Consumer Education Bulletin Dec 2012

CONSUMER
EDUCATION BULLETIN
DECEMBER ’12 / JANUARY ’13 EDITION
CHRISTMAS SAVING TIPS
THE FINANCIAL LITERACY INITIATIVE (FLI)
INVESTMENT PRODUCTS (PART III)
NAMFISA COMPLAINTS PROCEDURES
PAYMENT ASSOCIATION OF NAMIBIA
LIFE ASSURANCE (EXCLUSIONS AND NON-DISCLOSURE)
TRANSLATED ARTICLE IN SILOZI
7TH EDITION
DISCLAIMER:
The NAMFISA Consumer Education Bulletin
is distributed quarterly, free of charge. Views
expressed by contributors are not necessarily those
of NAMFISA. Reproduction, copying or extracting
any part or whole of this publication may not be
undertaken without prior permission
from the Editor.
EDITOR:
John Naanda
LAYOUT:
Ogilvy Namibia
COPYWRITING:
Ogilvy Namibia
DISTRIBUTION:
All distribution enquiries should be directed to the
NAMFISA Consumer Education Department at the
contact details listed below.
CONTRIBUTIONS:
Contributions to this bulletin are welcome. The
Editor reserves the right to edit submissions. Send
contributions to the Editor at:
[email protected].
CONTACT DETAILS:
Call: 0800 290 5000
SMS: 3030 (normal charges apply)
Write: PO Box 21250, Windhoek
Email: [email protected]
Visit: 2nd Floor, Sanlam Centre
154 Independence Avenue
Windhoek
2
IN THIS BULLETIN
4
From the Editor’s Desk
5
From the CEO’s Office
6
Christmas Saving Tips
7
Investment Products (Part III): Individual Financial Planning
8
The Financial Literacy Initiative (FLI) & Responsibilities
10
Regulation of Pension Funds
11
NAMFISA Complaints Procedures
Real Life Case: Complaints Resolution
12
Payment Association of Namibia (PAN)
Prohibiting the setting of transaction limits and surcharges
13
Life Assurance (Exclusions and Non-disclosure)
Translated Article in Silozi
14
Frequently Asked Questions
15
Budget Sheet
3
FROM THE EDITOR’S DESK
It is unbelievable how quickly this year has gone by! Only a few more weeks
and we’ll be celebrating Christmas; less than a week later we’ll be making New
Year’s resolutions.
I am hopeful that those of you who have been following our March, June and
September Consumer Education Bulletins have heeded our sage advice and
started on the road to your financial freedom. If you’ve been working hard to
budget and save throughout the year, use this opportunity to spoil yourself and
your loved ones a little.
Make sure one of your resolutions next year is to strengthen your financial base
by increasing your savings and promising to stick to your budget. If you haven’t
been budgeting this year, now is the perfect time to get a pen and paper and
start planning your financial future. Flip to the back of this edition for a nifty
budget template to help get you started.
In other news, Namibia’s commercial banks have introduced a basic account
and students and the self-employed are encouraged to consider opening such
accounts for their cost-saving benefits.
In this bulletin we bring you the article “Life Assurance: Exclusions and Non-
The byproduct is that the more
people you help, the “richer” you
become, mentally, emotionally,
spiritually, and definitely
financially.
Disclosures”, translated into Silozi. We also divulge some handy Christmas
saving tips, answer some of your frequently asked questions, and bring more
educational information from the Financial Literacy Initiative (FLI) and articles
to empower yourself with.
In closing, I encourage you to follow our educational bulletins that we publish
and distribute on a quarterly basis through various distribution partners and
- T. Harv Eker
stakeholders, and wish you a blessed festive season and prosperous New Year.
For those of you travelling, be safe and remember to keep your financial seatbelt fastened.
Keep growing!
Johannes Naanda
4
FROM THE CEO’S OFFICE
Unfortunately, the bank accounts into which the money is deposited are closed
almost instantly and the people purportedly offering the jobs are nowhere to be
found - their mobile numbers are either off or go unanswered.
Money is lost in the process and the job offers ultimately never materialise
because it is simply a scam meant to defraud unsuspecting Namibians.
