Complaints policy for Compass Insurance Company Limited (Compass Insurance)
Complaint resolution commitment
In compliance with the Financial Advisory and Intermediary Services Act (hereinafter referred to as the FAIS Act), Compass Insurance is committed to:
- prioritise complaints to ensure a speedy resolution in an open and transparent manner;
- analyse complaints to enable us to take measures in eradicating areas of risk and to avoid a recurrence of similar problems;
- maintain records of customer complaints for a period of 5 years.
Complaint has to be in writing
In order for a complaint to receive the attention that it deserves, we request that your complaint is submitted to us in writing. Please ensure, that where the complaint is delivered by hand or by any other means, that you retain proof of delivery.
Complaint has to be relevant
The financial services environment is complex. We, the employees of Compass Insurance will endeavour to address all reasonable requests from our customers, but may also refer you to a more appropriate facility. In instances where the complaint pertains to something not within our control, such as intermediary performance, we shall forward the complaint to the financial services provider concerned.
The following is a step-by-step guideline of how a complaint will be dealt with, once received by us:
- The complaint will be lodged in our complaints register on the same day that it is made and confirmation of receipt forwarded to you, within 3 working days, of receipt.
- The complaint will be brought to the attention of the Legal & Compliance Officer or alternatively, a Key Individual of Compass Insurance for allocation to a trained and skilled person who specialises in that type of complaint.
- The complaint will be investigated and we shall revert to you with our findings within within 3 weeks of logging the complaint in our complaints register.
- In the event that you are not satisfied with our solution, you may refer the complaint to the Managing Director of our business. The Managing Director may amend the solution or confirm it. Please be informed that certain decisions may have to be approved by the Board or Executive Management Committee of Compass. In such a case, we will communicate that fact to you, as well as the date on which a decision will be taken.
- If, after having referred the complaint to the Managing Director, you are still not satisfied with the outcome, we will regard the complaint as being unsatisfactorily resolved. In such a case, you may approach the office of the Ombud for Financial Services Providers or the Ombud for Short-Term Insurance (the differing roles of the Ombudsmen are explained in clauses 8 and 9 below), or alternatively, you may take such other steps as may be advised by your legal representatives.
- You must, if you wish to refer a matter to the relevant Ombud, do so within a period of six months.
- In the event of us not reverting to you within the time periods indicated above, kindly contact our Head: Legal & Claims, Adel Walker, on 011 745 8333 for an explanation as to why we have not yet communicated with you. Please do not accept any communication from any person until it has been confirmed in writing.
- The FAIS Ombud – the role of this Ombud is to resolve disputes between intermediaries (brokers) and their clients and may be contacted at the following address:
Physical: Sussex Office Park, Ground Floor, Block B
473 Lynnwood Road, Cnr Lynnwood Road & Sussex Ave, Lynnwood, 0081
Telephone: +27 12 762 5000 / +27 12 470 9080
Facsimile: +27 86 764 1422 / +27 12 348 3447
- The Ombudsman for Short-Term Insurance ("the OSTI") – the role of the OSTI is to resolve disputes with insurers, but only in instances where the insurer’s internal complaint procedure has been complied with.
Ombudsman For Short Term Insurance contact details:
Physical: Sunnyside Office Park, 5th Floor, Building D, 32 Princess of Wales Terrace, Parktown
Postal: P O Box 32334 Braamfontein, 2017
Telephone: 011 726-8900 | Fax. 011 726-5501 Sharecall: 0860 726 890
CONFLICT OF INTEREST MANAGEMENT POLICY
Scope of the conflict of interest of management policy
This policy is aligned with the General Code of Conduct for Authorised Financial Services Providers and Representatives Amendment Notice, 2010 ("the Code"), published in Board Notice, 58 of 2010 and the words and expressions used in this policy will bear the meaning assigned to them in accordance with the Code. Full details of this policy as well as a copy of Board Notice 58 of 2010 are available on our website: www.compass.co.za. Hard copies will be furnished upon request.
