Legal & Regulatory

The South African short term insurance market is well regulated. We list some of the more important Acts and Terms below, with self explanatory manuals, procedures and policies.

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Chadwicks draws your attention to the following information and the Acts they relate to:

Complaints Procedure - The Financial Advisory and Intermediaries Services Act
Conflict of Interest Policy - The Financial Advisory and Intermediaries Services Act
PAIA Manual - The Promotion of Access To Information Act
POPI - The Protection of Personal Information Act

Chadwicks qualifies as an EME enterprise in terms of the Broad-Based Black Economic Empowerment (B-BBEE) and as such we are determined a preferred supplier to all other businesses in South Africa.

Our BEE status is a Level 4 contributor which means that Chadwicks has a B-BBEE recognition of 100% in terms of procurement scoring. In other words, for every rand of your premium spend with Chadwicks , you will be able to claim a rand in terms of your companies own B-BBEE scorecard.

Please contact us should you require certification relating to our BEE status.

The procedure to follow when submitting a complaint, in terms of the Financial Advisory and Intermediary Services Act (FAIS), is as follows:

Day 1

The written complaint is lodged with Chadwicks

By Day 5

After receipt of complaint, our Compliance Officer will have confirmed receipt of the complaint in writing

By Day 21

If resolved, the status will be communicated to you in writing

By Day 42

If still unresolved, full reasons for the lack of progress will be communicated to you in writing and you will be informed of your right to seek legal redress via the office of the FAIS Ombudsman.

You then have 6 months to lodge a complaint at the FAIS Ombudsman's office.

The General Code of Conduct for the Financial Advisory and Intermediary Services Act (FAIS), broadly covers conflict of interest between Financial product Providers and Financial Service Providers. The code requires that FSP's disclose the existence of the actual or potential conflict of interests to clients.

Conflict of Interest means any situation in which a provider or representative has actual or potential interest that may, in rendering a financial service to a client influence the objective performance of his obligations to that client and/or prevent a provider or representative from rendering an unbiased and fair financial service to that client or from acting in the interest of that client.

CHADWICKS RISK & INSURANCE BROKERS (PTY) LTD has adopted and implemented a Conflict of Interest Management policy to ensure that CHADWICKS RISK & INSURANCE BROKERS (PTY) LTD in its obligations complies with the Act. The COI Management policy has been drafted to include the following

  • Mechanisms for identification of conflict of interest
  • Measures for the avoidance of conflict of interest
  • Measures for the disclosure of conflict of interest
  • Processes and procedures and internal controls
  • Consequences of non-compliance
  • Mechanisms for identification of conflict of interest

Management Meetings will take place once a month, conflict of interest matters will be an item on the compliance agenda.

Mechanisms for the avoidance of COI

CHADWICKS RISK & INSURANCE BROKERS (PTY) LTD provides full disclosure throughout financial planning process.

This is an integral part of the financial planning process. Any conflict of interest will be disclosed in the disclosure notice, service level agreement/terms of engagement, proposal and record of advice.

Conflict of Interest Processes

  • Reviewed by management and external compliance practitioner.
  • Procedures to facilitate compliance with policy

As part of CHADWICKS RISK & INSURANCE BROKERS (PTY) LTD minimum operating standards, CHADWICKS RISK & INSURANCE BROKERS (PTY) LTD applies the six step code of conduct process. In addition to this Key Individuals are required to sample files as a part of quality control.

Internal Controls

Key Individuals to sign off policy and implement with business process. Employees to be made fully aware of Conflict of Interest Policy through awareness training.

Consequences for non-compliance

CHADWICKS RISK & INSURANCE BROKERS (PTY) LTD will implement disciplinary process as detailed in Human resources Policy.

The type of and basis on which a representative will qualify for a financial interest that the provider will offer.

A provider or its associates or representatives may not receive any financial interest from a third party or offer any financial interest to a third party if the primary purpose of receiving or offering the financial interest is to incentivise or reward for monetary obligations assumed or maintained by a client, directly or indirectly, in favour of that provider, its associates or its representatives, or a third party, other than:

  • subject to any other law, commission or fees directly payable in cash to the provider; and
  • subject to any other law, an inconsequential financial interest.