I have therefore found it prudent to address this issue and to caution Namibians
to be wary of people masquerading as potential employers while requesting
payment for their services. Particularly, one is not required to have a certificate
from NAMFISA to work in government, state-owned entity or private business.
This applies especially to drivers, accountants and cleaners, which are the job
categories that the scammers consistently target.
It is therefore my plea that whoever encounters such people must report them
to the police as soon as possible for swift action to be taken.
May I first of all bid you a warm welcome to this edition of the Consumer
Education Bulletin. I would also like to thank you kindly for your feedback and
Phillip Shiimi
comments sent to us via our feedback channels.
We value your comments and I want to assure you that we make every effort
It all comes down to this: if your
subconscious “financial blueprint”
is not set for success, nothing you
learn, nothing you know, and nothing you do will make much of a difference.
to ensure that we attend to your concerns or address issues that pertain to the
way we regulate and supervise the financial industry.
In this edition, I would like to address a worrying trend that seems to be growing by the day that robs innocent people of their hard-earned money.
In the months preceding the publication of this edition of the quarterly Consumer Education Bulletin, NAMFISA has been inundated with concerns by members
- T. Harv Eker
of the public who were unknowingly cheated out of their money.
It is common knowledge that Namibia has a high percentage of unemployed
people. These people will do anything to land a job that will give them a secure
income which they can feed their families and pay for basic necessities with.
In their desperation, unfortunately, they fall prey to unscrupulous people who
devise means to make money out of already desperate people.
The latest trick in their book is to advertise job opportunities for clerks, accountants, drivers and other clerical positions. Applicants are then required to
pay a deposit into a bank account before they are offered the job. The deposit
is apparently to ensure that the applicants are registered with NAMFISA to
secure them the job.
Many young Namibians have already lost their money in this way and in most
cases this money was borrowed from friends and family with the expectation
that they will be able to pay back those loans once they are employed.
5
CHRISTMAS SAVING TIPS
Before going out and spending your hard-earned money, we would like to give
you some saving tips to ensure that you are not one of those folks who declare
January month as a “broke” month. There are many ways of ensuring that you
If you want to create wealth, it is
imperative that you believe that you
are at the steering wheel of life,
especially your financial life.
are well prepared for the coming year but we bring you these few as follows:
• Make a list of the things you really need and stick to that list before you
go shopping.
• Try and save money for the rainy month of January.
- T. Harv Eker
• Avoid unnecessary travelling if you know you did not save for it.
• Avoid borrowing money for entertainment purposes.
• Set aside money for your kids’ school uniforms or school fees for the
next year.
• Make what you can with your hands especially when it comes to gifts.
• Don’t go overboard, meaning don’t buy unnecessary items/gifts on account;
• Set yourself a limit when it comes to spending.
• Share the cost of Christmas lunch if you are planning to invite family
and friends.
• Make a list of the people you would like to buy gifts for and put a limit next
to each name. If it adds up to too much money, review the limits you set.
• Don’t leave your shopping until the last minute. Try and buy things throughout the year.
• Start a Christmas fund at the beginning of each year and commit to saving
money every end of the month.
• Don’t rely on credit cards. Christmas is not about spending money that is
not yours.
6
INVESTMENT PRODUCTS (PART III)
INDIVIDUAL FINANCIAL PLANNING
• Start saving
Another step in the process will involve starting a savings account/plan.
1. What is individual financial planning?
Once you open a savings account, you can start saving for your goals. For ex-
Individual financial planning is a method of organising your financial future so
ample, if you have the goal of buying a house, you can save up enough money
that you can plan for unforeseen situations. Organising your finances empow-
for the down payment on that house.
ers you to be independent and handle unpredicted events as they occur in your
life. Individual financial planning is crucial for anyone who wishes to manage
• Set up an emergency fund
financial difficulties and accumulate wealth in the future.
