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Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003)

Industry Charters

Financial Services  Charter

Code Series FS800: Measurement of the Access to Financial Services Element of Broad-Based Black Economic Empowerment

Statement 804: The Measurement of the Access to Financial Services Element of Broad-Based Black Economic Empowerment as it relates to Short-Term Insurers

2. The Scorecard for Access to Financial Services as it relates to companies operating within the Short-Term Insurance Sector

 

Access to Financial Services

Weighting

Industry Targets


Achieved

Points

Appropriate Products

2

8




Insurance Policies

10

 

Maximum Sum Insured



Motor vehicle

 

6%

R60,000.00



Household contents

 

6%

R100,00.00



Property / Homeowners

 

3%

R350,000.00



Black SME's – equipment, contents

 

15%

R100,000.00



Black SME's – premises

 

10%

R500,000.00



Agriculture

 

6%

TBD



Livestock

 

6%

R600,000



Co-operatives

 

6%

TBD



Consumer Education

2

 

Year 1: 0.25%

Year 2: 0.30%

Year 4: 0.40%