Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003)Industry ChartersFinancial Services CharterCode Series FS800: Measurement of the Access to Financial Services Element of Broad-Based Black Economic EmpowermentStatement 804: The Measurement of the Access to Financial Services Element of Broad-Based Black Economic Empowerment as it relates to Short-Term Insurers2. The Scorecard for Access to Financial Services as it relates to companies operating within the Short-Term Insurance Sector |
Access to Financial Services |
Weighting |
Industry Targets |
Achieved |
Points |
|
Appropriate Products |
2 |
8 |
|||
Insurance Policies |
10 |
|
Maximum Sum Insured |
||
Motor vehicle |
|
6% |
R60,000.00 |
||
Household contents |
|
6% |
R100,00.00 |
||
Property / Homeowners |
|
3% |
R350,000.00 |
||
Black SME's – equipment, contents |
|
15% |
R100,000.00 |
||
Black SME's – premises |
|
10% |
R500,000.00 |
||
Agriculture |
|
6% |
TBD |
||
Livestock |
|
6% |
R600,000 |
||
Co-operatives |
|
6% |
TBD |
||
Consumer Education |
2 |
|
Year 1: 0.25% Year 2: 0.30% Year 4: 0.40% |