Another essential part of the financial planning process involves setting up an
emergency fund account. Without some kind of emergency fund, you will end
2. Why is financial planning important?
up getting into your savings for everything. For example, when your car breaks
Planning your future is the most important thing you can do in your life. Every
down, you will have to use up your savings for this expense. With an emergency
successful aspect of your life requires planning, whether it is planning a week-
fund, you can simply pay for the item. You may want to get a high interest sav-
end or a year-long home improvement project. Personal financial planning
ings account or a money market account for your emergency fund.
could be the most important of all, because it secures your and your loved
ones’ futures. Planning your future should not be taken lightly; there are many
• Life insurance
different aspects that should be examined. Your finances should be balanced,
If you have a family then this is the most essential part of your financial plan-
taking into account short and long-term goals.
ning. It will create provisions for your family and loved ones following your
death. Life insurance can encourage people to save money compulsorily; this
3. What are the elements of individual financial planning?
means when a life policy is taken, the assured is to pay premiums regularly
The first thing you have to do in the financial planning process is to set your fi-
to keep the policy in force. Life insurance can also ensure financial security to
nancial goals. Without some kind of goal to shoot for, you will not have much of
those who mean the most to you, such as your spouse, children and dependent
a purpose for engaging in the financial planning process. Sit down and physi-
parents. Coping with the emotional loss is hard enough and if the family is not
cally write out some goals that you wish to accomplish. This will provide you
financially secure then the impact on the home can be disastrous.
with direction for the rest of the process. The following are the elements of
individual financial planning:
• Children’s educations
It’s a dream of every parent to facilitate the best possible upbringing for their
• Have a monthly budget
children and assure the best future for them. As a parent, the most obvious
The first step in financial planning is to draw up a monthly budget that includes
first step towards this dream would be to plan for your children in such a way
income, expenses, savings, and investments. Having a fixed budget will help
that all their future requirements are properly taken care of. Funding for your
you stick to your plans and ensure future success. After a couple of months it
children’s education is one of the most valuable gifts you can give them.
should be very easy to tell if your budget needs to be modified in order to fit
your situation.
• Saving for retirement
Retirement is one of the most significant life events many of us will ever ex-
A monthly budget not only helps you to set up long-term financial goals but
perience. Having the retirement of your dreams takes planning. In many cases
it can also make your short-term budget issues disappear. Knowing exactly
you may have 30 or more years to seriously think about what you want to do
where your money is going every month can keep you out of debt and can help
during retirement and how you are going to get there. Time can either be your
you figure out where you might have future monetary issues.
greatest asset or your worst enemy. If you start early, time is on your side and
your money can work hard for you. If you wait until retirement is just a few years
away you’ll have very little time to catch up.
7
THE FINANCIAL LITERACY INITIATIVE
A New National Platform to Enhance Financial Education
FINANCIAL LITERACY INITIATIVE CELEBRATED WORLD SAVINGS DAY AND THE
PLANNED EDUCATIONAL CAMPAIGN ACTIVITIES LAUNCH IN THE CAPRIVI AND
KAVANGO REGIONS
World Savings Day was celebrated for the first time on 31 October 2012 in
Namibia through the Financial Literacy Initiative (FLI), a national platform to
enhance financial education. World Savings Day was established during the
first “International Savings Bank Congress” (World Society of Savings Banks)
in Italy. Since then, this day is celebrated annually around the world to reinforce the importance of savings to the general public and its relevance to the
economy, and to inform people around the world about the idea of saving a
part of their income.
Namibia, being a member of the international community, embraces the prin-
would be a good idea to have a good part of one’s monthly salary set aside
ciple of saving and promotes good saving habits for financial security. At the
in case one’s income drops or when one runs into other financial setbacks.
level of the financial industry and the economy in general, saving builds up
Savings can provide a great deal of financial security and could tide one over
resources that are vital to the development of productive activities that sup-
until the money comes in again. Savings can also provide capital to invest in
port economic growth and thus improve the social well-being of people. On
income-generating activities without one having to pay interest on a loan.