The directors, managers and employees of Compass Insurance Company Limited ("Compass") aspire to the highest level of ethical conduct in our work. Compass also values the knowledge gained from such individuals’ involvement with other organisations. Inevitably, from time to time, such affiliations may create or appear to create conflicts with the individual’s duty to the company. To ensure that the company’s decisions are free of any conflicts or other inappropriate influences, the Board has adopted the following policy concerning conflicts of interest and gifts.
We will constantly improve the quality of our services, products and operations and ensure that we maintain our reputation for honesty, fairness, respect, responsibility, integrity, trust and sound business judgment.
List of associates
Compass is a wholly owned subsidiary of Hannover Reinsurance Africa Limited, which is a wholly owned subsidiary of Hannover Reinsurance Group Africa (Pty) Limited. Lireas Holdings (Pty) Limited (“Lireas”) is a subsidiary of Hannover Reinsurance Africa Limited. The following companies, underwriting on behalf of Compass, are subsidiaries of Lireas: Film & Entertainment Underwriters SA (Pty) Limited, Firedart Engineering Underwriters (Pty) Limited, Garagesure Consultants and Acceptances (Pty) Limited, Gem & Jewel Acceptances (Pty) Limited, Landmark Underwriting Agency (Pty) Limited and Transit Underwriting Managers (Pty) Limited. Thatch Risk Acceptances (Pty) Limited is a subsidiary of SUM Holdings (Pty) Limited which is a subsidiary of Lireas.
Conflict of interest
- Compass will avoid and where this is not possible, mitigate any conflict of interest situations, as defined in Board Notice 58 of 2010.
- Compass confirms that it will only offer a financial interest to other financial service providers in the form of:
- Commission authorised in terms of the Short-term Insurance Act, No 53 of 1998;
- Fees or remuneration for the rendering of a service to a third party, which fees or remuneration are reasonably commensurate to the service being rendered;
- An immaterial financial interest, as defined in Board Notice 58 of 2010.
- Any immaterial financial interest offered to a financial service provider in 2 iii. above, must be fully disclosed in the company’s electronic “Conflict of Interest & Gifts Register”.
All employees of the company must never permit their personal interests to conflict, or appear to conflict, with the interests of the company, its clients or associates. This may include but is not limited to:
- Effecting a transaction that may benefit a third party at the expense of the client.
- Involvement in an undertaking that competes, either wholly or partly, with the company. Any financial participation in companies which are in competition with Compass or its business partners is subject to the prior approval of the Board, however this does not apply to investments in JSE listed shares.
- Additional paid employment outside of the company. Permission to take part in any additional paid employment, or any other activities which are aimed at profit generation, outside of the company, or during company time, must be obtained in advance and in writing from the Managing Director of Compass. (This excludes passive investments in any Stock Exchange or similar investments conducted either individually or through a private syndicate or group.) Approval for other employment or activities shall be declined if it could lower the employee’s performance level at the workplace, if it is contrary to the employee’s duties within the company, or if there is a potential risk of a conflict of interests.
- Representation of the company in any transaction where an affiliation or non business relationship with the other party exists. All employees must be particularly careful not to represent Compass in any transaction where they have an outside business affiliation or relationship with any party that has an interest in that transaction. An employee may only represent the company in business transactions in which the employee or persons close to the employee is directly involved with the prior approval of the Board.
Gifts and other benefits
No employee is allowed to accept gifts or other benefits in connection with his/her business activities which go beyond accepted norms. The following limits and guidelines will apply in respect of all gifts:
- Any gifts over the value of R1000.00 received in a calendar year from any work related source may not be accepted by any person within the organisation. The reported value of the gift is the fair market value on the date it was received.
- Any gift in excess of R1000.00 which cannot easily be declined because of the nature of the business relationship must be approved by the Managing Director of Compass before it may be accepted. If approved, such gift must be recorded in the “Conflict of Interest & Gifts Register.”
- Any gifts between the value of R300.00 to R1000.00 may be accepted with Compass’ EXCO consent, but must be registered in the “Conflict of Interest & Gifts Register”.
