More than 10 Years in Compliance

Underwriting Management Agency

Service Name:  Compliance Officer Service - UMA
Service Scope:  Financial Advisory and Intermediary Services Act, No 37 of 2002 “FAIS”

Short Term Insurance Act No 53 of 1998 “STIA”

Policy Holder Protection Rules “PPR”


Introduction

This Compliance Officer Service is for those Financial Service Providers (FSP’s) that undertake business as designated Underwriting Management Agency (UMA’s) and wish to outsource their regulatory compliance requirements) to a professional services provider.

Compli-Serve will supply an independent and qualified compliance officer to assist the UMA with achieving regulatory compliance to both FAIS and STIA as it may apply. The scope of work will depend upon the level of activities undertaken by the UMA under a binder arrangement.

The Service consists of several components as described below;

Initial Assessment

This is an essential first step of the compliance risk management process where a detailed assessment of the intermediary practice is undertaken by Compli-Serve to assess current levels of regulatory compliance. This exercise is designed to identify areas of prime concern at an early stage. The assessment is conducted on an interview basis with the key persons in the practice and any other persons as deemed necessary. Feedback and recommendations are presented to the client at a follow up consultation.

Procedure Control and Documentation Review

Compli-Serve will review the current status of procedures , controls and documentation that exist to comply with legislation and any relevant regulation.

Implementation

Once readiness levels have been assessed and conclusions reached Compli-Serve will advise upon implementation required and where current processes and documentation would require some amendment to achieve regulatory compliance.

Monitoring

Compli-Serve utilises various monitoring techniques for this ongoing process and is undertaken with our clients during the course of the year.

Key Areas of Review

Compli-Serve will review areas deemed present material compliance risks with FSB regulations including key areas as below;

  • Binder Documentation
  • Claims Handling
  • Conflicts of Interest
  • Disclosures – Policy Holder Protection Rules
  • FAIS License Integrity
  • Outsource Documentation
  • Premium collection & Custody
  • Procedures & Registers
  • Risk Management
  • Initial follow up
    This is generally undertaken approximately 30 days after the process implementation consultation to assess the level of client compliance with mutually agreed recommendations.
  • Quarterly checks
    On site visits to assess the progress of implementation. A feedback report is prepared for the client to summarise any action that may be required. Areas that remain outstanding from a previous visit are normally given a higher priority.
  • Annual audit
    At this final check of the compliance calendar Compli-Serve will in conjunction with the client help prepare the annual compliance report for submission to the Financial Services Board.

Client Support Services

This is an important component of the Service and is delivered to our client via our Standard and Premium Support Services that are described in more detail below;

Standard Support

This level of support is delivered via our in house support facilities detailed below and is included in the monthly subscription fee;

  • Telephonic support

    Make a call to the support centre on 0861 273783 /CSERVE. Service available during business hours Monday – Thursday 08:30 to 17:00 and Fridays to 16:00.

  • email support

    Send a mail to your designated compliance officer who will typically acknowledge your query and seek to respond within 24 hours wherever possible.

  • Web Site Support

    Clients are allocated a user name and password to gain access to the protected areas of our website and gain access to the online support facilities.

Premium Support

Premium Support will relate to services that would not be required by the client on a regular basis and are therefore excluded from the monthly fee. Premium Support will be quoted on a case by case basis and priced at the ruling Compli-Serve rate.

  • On Site interventions

    Mutually agreed onsite interventions that fall outside the schedule of visits detailed under the Monitoring section.

  • Complaint Handling

    In the event of a client complaint Compli-Serve can get involved to prepare cases in conjunction with external counsel or liaise with the registrar/ regulator on their behalf on matters relating to the complaint.

IMPORTANT NOTES

  1. This Service is rendered on an annual contract basis and is subject to the Terms and Conditions of Service. Prices will vary depending on the number of authorised individuals operating under the license entity and the levels of client discretion.
  2. Please note that some premium services are dependent of availability of specialist resources at the time of request).
  3. Compli-Serve does not engage in the drafting of contractual documentation which should be referred to your attorneys.
  4. Compli-Serve reserves the rights to amend the Service as may be required form time to time.