31 October 2012, the FLI placed saving articles and messages in newspapers
to create awareness in the public of the importance of saving. FLI also went
World Saving Day is also aimed at encouraging the financial sector to offer fair
on the radio and even featured on Good Morning Namibia to talk about World
and affordable savings options that are accessible to all Namibians. These are
Savings Day.
the objectives which the national Financial Literacy Initiative and its consumer
education campaign have set themselves to achieve. The campaign has been
The Hon. Minister of Finance, Saara Kuugongelwa-Amadhila emphasised the
rolled out to various regions of the country. The Financial Literacy Initiative
importance of savings at an individual and national level, stressing that saving
educational campaign activities will be officially launched in the Caprivi and
is important, irrespective of income status. She also encouraged Namibians to
Kavango Regions on the 20th and 23rd November 2012.
cultivate a savings culture to better cope with day-to-day emergencies, provide
for their children’s educations, and to invest in income-generating opportuni-
The rollout of FLI campaign activities incorporated youth-focused learning ma-
ties, all in line with the goals of Vision 2030.
terials aimed at helping the youth realise their potential, develop social and
economic enterprises of their own, and become agents of socio-economic
Handling personal finances is a great skill at any age and those who are taught
transformation at community level through the Learner Pocket Booklet. This
at an early age to be financially responsible are generally better equipped to
toolkit will empower youth at school and community development centres on
make better financial decisions later in life and establish good saving habits.
general financial management matters.
The Minister encourages Namibian youth to use financial resources responsibly
by always putting aside a little portion of their income for rainy days.
It is said, “Wealth begins with the first coin in the piggy bank.” Even if the
The number one problem in today’s
generation and economy is the lack
of financial literacy.
concept of saving has changed, as savings are no longer about putting away
an amount from time to time and depositing it into a bank account. The focus
today is more on earmarking a portion of your earnings for savings, the motive
of the Financial Literacy Initiative is to educate the people on other options
of saving i.e. saving in assets, investing in livestock, Post office or pension
- Alan Greenspan
schemes, to avoid relying on government to take care of them if they retire or
are retrenched.
Anyone’s circumstances can change at just about any time and savings guard
against risks like illness, unemployment, and other economic difficulties. It
8
Contribution by:
W SE
Today, the Financial Literacy Initiative
gladly congratulates Namibia for
participating in the World Savings Day!
SAVING
D
L 31 OCTOBER 2012 S
Y
DA
WO
R
“WE ENCOURAGE
ALL NAMIBIANS
TO SAVE AND USE
FINANCIAL RESOURCES
RESPONSIBLY.”
Since 1924, countries all over the world celebrate 31 October as
a day to promote savings. Through educational street theatres,
financial training, youth and media campaigns, the Financial
Literacy Initiative encourages a savings attitude in Namibia and
contributes towards responsible financial behaviour.
More information on the Financial Literacy Initiative:
Financial Literacy Initiative Secretariat, Ministry of Finance, Economic Policy Advisory Services (EPAS)
Fiscal Building, 10 John Meinert Street
Private Bag 13295, Windhoek, Namibia
Tel.: (+264) 61 209 2295, EPAS Fax: (+264) 61 245 696, Email: [email protected], Website: www.fli-namibia.org
For more information, visit www.fli-namibia.org or contact us at 77077* or [email protected]
9
* 40 cents per SMS. Across all 3 networks. Terms and Conditions apply.
REGULATION OF PENSION FUNDS
NAMFISA’s primary role is to regulate and supervise non-bank financial institutions to ensure the soundness of such institutions and the integrity of the
financial contracts between these organisations and their clients or members.
NAMFISA has a critical role to play in ensuring that the non-banking financial
sector is honest and transparent. In order to do that, NAMFISA also has to
ensure that the manner in which it regulates and supervises these entities is in
line with international best practices.
hiring advisers or sponsors and ensuring that there is adequate disclosure on
the part of the advisers should be made in such a manner that it ensures that
they do not violate their duty to properly administer the fund.
The duties and responsibilities of Trustees are to uphold principles of good corporate governance, amongst others, whilst ensuring that proper due diligence
is carried out on the service providers. These responsibilities apply to Trustees
of stand-alone and/or closed funds and umbrella funds alike. Some views expressed in the past questioned the existence and legality of umbrella funds,
with the fundamental concerns relating to the concept of the establishment of
umbrella funds in general. Umbrella funds are recognised and registered by
NAMFISA with the legal status as stand-alone funds. As per the provisions in
the FIM Bill, NAMFISA can, in future, remove trustees from office if there are
sufficient reasons to believe that those trustees have abused their positions of
trust and power.