- Any gifts below the value of R300.00 may be accepted without Compass’ EXCO approval, however if more than 3 gifts are received from the same client in any one calendar year details of each gift must be recorded in the “Conflict of Interest & Gifts Register”.
- If there is any doubt as to whether a gift is acceptable or not, or whether the value falls within any of the categories, the gift must be declared in the “Conflict of Interest & Gifts Register” and discussed with a Compass EXCO member.
- Where the value of a gift is excessive, the gift must be returned gracefully.
- Invitations to business dinners within usual business practices may be accepted. Invitations to entertainment functions such as sports events, shows or other social occasions may be accepted if they conform to usual business practices and provided that a representative of the host company is present. If there is any doubt, prior approval must be obtained from a Compass EXCO member; and
- Where the value falls into the categories outlined in 4.3 above, it must be declared in the “Conflict of Interest & Gifts Register”.
Compliance with this policy
- All directors, managers and employees are required to read Board Notice 58 of 2010 as well as this policy and to sign a statement to the effect that they have done so and fully understand the provisions of both documents and the application thereof.
- Comprehensive training in respect of this policy and Board Notice 58 of 2010 will be provided by the company’s Legal & Compliance Officer.
- The company’s registered Compliance Officer will include monitoring of this policy as part of his/her general monitoring duties and will report thereon in the annual compliance report.
- EXCO will provide an annual report to the audit committee reflecting all transactions in which there was a conflict of interest and the actions taken in each instance.
- Compass may not avoid, limit or circumvent or attempt to avoid, limit or circumvent compliance with this policy, including Board Notice 58 of 2010, through an associate or an arrangement involving an associate.
- This policy will be reviewed annually and updated, if applicable.
- Any director, manager and employee who is in breach of this policy, including the provisions of Board Notice 58 of 2010, will be subjected to disciplinary steps taken against him/her and if found guilty, may be summarily dismissed, and also face debarment in terms of FAIS, where applicable.
PROMOTION OF ACCESS TO INFORMATION
Manual prepared in accordance with Section 51 of the Promotion of Access to Information Act, No. 2 of 2000 (“The/this act”) for Compass Insurance Company Limited (“Compass Insurance”) based on the format suggested by The South African Human Rights Commission.
This Act was passed in order to give effect to the constitutional right of access to information held by a public or private body for the exercise or protection of any right. A requester must be given access to any record of Compass if the following requirements are met:
- The record is required for the exercise or protection of any right;
- The requester meets the procedural requirements of the Act relating to a request for access to a record;
- The request falls outside any of the grounds of refusal contemplated in the Act.
Introduction to Compass
Compass Insurance is a specialty insurance company owned by Hannover Reinsurance Africa Limited. The Hannover Reinsurance Group is part of the worldwide Hannover Rückversicherungs-Aktiengesellschaft Group, based in Hannover Germany, which is one of the largest reinsurance group in the world.
This manual provides relevant information for Compass Insurance only.
- Head: Paul Carragher (Group Managing Director)
- Contact Person: Adél Walker (Information Officer)
- Physical address: KPMG Wanooka Place, Ground Floor, St Andrews, Parktown, 2193
- Postal address: PO Box 37226 Birnam Park 2015
- Telephone: 011 745 8333
- Facsimile: 011 745 8444
- E-mail: firstname.lastname@example.org
- Website: www.compass.co.za
The section 10 Guide on how to use the Act
The Guide is available from the South African Human Rights Commission. Please direct any queries to:
- The South African Human Rights Commission: PAIA Unit, The Research and Documentation Department
- Postal address: Private Bag 2700, Houghton, 2041
- Telephone: +27 11 484-8300
- Facsimile: +27 11 484-0582
- Website: www.sahrc.org.za
- E-mail: PAIA@sahrc.org.za
Information is available in terms of the following legislation, if and where applicable
- The company records required by the Registrar of Companies in terms of the Companies Act, 61 of 1973.
