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Agents who cannot meet the audit certificate submission deadline may request an extension by submitting a written request to the Finance Director before the due date. This allows flexibility in meeting compliance requirements.
Sasria agents may remit premiums collected on behalf of Sasria by submitting a completed Annexure 1 return within 30 days of the month in which cover commences. The return must include mandatory details such as agent name, address, VAT number, year, month, collection month, and payment frequency. It can be submitted via email to the Sasria Finance department or through the Customer Web Portal (CWP).
Sasria agents are required to submit issued F4 coupons to Sasria on a monthly basis. This ensures proper tracking and administration of policies, and compliance with the distribution process set out in the regulation.
Sasria offers special risk insurance under the F4 product for small and medium enterprises (SMEs) that are formal traders generating income and have combined asset values between R10,000 and R2,000,000. The cover protects against losses from riots, strikes, public disorder, civil commotion, and terrorism, including resultant looting. It includes buildings and stock, with policy limits ranging from R10,000 to R2,000,000 and corresponding monthly and annual premiums. The policy runs for 12 consecutive calendar months from the inception date of the underlying policy, and claims are settled based on replacement, repair, or cost price of damaged or lost stock.
The Sasria Underwriting Department provides guidance on the interpretation and application of the F4 regulation. Individuals or agents can seek clarification on policy terms, eligibility, or claims processes by contacting the department directly.
Insured entities may choose to pay a fixed amount out-of-pocket for each claim, in return for a discount on their premium. The deductible amounts range from R1 million to R10 million, with corresponding premium discounts from 5.0% to 27.5%. This cannot be combined with co-insurance and requires a separate policy.
Specific contract coupons are eligible for magnitude discounts based on the size of the contract. The discount is calculated separately for each contract and must follow defined rules, including proper documentation and adherence to the contract period.
Insured entities can agree to self-insure a portion of any loss in exchange for a reduced premium. Sasria will be liable for a specified percentage of the loss, with the insured responsible for the remainder. The premium is reduced accordingly. This arrangement must be formalized using Annexure 22 or Annexure 22 A.
A group scheme can be registered with Sasria SOC Ltd if it meets specific criteria, including providing the scheme's name, indicating whether it is domestic or commercial, specifying whether it is monthly or annual, confirming compliance with all running provisions, and agreeing to notify Sasria upon cancellation.
Coupons or policies for group schemes must be issued no later than 30 days after the end of the month in which cover begins, treating each insured as if they had a separate coupon or policy.
Sasria issues a Material Damage Coupon (Transit Coupon) for goods in transit, including inland transit, marine cargo limited to South African risks, and stock throughput (transit risks only), provided the underlying policy includes S.A.I.A. Exceptions and covers property in transit within South Africa.
Businesses can extend their Transit Coupon to cover deliberate storage of goods after transit, provided they obtain prior approval from Sasria and complete and attach the required endorsement before storage begins. The storage sum insured must not exceed an unspecified R amount and will be subject to average in case of a claim.
