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Impact of COVID-19 on Sanlam Umbrella Fund’s Group Risk Rates

The rising mortality rate has resulted in many insurers having to resort to significant rate increases. We anticipate that these increases could also affect participating employers of the Sanlam Umbrella Fund.

In line with our commitment to adequately communicate any possible increases in risk rates with our stakeholders, Yolanda Cezula, Executive Consultant at Sanlam Umbrella Solutions, discussed the impact of COVID-19 on Sanlam Umbrella Fund’s group insurance pricing in a video to participating employers and intermediaries distributed on 13 May 2021.

Should you have missed this communication, kindly click here to read the related article.

Although not specific to the Sanlam Umbrella Fund, we also include an update from one of our insurers, Sanlam Group Risk, on the impact that COVID-19 is expected to have on their group insurance premiums.

Launching Member Education Sessions

A key strategy to helping members improve their retirement outcomes, is through education. The Sanlam Umbrella Fund is launching online Member Education Sessions, which will equip members to better understand their savings and benefits. We encourage our intermediaries and employers to support this initiative. Read more about the first member education session here .

POPIA Update: Sanlam Corporate’s Road to Readiness

The Protection of Personal Information Act 4 of 2013 (POPIA) will come into full effect on 1 July 2021. Click here to read comprehensive update on Sanlam Corporate’s implementation of the legislation. The document also provides an overview of the steps that Sanlam is taking to ensure compliance with POPIA as well as a FAQ sheet to address any queries you may have.

Change in unapproved policies

The provision in the Insurance Act that allowed an employer to use its discretion in determining the beneficiaries to receive a payment for unapproved benefits is no longer allowed. Click here to read more.