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Accounting Regulation

SOUTH AFRICAN SPECIAL RISKS INSURANCE ASSOCIATION (Sasria Soc Ltd)Ref: https://sasria.co.za/wp-content/uploads/2025/04/Accounting-Regulation.pdf

Official source

Source domain: sasria.co.za

Collected on 13 July 2026

Always confirm details on the official source before acting.

What this means

This document sets out Sasria SOC Limited’s accounting and premium administration regulations for Sasria agents. It specifies when and how agents must remit Sasria premiums (including Annexure 1 returns and VAT/tax invoice requirements), the rules for penalties, minimum and pro-rata premiums, refunds, premium reversals, and what happens when premiums are unpaid and policies lapse. It also defines Sasria’s policy fee structure for non-motor and motor business and the monitoring/audit requirements, including deadlines and daily penalties for late submission of external audit certificates.

What this document offers

Read out of this document by Govermate's AI, in its own words. Each one quotes the line it came from — confirm on the official source before acting.

audit compliance requirementClosed

Submission of external audit certificates

Sasria agents with an annual estimated nett premium of R5 million or more must submit external audit certificates twice a year—by 30 November for the first half-year (ending 30 September) and by 31 May for the second half-year (ending 31 March). Late submissions incur a daily penalty of R500, but extensions may be requested in writing to the Finance Director before the deadline.

Who it is for: Sasria agents with annual estimated nett premium of R5 million or more
How to act on it: Submit an audit certificate signed by the external auditor to Sasria before the deadlines: 30 November and 31 May; request extension in writing to the Finance Director if needed
Closes: 30 November 2023

Facts

Reference

https://sasria.co.za/wp-content/uploads/2025/04/Accounting-Regulation.pdf

Amounts

R 10, R 1, R 5 000 000

Key Takeaways

Document title/section: Accounting Regulation (Section V1, 05 2023)
Premium remittance due: within 30 days from end of month when Sasria cover commences (applies to monthly and annual policies)
Remittance method: via Annexure 1 return (must not be amended; includes mandatory details such as agent name/address/VAT/year/month/collection month/payment frequency)
Late premium penalty: fixed non pro-rata 10% of nett premium per month for premiums transferred late into Sasria bank account
VAT rule: premiums and sums insured inclusive of VAT; Sasria fees inclusive of VAT; VAT-exclusive underlying policies require increasing Sasria sum insured by VAT element
Minimum premium: not pro-rated; applies per Sasria rating class to individual and group scheme policies
Pro-rata allowed only in listed cases (e.g., first-time coupon/policy with period <12 months; alignment to renewal date or financial year-end; expiry date changes; sum insured adjustments; insurer change midterm; and discretionary waivers below R10 annual / R1 monthly)
Refunds: minimum premiums may not be refunded; refunds allowed only in listed cases (e.g., cessation due to sale/insolvency, legal transfer of risk, agent cancels underlying policy, midterm insurer change, sum insured reductions, expiry retraction, dual insurance, annual declarations; discretionary waivers below R10 annual / R1 monthly; no refunds for previous periods >1 year without written confirmation)
Premium reversals: only permissible with application to Sasria and supporting documentation; unauthorised reversals may lead Sasria to dishonour claims if prejudiced
Unpaid premiums: if not received by agent within legal time frame under Short-Term Insurance Act 53 of 1998, coupon/policy automatically lapses; agent may reverse premium raised; claims considered if premium is paid
Policy fee structure: non-motor agents retain 22.5% of premium (max 12% rebated to intermediary); motor/motor fleet agents retain 22% per policy (max 11.5% rebated to intermediaries)
External audit requirement: agents with annual estimated nett premium of R5 million or more must submit external audit certificates at half-year intervals aligned to Sasria financial year
External audit deadlines: first half-year certificate due 30 Nov (period ends 30 Sep); second due 31 May (period ends 31 Mar)
External audit exemption: agents with annual nett premium < R5 million and all captives exempt from providing two audits per annum; must submit one audit certificate covering 12 months ending 31 March
Late audit certificate penalty: R500.00 per day for certificates received after specified period; extension requests must be made in writing to Finance Director before expiry
Sasria SOC Limited
Sasria agents
Intermediaries