Financial interest

The representative shall disclose to the client the existence of any personal interest in the relevant service, or of any circumstance which gives rise to an actual or potential conflict of interest in relation to such service, and shall take all reasonable steps to ensure fair treatment of the client;

The representative undertakes to avoid and where this is not possible, mitigate any conflict of interest between the representative and the client.

The representative undertakes to disclose to the client in writing at the earliest reasonable opportunity:

  • any conflict of interest in respect of that client, including the measures taken in accordance with the conflict management policy of the provider to avoid or mitigate the conflict;
  • any ownership or financial interest, other than an immaterial financial interest, that the employer or representative may be or become eligible for;
  • the nature of any relationship or arrangement with a third party that gives rise to a conflict of interest, in sufficient detail so as to enable the client to understand the exacyt nature of the relationship or arrangement and conflict of interest; and

Chadwicks Risk & Insurance Brokers (Pty) Ltd undertakes to inform the client of the employer's conflict of interest management policy and how it may be accessed.

The employee undertakes to adopt, maintain and implement a conflict of interest management policy and to provide the representative with appropriate training and educational material in this regard.

List all associates and third parties and the nature or extent of ownership interest:

List of associates:

  • Name
  • Relationship

Ownership interests in third parties:

  • Name
  • Nature of interest
  • Extent of interest

Third parties with ownership interest in provider:

  • Name
  • Nature of interest
  • Extent of interest
  • Conflict of Interest Training

The Key Individual will ensure that all employees and representatives have attended awareness training registers will be updated as part of the Risk Management Plan thus ensuring all reasonable measures have been taken to inform and train employees, representatives and associates on Conflict of Interest Management Policy.

Training/ educational material

Provided by Crux Consulting on as and when basis. Conflict of Interest education material is provided for on training file for staff's training needs.

Monitoring

Crux Consulting CO3485, will monitor the management of the CHADWICKS RISK & INSURANCE BROKERS (PTY) LTD policy and training registers on a annual basis.

Published in appropriate media

In terms of CHADWICKS RISK & INSURANCE BROKERS (PTY) LTD conflict of interest policy all communication to this effect will be updated on our marketing documentation including disclosure notices.

View PAIA Manual here

Chadwicks Risk & Insurance Brokers Pty (Ltd) is the owner of the copyright and all other intellectual property rights in all the material on this website. The material in the website may not be reproduced or transmitted by any person by any means (unless previously authorised in writing by Chadwicks) other than for non-commercial purposes.

Chadwicks shall not be liable for any claims, costs, damages or expenses that may arise from any act or omission on the part of any visitor to this website or of any third party acting in reliance on any information in the site or in any links to or from the site, which are provided for information only.

You are strongly advised to verify the accuracy of any such information before relying on it. There will be no objection to your telephoning the Chadwicks office (details as shown on the site) to obtain further details.

All trademarks, product names and company names or logos used in this web site are our property or that of their respective owners. No permission is given in respect of the use of any such trademarks, product names, company names, logos or titles and such use may constitute an infringement of the holder's rights.
Chadwicks nor any of its agents or representatives shall be liable for any damage, loss or liability arising from the use or inability to use this web site or the services or content provided from and through this web site.

This web site is supplied on an "as is" basis and has not been compiled or supplied to meet the user's individual requirements. It is the sole responsibility of the user to satisfy itself prior to entering into this agreement with Chadwicks that the service available from and through this web site will meet the user's individual requirements and be compatible with the user's hardware and/or software.

Information, ideas and opinions expressed on this site should not be regarded as professional advice or the official opinion of Chadwicks and users are encouraged to consult Chadwicks for professional advice before taking any course of action related to information, ideas or opinions expressed on this site.

When this site collects private information from users, such information shall not be disclosed to any third party unless agreed upon between the user and Chadwicks.

Chadwicks may, in its sole discretion, change this agreement or any part thereof at any time without notice.

