The Sanlam Umbrella Fund risk pool is currently underwritten by Sanlam and Capital Alliance Group Risk (“the Insurers”). The quotation system and rate review process have been designed so that participating employers and members enjoy the benefit of having each insurance component automatically placed with the Insurer who offers the most competitive rates for similar terms and conditions.
As part of their continual review of the management of the risk pool, the Insured Benefits Management committee (appointed by the board of trustees), needs to ensure that members’ interests are protected via sound actuarial risk management practices. In line with this strategy, we are pleased to report that a decision was made to include ABSA Life as the alternate insurer for all new business with effect from 1 November 2018.