Key Takeaways
What Happened? Silicon Valley Bank (SVB), one of the 20 largest banks in the U.S. in terms of assets, has collapsed. It was the second largest bank failure in U.S. history and had international operations that were also impacted. As well, another (slightly) smaller bank, Signature Bank folded in similar fashion. In the case of both banks, authorities have taken over these troubled financial institutions, with the intention to create the best outcome for bank depositors, including the sale of the U.K. branch to HSBC for £1.
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Imagine submitting a claim to your insurance company, only to have it rejected based on information you don’t understand. What should you do, when the insurer just does not understand your view? Well, meet the insurance ombudsman – it is his job to care about your dispute! An ombudsman is an official whose duty it is to represent the interests of the public, by investigating and addressing complaints of maladministration or a violation of rights; are usually appointed by the government or parliament; and is not supposed to be influenced by political parties or affiliations, but should be able to conduct an independent investigation into the complaint that was laid. In short, the ombudsman serves as a mediator. South Africa has the various ombudsman available to its citizens, but today we will focus on the short term and long term insurance ombudsman and its roles and responsibilities; both of which are recognised in terms of the provisons of the Financial Services Ombud Schemes Act. Every short-term insurer has agreed to abide by the decision of the Ombudsman and this can relate to any of the following personal lines of short-term insurance: motor; house owners (building insurance); householders (content insurance); cell phone; travel; disability; credit protection insurance; commercial insurance; claims disputes; etc. The Ombudsman for Long-Term Insurance has the main duty of resolving complaints through mediation, recommendation and then, as a last resort, determination (or rulings). These determinations or rulings are legally binding on the contributing insurer, but not on the complainant, who has the option to go to court if unsatisfied with the ruling. The essential characteristics of an ombudsman are important, as it determines its impartiality. The insurance ombudsman should be free from interference in the performance of its duties and it should be independent from influence. They must also produce decisions that are seen to be fair, by making decisions based on the information available and having pre-set criteria for reaching a decision. Accountability to the public is ensured by having its decisions published and made available to the public. Lastly, the ombudsman should work effectively by following informal and cost-effective procedures, supported by sufficient human, financial and operational resources. So, what procedure should be followed once you realise you’ll need the ombudsman? Well, firstly, you should have tried to resolve the matter with the company concerned, by following their internal grievance procedure. If this did not solve your problem, you should contact the Ombudsman; who will require that you submit a complaint (preferably in writing) and provide them with the necessary information such as the insurance company’s name, policy number, contact details and a factual summary of your complaint. You should submit all relevant supporting documents available, including proof of your attempted resolution with the company. The ombudsman will then start its investigation and guide you through the rest of the process. Isn’t it great to know that there is someone out there who can assist you when it seems you’ve run out of options?! Make sure you have the relevant contact details of the ombudsman you need to help you solve your problem as soon as possible! By clicking on the below you will be able to get the various Ombudsman contact details: Long Term Insurance Ombudsman Short Term Insurance Ombudsman Health Ombudsman Pension Fund Adjudicator (PFA) FAIS Ombudsman ( For Investments) If you have any queries for Short-term insurance please email service@daberistic.com Source: Hollard Having a new addition to the family is an exciting time. Below we have put together a step by step guide to your Discovery Maternity benefits after birth. Post natal home care visits. To be applied just after your delivery. The service offers home visits for healthy mothers and their babies, and this will be paid from the hospital benefit if funding is approved. This service includes 3 days visits by a midwife within the 6 weeks postnatal period post early discharge from hospital (subject to availability). Eligibility criteria:
How to apply: 1. Fill in Home care application form prior to delivery. Click here. 2. Information required on the form:
4. After submission you will receive an email reference, please follow up on your application after 3 working days by calling in to Discovery on 0860 462 273. You can Activate cover for you and your baby up to two years after birth after Discharge. You have cover for healthcare services up to two years after birth, this will be paid up to Discovery scheme rate. To activate the benefits:
Benefits after Activation of Baby Program
****Keycare members needs to go to chosen GP or a referral is required.
Navigate and find your services closest to you. To find an GP, Paediatrician, ENT, Gynaecologist, Dietitian, Psychologist or Antenatal service providers:
Source Discovery For our investors investing in Morningstar Managed Portfolios, click below to access the latest performance snapshot, market commentary and market performance summary:
Morningstar SA Managed Portfolios Morningstar Global Managed Portfolios (USD) Market Commentary - SA and Global Market Performance Summary - SA and Global There are several ways to get customer support from Discovery South Africa:
Note: For specific departments such as Vitality or Discovery Life, there may be separate contact details available on the Discovery South Africa website. Click here for Quick access What about on WhatsApp? Yes, you can also get customer support from Discovery South Africa through WhatsApp. Here's how to do it:
When you earn and/or have money, you have the ability to control how you spend it, save it and/or invest it. This is where the cardinal rule comes into play of making sure you control your money, instead of your money controlling you. Let’s first consider the difference between saving and investing. Whether you set aside extra money in a physical piggy bank or your bank account, the act of saving is simply storing away any extra cash to use later. People save for various reasons, but the ultimate reason is to gather a certain amount to spend later or ensure a comfortable retirement. Investing involves putting money into instruments like shares, bonds, property etc. to achieve a certain goal. Different investments have different risk and return profiles, so an investor’s portfolio will vary based on the goal. During 2022, we saw significant movements in global markets, from both an equity and fixed income perspective. Risk-off, fear and uncertainty were the order of the day. On the local side, markets held up relatively well in comparison and it left local investors puzzled. Weak growth, a record amount of loadshedding, high interest rates and an uncertain global backdrop are all factors that should send investors running for the hills, but local seems to remain lekker. Year-to-date, there has been a healthy rebound in asset prices as inflation numbers are starting to ease, China is reopening and Europe seems to be more resilient than what the market initially expected. The JSE All Share Index reached an all-time high in January 2023, despite the uncertainties our market currently faces. How is that possible you may ask? |
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January 2025
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