Emails are confidential and may contain privileged or copyright information. If you are not the intended recipient please delete the email. You are notified that disclosing, copying, distributing or taking any action in reliance on the contents of this information is strictly prohibited. The views expressed in the email do not necessarily reflect the views and opinions of The Company. The Company does not consent to its employees sending offensive, defamatory or non-solicited emails, including any emails which contravene the law. Although The Company has taken reasonable precautions to ensure no viruses are present in emails, the company cannot accept responsibility for any loss or damage arising from the use of emails or attachments. We recommend that you scan emails and attachment(s) for viruses.

The Protection of Personal Information (POPI) Act was signed into law in 2013 and commences in its full entirety, on the 30th of June 2021.

Chadwicks only collects customer personal information for business purposes and treats all collected client personal information as highly confidential. 

We take our responsibility to protect your personal information very seriously and we commit to take all reasonable steps to ensure personal information remains protected at all times.

The aim of the POPI Act:

  • to promote the protection of personal information processed by public and private bodies;
  • to introduce certain conditions so as to establish minimum requirements for the processing of personal information;
  • to provide for the establishment of an Information Regulator to exercise certain powers and to perform certain duties and functions in terms of this Act and the Promotion of Access to Information Act, 2000;
  • to provide for the issuing of codes of conduct;
  • to provide for the rights of persons regarding unsolicited electronic communications and automated decision making;
  • to regulate the flow of personal information across the borders of the Republic; and
  • to provide for matters connected therewith.

Ways in which personal information is collected include:

  • visitors subscribing to a newsletter,
  • a user registering on a blog or similar,
  • users submitting their details via any form, including online forms,
  • through the use of cookies,
  • monitoring user access and habits,
  • sending or receiving emails,
  • SMSs, WhatsApp messages or other similar messages.

The following are reasons why we would collect your personal information:

  • to identify you;
  • for us to process your instructions to us;
  • to manage your policy/ies;
  • compliance with the laws of the Republic of South Africa;
  • detecting fraud; and/or
  • direct marketing to you via e-mail or telephone.

What information we collect:

We collect and process our clients personal information essentially to provide them with access to the services and products of the providers with whom we have contractual agreements in place and to administer the short term portfolio under our control.

The type of information we collect will depend on the need for which it is collected and will be processed for that purpose. Where possible, we will inform our clients what information they are required to provide to us and what information is optional.

With our clients consent, we may also supplement the information that is provided to us with information we receive from other providers in order to offer our clients a more consistent and personalized experience with us.

Our clients who elect to take up offerings from our contracted providers, may also require additional information and they will be subject to the same privacy regulations as we are subject to.

How we use your information:

The information will only be used for the purposes for which it was collected and agreed to with our clients. 

This may include:

Providing products or services to and to carry out the transaction you requested:

  • For underwriting purposes;
  • Assessing and processing claims;
  • Conducting credit reference searches or verification;
  • Confirming and verifying your identity;
  • For purposes of claims history;
  • For the detection and prevention of fraud, crime, money laundering or other malpractice;
  • Conducting market or customer satisfaction research;
  • For audit and record keeping purposes;
  • In connection with legal proceedings.
  • Providing our services to our clients, to carry out the services requested and to maintain and constantly improve our relationship with our clients;
  • Providing you with communications in respect of Chadwicks Risk and Insurance Brokers (Pty) Ltd and regulatory matters that may affect our clients;
  • In connection with and to comply with legal and regulatory requirements or when it is otherwise allowed by law.
  • Providing you with newsletters and the like.

Disclosure of your information:

 

Chadwicks Risk and Insurance Brokers (Pty) may disclose a clients personal information to our providers whose services or products we may access to obtain quotations and/or cover on your behalf. We have agreements in place to ensure that they comply with our privacy terms and conditions.

We may also share our clients personal information with, and obtain information from third parties for the purposes listed above.

We may also are our clients personal information were they have expressly authorized  Chadwicks Risk and Insurance Brokers (Pty) to do so.

We may also disclose our clients information where we have a duty or a right to disclose in terms of applicable legislation, the law or where it may be necessary to protect our rights.

Safeguarding your information:

The POPI Act requires us to adequately protect the personal information we hold and to avoid unauthorised access and use of your personal information.

