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Sasria Accounting Regulations

SOUTH AFRICAN SPECIAL RISKS INSURANCE ASSOCIATION (Sasria Soc Ltd)Ref: https://sasria.co.za/wp-content/uploads/2025/04/Sasria-Accounting-Regulations.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 regulations for non-mandated intermediaries (NMIs) regarding premium administration, remittances, VAT treatment, minimum premiums, pro-rata adjustments, refunds, premium reversals, and handling unpaid premiums. It specifies remittance timing (within 30 days after the end of the month cover commences), required submission of Annexure 1 returns (by email or via the Customer Web Portal), and penalties for late premium payments (10% of nett premium per month) and late external audit certificate submissions (R500 per day). It also defines Sasria’s policy fee structure for the period 01 December 2018 to 30 November 2019 and the monitoring/audit requirements for NMIs based on annual estimated nett premium thresholds.

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.

premium remittance returnOngoing

Sasria Annexure 1 return

Finance departments of NMIs can use the Annexure 1 return to report and remit premiums collected on behalf of Sasria by class of business and month or annually.

Who it is for: Finance departments of the various NMIs
How to act on it: Complete the return with the mandatory details, submit it by email to the Sasria Finance department or through CWP, and accompany the electronic premium transfer with the return and a clear transaction description.

Show the line this came from

The Annexure return is made available to the finance departments of the various NMIs;

Facts

Reference

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

Amounts

R 5 000 000, R 500

Key Takeaways

Applies to Sasria SOC Limited and NMIs (non-mandated intermediaries) managing Sasria business administration
Remittance of Sasria premiums due within 30 days from end of month in which Sasria cover commences (applies to monthly and annual policies)
Annexure 1 return must be completed with mandatory details (NMI name/address/VAT number/year of account/month of business/collection month/payment frequency) and not amended (binder fee and commission formulas unchanged)
Annexure 1 returns submitted by email to Sasria Finance or through Customer Web Portal (CWP); premium transfer must be accompanied by Annexure 1 and a clear transaction description
Late premium payment penalty: fixed non pro-rata 10% of nett premium per month; penalty fees payable on invoice
VAT: premiums and sums insured inclusive of VAT; VAT invoices/schedules must comply with VAT Act section 20 (Act 89 of 1991)
Minimum premium: not pro-rated; applies per Sasria rating class to individual and group scheme policies
Pro-rata premiums allowed only in listed instances (e.g., first-time cover with period <12 months, alignment to renewal date/financial year-end, expiry date changes, sum insured adjustments, insurer change midterm); Sasria permission required for other reasons
Refunds of premium only allowed in listed instances; 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 Sasria to dishonour claims if prejudiced
Unpaid premiums: if not received within legal time frame under Short-Term Insurance Act 53 of 1998, coupon/policy lapses; NMI may reverse premium raised; claims considered if premium is paid
Policy fee structure (01 Dec 2018–30 Nov 2019): Non-motor NMIs retain 27.5% (max 15% rebated to intermediary); Motor/Motor fleet retain 25% per policy (max 12.5% rebated)
External audits: NMIs with annual estimated nett premium of R5 million or more submit half-yearly audit certificates; those under R5 million and all captives submit one per annum covering 12 months ending 31 March (unless qualified audit in last two years then two per annum required)
External audit certificate submission deadlines: due 30 Nov (for period ending 30 Sep) and 31 May (for period ending 31 Mar)
Late audit certificate penalty: R500 per day for certificates received after specified period; extension requests must be made in writing to Finance Director before expiry
Sasria SOC Limited
Non-mandated intermediary (NMI)
Intermediary
Sasria Internal Audit
External auditors
Finance Director
Short-Term Insurance Act No. 53 of 1998