Members of the funds also have a role to play in ensuring that their pension
savings are managed and schemes are administered in a manner that provides
for a good balance between the adequacy of future benefits and affordable
premiums. It is therefore the responsibility of pension fund members to appoint
knowledgeable and accountable individuals to represent their interests on the
Board of Trustees - a body responsible for directing the activities of the fund.
Members are further required to ensure that personal data required to contribute to the efficient and effective administration of these funds are updated in
their files with the employer and/or the administrator. This includes information
relating to dependants and/or beneficiaries.
Over the past two years, NAMFISA has been actively engaged in reviewing legislation that governs the regulation and supervision of the financial institutions
under its ambit. There is therefore a reform process underway at NAMFISA, which
started with the review of laws and the drafting of a new law to redress the
historical anomalies that were presented by the old pieces of legislation. In large
measure, the old laws hampered the effective regulation of the financial industry.
Included in this regulatory reform process is the review of the Pension Funds
Act 24 of 1956. Through the current regulatory reform process, it has been repeatedly observed and stated that the current Pension Funds Act of 1956 was
outdated and had many loopholes that the industry exploited or took advantage
of. In order to address that, NAMFISA took the initiative of drafting the Financial
Institutions and Markets Bill (FIM Bill) which is in its final stages of consultation
before it is taken through the promulgation process.
Why the reform? The legislative reform, along with other internal transformational processes within NAMFISA, is to ensure that laws address today’s needs.
For the benefit of the public, the following are the main reasons for the legislative reform in the financial industry:
NAMFISA has been faced with the challenge of effectively supervising the
registered pension funds due to, amongst others, the non-compliance by
many funds that failed to submit statutory returns as prescribed in the Act.
Annual information submitted by those who complied as per the provision in
the Act, has not been adequate to enable NAMFISA in executing its mandate
effectively. As a result, a decision was taken to introduce quarterly submissions of information to NAMFISA by pension funds. The Provident Institutions Division started the process of reviewing the reporting requirements
for pension funds to ensure that current data of pension funds operations
are available. The Division has engaged with different stakeholders to source
input so as to ensure that meaningful data will be collected in a relatively cost
effective manner. The success of implementing this new reporting requirement lies with both the Trustees and the members of the funds who also have
a part to play in providing information as requested by NAMFISA through the
Principal Officer of the fund.
• Current laws are outdated with some dating back to the 1950s and 1960s
and could be in some instances irrelevant to socio-economic imperatives of
Namibia today;
• Current laws are fragmented and inconsistent;
• Limited mandate (no consumer protection, financial stability); and
• Enforcement difficult due to low penalties and limited powers to act against
non-compliance and intrusion.
In addition, the reform is further necessitated by the need to improve capacity,
enhance skills, and technology to effectively supervise the industry and the
need to shift from a compliance-based to risk-based supervisory approach.
Risk-based supervision entails the Regulator changing the approach of prioritising and organising its activities and resources in order to efficiently and
effectively meet its objectives, keeping in mind that the overall objective of a
Regulator remains to protect the public from undue financial loss and in so
doing, to maintain financial system stability, and promote public and investor
confidence in the financial system.
Therefore, whilst NAMFISA has the responsibility of ensuring a safe and sound
financial system - one that protects the interests of the consumers by being
alert and addressing the challenges that prevents it from carrying out its mandate effectively -, the members of the funds and the Trustees of these funds
also have a role to play in supporting the Regulator in executing its mandate
effectively.
The new FIM Bill places fiduciary responsibility squarely on the shoulders of the
Boards of Trustees of these pension funds. Therefore, decisions made when
10
NAMFISA COMPLAINTS PROCEDURE
NAMFISA has a dedicated Complaints Department which investigates complaints on behalf of consumers of non-bank
financial services and products. These complaints range
Mrs. Hilka Alberto
Manager: Complaints
NAMFISA
Windhoek
Namibia
from breach of contract, i.e. increasing of repayment periods without prior consent, increasing of repayment amounts
(installments) due to increased interest rates, over-charging
on loans, non-payment of insurance benefits as per contract/
agreement, non-payment of pension benefits, etc.