We continuously review our security controls and processes to ensure that personal information is secure.

If we need to transfer personal information elsewhere for processing or storage we will

ensure that any party to whom we pass on your personal information will treat your information with the same level of protection as required from us.

Your rights to access and correction of your personal information:

A client has the right to access the personal information we hold about such client.

A client has the right to ask us to update, correct or delete the client’s personal information. 

Chadwicks Risk and Insurance Brokers (Pty) will take all reasonable steps to confirm identity before providing details of any personal information or making changes to any personal information.

You can contact Chadwicks on 0861 747 500 or email : info@chadwicks.co.za and request the information you would like.

General:

Chadwicks Risk and Insurance Brokers (Pty) reserves the right to amend this Privacy Policy from time to time and you agree that you will review the terms of this Privacy Policy, whenever you visit our website for any such amendments.

This Privacy Policy will be governed by and construed and interpreted in accordance with the laws of the Republic of South Africa.

When you do visit our website and in the process provide us with your personal information you will be agreeing to the provisions set out above.

You also authorize Chadwicks Risk and Insurance Brokers (Pty) to act on the information that you send electronically. 

Please ensure that you have read and understood the terms and conditions of this Privacy Policy, before you provide us with your personal information.

Chadwicks shall not be liable for any claims, costs, damages or expenses that may arise from any act or omission on the part of any visitor to this website or of any third party acting in reliance on any information in the site or in any links to or from the site, which are provided for information only.

You are strongly advised to verify the accuracy of any such information before relying on it. There will be no objection to your telephoning the Chadwicks office (details as shown on the site) to obtain further details.

All trademarks, product names and company names or logos used in this web site are our property or that of their respective owners. No permission is given in respect of the use of any such trademarks, product names, company names, logos or titles and such use may constitute an infringement of the holder's rights.
Chadwicks nor any of its agents or representatives shall be liable for any damage, loss or liability arising from the use or inability to use this web site or the services or content provided from and through this web site.

This web site is supplied on an "as is" basis and has not been compiled or supplied to meet the user's individual requirements. It is the sole responsibility of the user to satisfy itself prior to entering into this agreement with Chadwicks that the service available from and through this web site will meet the user's individual requirements and be compatible with the user's hardware and/or software.

Information, ideas and opinions expressed on this site should not be regarded as professional advice or the official opinion of Chadwicks and users are encouraged to consult Chadwicks for professional advice before taking any course of action related to information, ideas or opinions expressed on this site.

When this site collects private information from users, such information shall not be disclosed to any third party unless agreed upon between the user and Chadwicks.

Chadwicks may, in its sole discretion, change this agreement or any part thereof at any time without notice.

This extract from the FSCA’s website, details what TCF is and what Financial Services Providers need to demonstrate in their practices:

“Treating Customers Fairly (TCF) is an outcomes based regulatory and supervisory approach designed to ensure that regulated financial institutions deliver specific, clearly set out fairness outcomes for financial customers. 

Regulated entities are expected to demonstrate that they deliver the following six TCF Outcomes to their customers throughout the product life cycle, from product design and promotion, through advice and servicing, to complaints and claims handling...”

One of Chadwicks shared values, is fairness, so aside from us being totally committed to complying with the TCF regulation and in particular, the six outcomes listed below, we have deliberately placed fairness as a key element in everything we do, from client satisfaction to employee satisfaction.

The Six Outcomes of TCF are:

Outcome 1: Customers are confident they are dealing with firms where the fair treatment of customers is central to the firm's culture.

Outcome 2: Products and services marketed and sold in the retail market are designed to meet the needs of identified customer groups and are targeted accordingly.

Outcome 3: Customers are given clear information and are kept appropriately informed before, during and after the time of contracting.

Outcome 4: Where customers receive advice, the advice is suitable and takes account of their circumstances.

Outcome 5: Customers are provided with products that perform as firms have led them to expect and the associated service is both of an acceptable standard and what they have been led to expect.

Outcome 6: Customers do not face unreasonable post-sale barriers to change product, switch provider, submit a claim or make a complaint.

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