IMPORTANT INFORMATION - PLEASE READ CAREFULLY DISCLOSURE AND OTHER LEGAL REQUIREMENTS
(This notice does not form part of the Insurance Contract or any other document)
As a short-term insurance policyholder, or prospective policyholder, you have the right to the following information:
Whilst we make every effort to ensure you fully understand the insurance product we have supplied there are certain facts we are obliged in terms of legislation to ensure that you not only know about but understand. The most notable being the Financial Advisory and Intermediaries Services Act (FAIS) and in the case of employers purchasing policies in their personal capacity the Policy Holder Protection Rules.
The most important objective of these obligations is to ensure you, our employer has full knowledge about the organisations involved in delivering the service to you as well as full understanding of the product you have purchased. Whilst every effort has been made to ensure we have achieved this objective if at any time you feel we have not provided you with information required or you do not understand the information we have given you, please ask us - do not assume! Whilst this information is important it does not form part of your actual policy wording.
So what is it that we need to tell you? Let us start by explaining some of the terminology you may have heard about or may encounter in your dealings with us:
Financial Service Provider
This is generally us, your insurance broker, sometimes referred to as an Intermediary.
This is your insurer
They are appointed by a Product Provider (Insurer) to manage a specific type of product on their behalf. This is due to the specialist knowledge of the staff of Underwriting Manager and their ability to deliver a very focussed and cost effective service to ourselves as insurance brokers and ultimately you the employer.
Financial Advisory and Intermediary Services Act (FAIS)
This piece of legislation was introduced to ensure there are minimum standards set within the Financial services sector, to ensure you the employer receive the highest possible level of service and protection. It governs, amongst other things, the following:
- 1. The financial stability of the Financial Service Provider,
- 2. The Honesty and Integrity of the Financial Service Provider,
- 3. The ability of the Financial Service Provider to look after the employer,
- 4. The formal qualifications required by the key staff of any Financial Service Providers who give you advice,
- 5. The methods and technical content of the advice given to you,
- 6. The need for each Financial Service Provider to be licensed before they can give you advice,
- 7. Standards for dealing with any complaint that you may have,
- 8. Penalties for breaches of any of the regulations required in terms of the Act; these include fines, imprisonment and loss of the ability to carry on business,
Policy Holder Protection Rules
These require some additional duties to be adhered to by Insurers in respect of employers purchasing personal insurances. Where applicable to you these will be pointed out in this document.
The independent body created to further protect the employer and deal with any disputes between insurers and employers. There are currently two such Ombuds:
The Short Term Insurance Ombud deals with disputes on personal insurance matters e.g. Your personal motor or household insurances. The FAIS Ombud deals with all disputes for all types of employers that arise out of the provision of advice as dealt with by the FAIS Act.
Financial Services Board
The body that administers the FAIS Act and other legislation relevant to insurance.
The body that ultimately deals with all regulation with a specific category of insurance e.g. Short Term or Long Term So now You know some of the general background and the terms you may encounter, now for the specific information we need to supply you with:
About the Intermediary (Your Broker)
We are GM Financial Services cc.
The Company Registration number is: 2002/055972/23.
Our Physical Address:
734 Helena Street Discovery Roodepoort 1709
Our Postal Address:
PO Box 970 Florida Hills 1716
Legal status and any interest in the insurer
GM Financial Services does not have any direct financial interest in the Insurer and is not an associated company of any Insurer.
GM Financial services received more than 30% of its total commission from some Insurers.
FSB number and authorised products and conditions
We are a Authorized Financial Service Provider for Advice and Intermediary Services in Short Term , Commercial and Personal lines Our FSP Licence number 13628.
Whether or not in possession of Professional Indemnity Insurance.
We have Professional Indemnity Insurance.
Professional Indemnity Policy Number K/CB/02/2981
Underwritten by Arch Underwriting Managers at Lloyds (South Africa) (Pty) Ltd on behalf of Syndicate 2012
Compliance Officer Associated Compliance (Pty)Ltd
Company Registration: 2012/087007/07
Practice No: 6377
Telephone No: 011 678 2533
Fax No: 011 678 7731
Contact Persons: Mr. B Thomas & Mr. R Veal
Details of how to institute a Complaint.
If something happens that may lead to a complaint about our services, staff or products sold please contact or notify us of the complaint in writing with full details thereof to:
Telephone number: (011) 763 1556
Fax number: (011) 760 1362
Email address: email@example.com