Google
RSS Feeds RSS | Views on ITInews | contact | terms of use | privacy 
 


Editorial Categories:

FINANCIAL SERVICES
ADVISERS & BROKERS
BANKING & BONDS
BUSINESS MANAGEMENT
COLUMNISTS
CONSUMER AFFAIRS
CRIME & FRAUD
ECONOMY & GLOBAL
EDUCATION & TRAINING
ESTATES & WILLS
HEALTHCARE INSURANCE
INDUSTRY & LEGISLATION
INSURANCE
INVESTING
LEGAL AFFAIRS
LIABILITY INSURANCE
LIFE INSURANCE
MARKETING
PEOPLE & COMPANIES
POLITICS
PROPERTY
RETIREMENT PROVISION
REVIEWS
ROAD ACCIDENT FUND
SHARES & UNIT TRUSTS
SHORT-TERM INSURANCE
TAXATION
TECHNOLOGY
VIEWS & LETTERS


Forthcoming Events:

No Upcoming Events


Available Recruitment:

No Vacancies Listed...


Save by getting insurance quotes


Your Editor, Brent WilsonInforming Consumers and Financial Advisors since 1988 | Click Here to Advertise
Press Offices > Underwriters & Managers

Camargue Underwriting Managers
Press Office Feature : Bowman Gilfillan joins Camargue’s Risk Management Panel

Company: Camargue Underwriting Managers
Author:Kedi Motshedi
Email:[email protected]
Posted:25 Feb 2015

 Email this article Comment on this Article  Print this article

Free Pension Fund Adjudicator complaint advice now available

Expect savings on administrative time, enhanced value for customers, and more peace of mind

Camargue has announced that one of Africa’s premier corporate law firms, Bowman Gilfillan Incorporated, has joined its panel of risk management service providers effective January 2015.

Known for helping clients manage the risks inherent in bringing high stake deals home, and employing over 310 specialised lawyers, Bowman Gilfillan is adding further depth to Camargue’s body of risk management experts.

Camargue Underwriter, Ncedisizwe Mbongwe, says: “With Bowman Gilfillan’s expertise, we are now able to offer a new Camargue-sponsored service which is being presented as a standard risk management tool to all our insured retirement funds.”

When faced with a matter relating to the Pension Fund Adjudicator (PFA), and legal opinion is required, one sponsored legal opinion and response per policy period will be provided by Bowman Gilfillan.

Adding to this Mbongwe says that the PFA dispute can include any matter that the customer believes requires expert legal attention and does not need to be restricted to what the insured’s policy covers.

Clause Amendments

Coupled with this new risk management service, Camargue has adapted the claims notification clause in the Pension Fund Trustees Liability (PFTL) insurance policy - adding even further value for customers.

Under the PFTL insurance policy, any circumstance which could reasonably give rise to a claim must be reported to the insurers and will be deemed to be a claim once that circumstance becomes a loss.

“A question that begs answering however, is how practical this is in a high-circumstance, and low claim or loss scenario, such a Pension Fund Adjudicator (PFA) complaint,” says Mbongwe.

“Typically, any retirement fund may receive a number of PFA complaints regarding members who are unhappy (generally with their pay out) each month."

"This can lead to hundreds of complaints a year. The complaints range between withdrawal, death or disability, or benefit complaints among many others.”

In the year 1 April 2013 to 31 March 2014 alone, the PFA received 5,405 new complaints and resolved 6,763 complaints (including prior years) during the same period.

Withdrawal and death benefit issues made up 70% of these complaints.

Mbongwe says that after gathering information from retirement funds, administrators and brokers, it’s evident that the majority of these complaints are resolved and produce no loss for the fund.

As a result, many PFA complaints are not notified to the insurer.

When complaints convert to a claim

Traditionally when a complaint is made to the PFA, a notification is sent to the insurer so that the circumstance is deemed to be a claim when a loss arises; failure to notify the insurer of the circumstance would lead to the claim being rejected on the grounds of late notification.

This practise requires the insured retirement fund to submit potentially hundreds of PFA complaints per month, while the broker is bombarded with a large number of claim notifications.

“With our new policy wording, circumstances only become reportable once the PFA has made a ruling against the retirement fund."

"With the determination against the fund, the circumstance is then reportable without concern of rejection on the basis of late notification."

"This saves on administrative time, and bolsters peace of mind,” concludes Mbongwe.

For more information, contact on [email protected] or [email protected], visit www.camargueum.co.za or find us on Facebook.

Comments:
There are no comments at this stage. Be the first to comment!
Please Login To Comment On an Article - Click here To Login

ITInews invites comments at the foot of each of its articles in which readers can respond freely - anonymously if they wish - to various topical issues and industry debates. However, comments submitted by readers that are defamatory or deemed, by the editors, to be racist or obscene will be deleted from the database. Furthermore, ITInews's editor would like to caution potential posters on its websites that while it welcomes robust debate, it will not hesitate to make the IP addresses of the authors of such defamatory statements available to the authorities, in the event of a court order compelling them to do so.



Get car, home, life and business insurance quotes in 3 easy steps


Camargue Underwriting Managers


Join us today

More from Camargue Underwriting Managers
Knowledge Is Power
Get Cyber Risks Savvy with Camargue’s NEW eLearning module - now LIVE!
Understanding Dictionary Attacks
Prayer and cyber insurance
SMEs Soft Targets for Commercial Crime
Commercial crime and employment practises liability cover should be purchased together
Camargue launches new employment practices liability module on elearning platform
Brokers have complete control over their own learning process
Camargue helps business & brokers navigate the provisions of POPI
With Launch of Free eHand-Book: Protection of Personal Information Made Easy!
Camargue Acquires New UMA - Synergy XOL
Providing excess of loss cover insurance
Camargue launches new commercial & cyber crime division
South Africa has been ranked as the third leading cybercrime hotspot in the world
Camargue launches new commercial crime module on eLearning Platform
Brokers have complete control over their own learning process
Camargue’s new eLearning initiative an industry first
Free online training is IISA accredited
Shop smart this Silly Season with Madeasy.mobi as your guide!
Christmas shopping and your Consumer Protection Act rights

Join ITInews in supporting Helpnet.org.za

Archived Articles featuring this company ...


Insurance Quotes


Car Insurance Quotes
Household Insurance Quotes
Business Insurance Quotes
Funeral Insurance Quotes
Life Insurance Quotes

Read the InsuranceQuotes Blog
ITM Website Design Cape Town
Copyright © 2005 - 2015 ITInews Online Publications (Pty) Ltd. All rights reserved Insurance Times & Investments Online and ITInews. ..::ISSN 1995-1256::.. No part of the materials including graphics or logos, available in this Web site may be copied, photocopied, reproduced, translated or reduced to any electronic medium or machine-readable form, in whole or in part, without specific permission from ITInews Online Publications (Pty) Ltd. Distribution for commercial purposes is prohibited.