Independent on Saturday

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Insurance

SANLAM this week announced it will buy the group risk and retail life business of Alexander Forbes Life. The proposed transaction will strengthen Sanlam’s position in the group risk and retail life insurance markets, adding about 210 000 members to its group risk and 3 700 policies to its retail life businesses. Dawie de Villiers, chief executive of Alexander Forbes, said: “This disposal is the final step in our move away from providing insurance underwriting. I am confident that the clients and employees moving across in this process are in good hands.”

Regulator

IN FEBRUARY, the Financial Sector Conduct Authority (FSCA) cautioned the public about doing business with Impilo Plus Insure. At the time, Impilo Plus was not authorised to provide financial services, as defined under the Financial Advisory and Intermediary Services Act. The FSCA confirms that, with effect from May 1, Impilo Plus has been authorised to provide financial services, due to the appointment of African Rainbow Limited as the underwriter for the business. The authority says it is aware of the complaints lodged against Impilo Plus, but will not comment on the merits of these complaints until an investigation into them has been finalised.

INVESTORS have until June 30 to take advantage of the so-called section 12J tax incentive before the National Treasury’s sunset clause takes effect. Dino Zuccollo, principal at Westbrooke Alternative Asset Management and chairperson of the Section 12J Association of South Africa, says the scheme, which offered investors a 100% tax deduction for investing in small businesses in selected industries, was introduced in 2009 and now has well over R10 billion under management. He says there is still one last chance to take advantage of the incentive. Other than the deductibility of the investment after June, nothing has changed regarding the scheme and its compliance requirements.

PERSONAL FINANCE

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2021-06-19T07:00:00.0000000Z

2021-06-19T07:00:00.0000000Z

http://independentonsaturday.pressreader.com/article/282110639564319

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