Cecil Kilpin | July 2021 Newsletter
SASRIA & Fiscal Budget The South African Special Risks Insurance Association (SASRIA) will form a key part of the intervention to help insured businesses restore their operations. Together with reinsurers, SASRIA has already begun its claim administration process. Pay-outs will be provided to all covered businesses. Crucially, government has decided to provide full financial backing to SASRIA should it exceed its solvency limits. The National Treasury is putting in place the necessary arrangements to ensure that this commitment is met should it be needed. Qualifying uninsured businesses will be supported by the state, partly through a reprioritisation of the existing support mechanisms for Small Medium and Micro Enterprises (SMMEs). The Government is also engaging with relevant stakeholders (NEDLAC, banks, insurance companies and [...]