In the event that the consumer feels aggrieved, he/she can
lodge a complaint against non-bank financial institutions (registered and doing business in Namibia) with NAMFISA. It is
important to note, however, that NAMFISA only has jurisdiction over institutions registered with it and doing business in
Namibia. It is therefore very important to ensure that you ONLY
do business with registered entities (you can contact NAMFISA with the details of the business to find out whether it is
registered or not).
The steps to follow when lodging a complaint are:
• Ensure that you have a valid complaint by checking with
the NAMFISA Complaints Department at 061 290 5134.
• You will be required to first lodge your complaint with the
financial institution concerned (in writing). If this fails, you
can contact NAMFISA
• Keep copies of all relevant documentation to send with the
complaint and for record purposes.
• Keep copies of all correspondences between you and the
financial institution
• Do not send original documents unless you are required
to do so.
• Record names, dates, contact details and important information (this makes the investigation easier and faster to
23 March 2012
Dear Mrs. Alberto,
SETTLEMENT OF CLAIM BY NAMFISA
I refer to the above matter.
In January 2010, I experienced an armed robbery at my residence. To
my dismay, the insurer at the time rejected my claim on the ground
that I had no proof of ownership for two items that I claimed for.
I appealed their decision but to no avail.
As a result of my dissatisfaction with the way they handled my claim,
I terminated my contract in August 2010. In January 2012, I received
advice from a friend to lodge a complaint with NAMFISA.
As a result of NAMFISA’s intervention and assistance, the insurer reconsidered my claim and offered to settle. My claim wais paid out on
21 March 2012.
I would like to thank NAMFISA for their assistance, especially the
friendly staff in the Complaints Department, for without your assistance, this would not have been possible.
Keep up the good work.
Yours faithfully
conclude).
• If you complain on the phone, always follow up the call with
Ms. H.N. Nandago
a letter.
• Stay calm even if they (financial institution) are angry.
• Back up your claim in writing as far as possible.
Complaints can be submitted via:
E-mail ([email protected])
Post (P.O. Box 21250, Windhoek)
By hand (Sanlam Centre, 2nd floor)
Fax (061- 290 5161)
Website (www.namfisa.com.na)
11
PAYMENTS ASSOCIATION OF NAMIBIA (PAN)
Public notice to prohibit the setting of transaction limits and surcharges
PUBLIC NOTICE TO PROHIBIT THE SETTING OF MINIMUM OR MAXIMUM
TRANSACTION LIMITS AND SURCHAGING ON DEBIT & CREDIT CARD
PAYMENTS BY MERCHANTS
1. Introduction and Background
The Payment Association of Namibia (PAN) is empowered by the Payment System Management Act (PSM Act), 2003 (as amended), Section
(3)(1) to manage the National Payment System (NPS). With this comes
the responsibility to ensure compliance within the NPS to local and international card operating rules and regulations.
PAN has learned that some merchants are adding a surcharge (additional fee) to card transactions or are setting minimum or maximum
transaction amounts as a condition for accepting debit or credit cards
for payment. Such practices have a negative impact on consumers and
are in direct violation of VISA International Operating Regulations (ID#:
111011-010410-0006948 and ID#: 111011-210710-0026405) and
MasterCard Rule 5.11.3.
2. Acquirers and Merchants
Acquirers and Merchants must comply with all card operating rules and
regulations to protect the integrity of the payment systems.
compliance and the acquirer must promptly ensure the merchant discontinues
the non-compliance practice immediately.
Merchants are reminded that they are required to:
• Treat all debit and credit card payments like any other method of pay-
Failure to comply with this notice, PAN may pursue remedial measure(s) as
ment without additional costs (surcharges) added to the value.
provided under Section (16A)(1) of Payment System Management Act, 2003
• Honour valid debit and credit cards in their acceptance category re-
(as amended), or the relevant card operating rules and regulations.
gardless of the dollar amount of the purchase.
