessions, and other industries impacted by the rise in truck hijackings, theft, accidents, looting and fraud incidents on road freight. The parties agreed to establish three working groups, namely safety, security and stability by the end of November 2019.
The SAIA Motor Insurance Steering Committee meetings have progressed very well in 2019, with commendable attendance by the respective motor member companies. The sustainability of motor insurance remains a key focus area for SAIA, and more specifically crime combatting and road safety related initiatives which will receive greater focus until 2021 and beyond. SAIA will continue to work with the Insurance Crime Bureau (ICB) in the crime combating space and various other stakeholders including the Department of Transport and its various Agencies like the Road Traffic Management Corporation (RTMC) and the Road Traffic Infringement Agency (RTIA) when it comes to road safety.
SAIA Chief Executive