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Sasria SOC Limited Accounting Regulations

SOUTH AFRICAN SPECIAL RISKS INSURANCE ASSOCIATION (Sasria Soc Ltd)Ref: R500/DAY

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 accounting and premium-handling regulations for Sasria SOC Limited and its agents, including definitions, premium remittance timelines, VAT treatment, minimum and pro-rata premium rules, refunds, premium reversals, and what happens when premiums are unpaid. It also specifies Sasria policy fee structures for non-motor and motor business classes, and monitoring requirements including internal reviews and external audit certificate submission deadlines and penalties. Key obligations include remitting premiums within 30 days after the end of the month cover commences, using Annexure 1 returns, and submitting external audit certificates within set periods (with a R500/day penalty for late submission).

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premium remittance return and submission channelOngoing

Annexure 1 return

Sasria agents use the Annexure 1 return to remit the Sasria premiums they have collected. The return must be completed in full with the agent's name, address, VAT number, year of account, month of business, collection month and payment frequency, and must not have its Outsource Fee and Intermediary Fee formulas amended. It is submitted by email to the Sasria Finance department or through the Customer Web Portal, together with the electronic transfer of the premiums into the Sasria bank account.

Who it is for: Sasria agents and their finance departments
How to act on it: Complete the Annexure 1 return (sample under downloads) in full, attach a Tax Invoice relating to Sasria Commission in the format of the specimen, submit it by email to the Sasria Finance department or through CWP, and transfer the premiums into the Sasria bank account with a clear transaction description such as Agent – Month/Year.

Facts

Reference

R500/DAY

Amounts

R 10, R 1, R 5 000 000

Key Takeaways

Sasria agent premiums remittance due within 30 days from end of month in which Sasria cover commences (applies to monthly and annual policies)
Remittance must be done via Annexure 1 return with mandatory details (agent name/address/VAT number/year of account/month of business/collection month/payment frequency) and submitted by email or via Customer Web Portal (CWP)
Late premium payment penalty: fixed non pro-rata 10% of nett premium per month for premiums transferred late into Sasria bank account
VAT: premiums and sums insured inclusive of VAT; VAT invoices/schedules must comply with VAT Act Section 20 (Act No. 89 of 1991)
Minimum premium rules: minimum premium per policyholder per rating class; minimum premium may not be pro-rated and applies to individual and Group Scheme policies
Pro-rata premiums allowed only in specified instances (e.g., first-time coupon/policy with period <12 months, alignment to renewal date/financial year-end via renewal warranty, expiry date changes, sum insured adjustments, change of insurer midterm); agent discretion to waive/refund if pro-rated amount below R10 (annual) or R1 (monthly)
Refunds: minimum premiums may not be refunded; refunds allowed only in listed circumstances; no refunds for previous periods more than one year unless Sasria grants written confirmation
Premium reversals: only permissible upon application to Sasria with supporting documentation; unauthorised reversals may lead to dishonouring claims if Sasria is prejudiced
Unpaid premiums: if premium not received within legal time frame under Short-Term Insurance Act 53 of 1998, coupon/policy lapses; agent may reverse raised premium, but claims are considered if premium is paid
Policy fee structure: non-motor agents retain 27.5% of premium (max 15% rebate to intermediary); motor vehicle/fleet agents retain 25% per policy (max 12.5% rebate to intermediaries)
External audits: agents with annual estimated nett premium of R5 million or more must submit audit certificates at half-year intervals; agents with less than R5 million and all captives exempt from two audits per annum (submit one certificate for 12 months ending 31 March)
External audit certificate deadlines: first period ends 30 September, certificate due 30 November; second period ends 31 March, certificate due 31 May
Late audit certificate penalty: R500.00 per day for certificates received after the specified period; extension requests must be made in writing to the Finance Director before expiry
Sasria SOC Limited
Sasria agent
Intermediary
Sasria Internal Audit
External auditor
Finance Director
Customer Web Portal (CWP)
Short-Term Insurance Act No. 53 of 1998
Value Added Tax Act No. 89 of 1991