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Sasria SOC Limited Accounting Regulations 1

SOUTH AFRICAN SPECIAL RISKS INSURANCE ASSOCIATION (Sasria Soc Ltd)Ref: https://sasria.co.za/wp-content/uploads/2025/04/Sasria-SOC-Limited-Accounting-Regulations-1.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-management regulations for non-mandated intermediaries (NMIs) that administer Sasria business. It specifies when Sasria premiums must be remitted, the required Annexure 1 return and tax invoice requirements, and the penalties for late premium payments and late submissions. It also defines rules for VAT treatment, minimum premiums, when pro-rating/refunds/reversals are allowed, and how unpaid premiums lapse under the Short-Term Insurance Act. Finally, it outlines NMI policy fee retention/rebate structures for 1 Dec 2018 to 30 Nov 2019 and monitoring requirements including internal reviews, external audit certificate submission intervals, and daily penalties for late 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.

premium remittance returnOngoing

Sasria Annexure 1 return

Non-mandated intermediaries can use the Annexure 1 return to report and remit Sasria premiums, with mandatory intermediary and collection details. The return must be submitted to Sasria Finance by email or through CWP and must accompany the premium transfer.

Who it is for: non-mandated intermediaries and their finance departments
How to act on it: Complete the return with all mandatory details, do not amend its Binder Fee and Commission formulae, then submit it by email to the Sasria Finance department or through CWP together with the electronic premium transfer.

Show the line this came from

Remittance of the Sasria premiums is to be done through an Annexure 1 return (sample under downloads) which must be completed in full with the following mandatory details:

Facts

Reference

https://sasria.co.za/wp-content/uploads/2025/04/Sasria-SOC-Limited-Accounting-Regulations-1.pdf

Amounts

R 10, R 1, R 5 000 000

Key Takeaways

Premium remittance 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/commission formulas unchanged)
Annexure 1 return submission via email to Sasria Finance or through Customer Web Portal (CWP), and must accompany electronic transfer of premiums with a clear transaction description
Late premium payment and late Annexure 1 submission 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) to enable input tax credits
Minimum premium: not pro-rated; applies per Sasria rating class to individual and group scheme policies
Pro-rata premiums allowed only in specified instances (e.g., first-time cover <12 months, aligning renewal date/financial year-end via renewal warranty, expiry date changes, sum insured adjustments, insurer change midterm; plus NMI discretion to waive/refund if pro-rated amount < R10 annual or < R1 monthly)
Refunds of premium only allowed in specified instances (e.g., sale/insolvency, final transfer of ownership, NMI cancels underlying policy due to claims/underwriting, insurer change midterm, sum insured reductions, expiry retraction, dual insurance, annual declarations subject to endorsement); no refunds for previous periods more than one year unless Sasria confirms in writing
Premium reversals only permissible upon application to Sasria with supporting documentation; unauthorized reversals may lead Sasria to dishonour claims if prejudiced
Unpaid premiums: if premium not received by NMI within legal time frame under Short-Term Insurance Act 53 of 1998, coupon/policy automatically lapses; claim considered if premium is paid
Policy fee structure (01 Dec 2018–30 Nov 2019): Non-motor NMIs retain 27.5% of premium (max 15% rebate to intermediary); Motor vehicle/fleet NMIs retain 25% per policy (max 12.5% rebate to intermediaries)
External audits: NMIs with annual estimated nett premium >= R5 million must submit audit certificates half-yearly; <R5 million and captives submit one certificate per annum covering 12 months ending 31 March (but may be required to submit two if qualified in last two years)
External audit certificate submission deadlines: first half-year ends 30 Sep (due 30 Nov); second half-year ends 31 Mar (due 31 May)
Penalty for late audit certificates: R500 per day after specified period; extension requests must be made in writing to Finance Director before expiry
Sasria SOC Limited
Non-mandated intermediary (NMI)