- The insurance records required by the Registrar of Short-term Insurance in terms of the Short-Term Insurance Act 53, of 1998, as amended
- The insurance records required by the Registrar of Long-term Insurance in terms of the Long-Term Insurance Act, 52 of 1998, as amended
- The insurance and related records required by the Financial Services Board as regulated by:
- the Financial Services Board Act, 97 of 1990; and
- the Inspection of Financial Institutions Act, 80 of 1998.
- The tax records filed in accordance with:
- the Income Tax Act 58 of 1962, and
- the Value-Added Tax Act, 89 of 1991.
- The human resources and related records required in terms of:
- the Unemployed Insurance Act, 30 of 1966;
- the Occupational Health and Safety Act, 85 of 1993;
- the Labour Relations Act, 66 of 1995;
- the Basic Conditions of Employment Act, 75 of 1997;
- the Employment Equity Act, 55 of 1998;
- the Skills Development Levies Act, 9 of 1999
The categories of records which are available without a person having to request access in terms of this Act:
- The Company’s Annual Reports, including the audited annual financial statements.
- The Company’s webpage.
- A request for access to a record containing personal information about the requester or the person on whose behalf the request is made.
Compass Insurance holds the following records and information which is categorised under the following business classes:
This is the information relating to the business activities of the company, and includes information such as contracts between the underwriting managers and the company, the records of claims and premiums, the relevant slips, covernotes, and other contractual documents relating to the reinsurance treaty and facultative arrangements with our reinsurers, accounting and investment activities.
This is the information relating to the day-to-day running of the company, and is generally of little or no use to persons outside the organisation. This information includes items such as the internal telephone lists, address lists, company policies, company contracts, employee records and general “house keeping” information.
This includes correspondence to and from persons within and without the company.
The request procedures
Form of request
- The requester must use the prescribed form to make the request for access to a record. This must be made to the head of the private body. This request must be made to the address, fax number or electronic mail address of the body concerned.
- The requester must provide sufficient detail on the request form to enable the head of the private body to identify the record and the requester. The requester should also indicate which form of access is required. The requester should also indicate if any other manner is to be used to inform the requester and state the necessary particulars to be so informed.
- The requester must identify the right that is sought to be exercised or to be protected and provide an explanation of why the requested record is required for the exercise or protection of that right.
- If a request is made on behalf of another person, the requester must then submit proof of the capacity in which the requester is making the request to the satisfaction of the head of the private body.
A requester who seeks access to a record containing personal information about that requester is not required to pay the request fee. Every other requester, who is not a personal requester, must pay the required request fee:
- The head of the private body must notify the requester (other than a personal requester) by notice, requiring the requester to pay the prescribed fee (if any) before further processing the request.
- The fee that the requester must pay to a private body is R50. The requester may lodge an internal appeal or an application to the court against the tender or payment of the request fee.
- After the head of the private body has made a decision on the request, the requester must be notified in the required form.
- If the request is granted then a further access fee must be paid for the search, reproduction, preparation, and for any time that has exceeded the prescribed hours to search and prepare the record for disclosure.
- The fee for a copy of the manual as contemplated in regulation 9(2)(c) is R1,10 for every photocopy of an A4-size page or part thereof.
- The fees for reproduction referred to in regulation 11(1) are as follows:
- For every photocopy of an A4-size page or part thereof R1,10
- For every printed copy of an A4-size page or part thereof held on a computer or in electronic or machine readable form R0,75
- For a copy in a computer-readable form on -
- stiffy disc R7,50
- compact disc R70,00
- For a transcription of visual images, for an A4-size page or part thereof R40,00
- For a copy of visual images R60,00
- For a transcription of an audio record for an A4-size page or part thereof R20,00
- For a copy of an audio record R30,00
- To search for and prepare the record for disclosure, R30,00 for each hour or part of an hour reasonably required for such search and preparation.
- For purposes of section 54(2) of the Act, the following applies:
- Six hours as the hours to be exceeded before a deposit is payable; and
- one third of the access fee is payable as a deposit by the requester.
- The actual postage is payable when a copy of a record must be posted to a requester.