Make sure you are totally covered with comprehensive insurance and compare quotes today

Take a Look At How SA's Car Insurance Laws Protect You

1. Short-Term Insurance Act (Act 53 of 1998 as amended)

• Provides for the registration of short-term insurers.
• Controls the activities and administration of short-term insurers and intermediaries.
• Prescribes financial requirements, solvency, and liquidity.
• Regulates policies and business practices and offers policyholder protection.
• Regulates commissions, premium collection, and claims handling.

What Does This Mean?

2. Policyholder Protection Rules 2004

OSTI Recommends Taking These Steps First:

1. It is usually best to complain in writing. But, if you phone, ask for the name of the person you speak to. Keep a note of this information. Along with details such as, the date and time of your call and what was said. This may be required at a later stage.
2. Remain calm and polite, however emotional, angry, or upset you may be. You are more likely to explain your complaint clearly and effectively if you can stay calm.
3. Initially, attempt contacting the person you originally dealt with. If they cannot help, indicate that the matter will be taken further. Seek details of the name, or job title of the person who will be handling your complaint, and for details of the Insurer's complaints procedure.
4. Attempt taking up the matter with a Senior Official at the Insurer.
5. When you write a letter of complaint, set out the facts as clearly as possible.
6. Write down the facts in a logical order and stick to what is relevant. Include important details like your claim number or your policy number.
7. Keep a copy of any letters between you and the Insurer.

What Happens If You Are Still Not Happy With The Insurer's Decision?

1. Fill in and submit a complaint form to OSTI.
2. Issue a summons out of the Small Claims Court (small cost involved) on the Insurance Company. The maximum amount that can be claimed in the Small Claims Court is R 15 000.
3. Consult with an Attorney to pursue the matter by means of further legal action.

Lower your car insurance premiums today with us!  

3. Financial Advisory And Intermediary Services Act 37 of 2002

The FAIS Act Deals With:

• Regulating brokers as intermediaries and advisors, and includes various other professions.
• The role of the Ombud is explained and formulated.

Subordinate Legislation To FAIS:

• General Code of conduct for authorised financial services providers (FSPs).
• Determination of Fit and Proper Requirements.

4. Financial Services Ombud Schemes Act 37 of 2004

• Creates a mechanism for statutory recognition of voluntary schemes (long-term insurance ombudsman, short-term insurance ombudsman, and banking ombudsman).
• Determines minimum standards required for recognition.
• Provides for an independent controlling body for each scheme.
• Recognises voluntary schemes.
• Provides consumer recourse by way of holistic, standardised mechanisms for client complaints. This with regard to the financial institutions or services in a procedurally fair, informal, economical, equitable, and expeditious manner.

You can be satisfied with your car insurance premium too!