5. Enquiries
Acquiring banks are reminded to ensure:
• Merchants do not differentiate methods of payments by imposing a
All enquiries related to this notice shall be forwarded to:
surcharge fee on any card payments.
• Merchants do not impose a minimum or maximum purchase amount
The Chief Operating Officer (PAN)
for the acceptance of card transactions.
P.O. Box 134
2nd Floor
Rieks House
c/o Feld and Rieks van de Walt Street, Ausspannplatz
Windhoek
3. PAN’s Position
Carrying around large amounts of cash poses a risk to the individual.
With a debit or credit card, you can pay for goods and services in a safe
and secure manner. Cards also offer a fast and convenient way to shop.
Penalising consumers for using payment cards is not only in contraven-
Telephone: 061 - 415 420
Email: [email protected]
tion of card operating rules, but also unfairly shifts the cost of electronic
payments onto the consumer.
4. Complaints and Penalties
The public is encouraged to report any non-compliance with this notice
to PAN. If PAN becomes aware of a merchant’s non-compliance with any
operating rules and regulations, PAN may notify the acquirer of such non-
12
LIFE ASSURANCE (SILOZI TRANSLATION)
Tahiso
zwi mwa tumelelano. Haiba mu patulula lika kaufela ka nako ya ñoliso niku
NAMFISA isweli ku amuhela lipilaelo zeñata kwa neku la likopano za silelezo
lumela kwa litaelo ni mabaka kaufela, musilelezi ulukela ku eza kamo ne mu
ya bupilo ze hana ku lifa batu mali a bona bakeñsa “litimana za kusiya” kapa “
lumelelani mi a mi life. Haiba mina bañi ne mu sika patulula lika kaufela, mu-
kusa patulula”. Haku tatubiwa lipilaelo ze amuhezwi zeo, se ku fumaneha kuli
silelezi wa kona ku hana ku milifa mali a mina kakuya ka kusapatulula.
ba bañata babaiñolisa inshuwalensi (silelezo) haba utwisisi litaelo ni mabaka a
litumelelano ze cwalo, mi seo si eza kuli ba sike ba fumana se ba bata,k.k.l.
5. Mulukela ku eza cwani ku pima mizeko ka nako yaku kupa mali a mina?
ba sia mabasi a bona a sina inshuwalensi (silelezo ya mali) mane ni heba bona
Ku butokwa kuli mu utwisise mifuta ya ñoliso, litaelo ni mabaka a ku iñolisa
bañi fokuñwi ( ku itingile fela kwa mufuta wa tumelelano ya silelezo). Ka kuya
pili mu sika leka niku saina. Mu kupe tuso mo ku konahalela ili kuli mu kone
ka maikemisezo a NAMFISA kusileleza ze ama sicaba ni kuluta basebelisi, lu
ku utwisisa kakutala butungi bwa Timana ya Kusiya kapa mufuta ufi kapa ufi
mifa liseli mwa zibiso mwa taba ye kamo lu ta alaba lipuzo ze batu ba buzanga
wa timana ( li-), ili kuli kusike kwa ba ni mizeko kasamulaho hamu bata mali
hañata ku amana ni yona:
a mina.
6. Nilukela ku eza cwani haiba ni sa utwisisi (kapa nisina buniti) kaza kusiya mwa
1. Timana ya kusapatulula italusa sika mañi?
tumelelano yaka?
Ki timana ye ketilwe ye felisa kupatwa kwa likezahalo ze ketilwe sina matuku a
Kwa neku le, lu mi eleza kuikopanya ni musilelezi/ muelezi wa mali wa mina
sabisa/ matuku a swana sina kensa, sifuba (TB), butuku bwa pilu ni/kapa HIV/
kapilipili ili kuli ba mi taluseze kaza tumelelano ya mina kuli mu utwisise hande
AIDS mwa pampili ya tumelelano ya silelezo. Kuna ni mikwa ye miñata ye liko-
se imilwalezi kwa pata. Mi hape mwa kona ku kupa mutu fela ya na ni zibo ya
pano za silelezo li kona ku itusisa yona ku sebelisa timana ya kusiya kwa neku
lika ze ( mulikani, ye mu sebeza hamoho, ye mu nyezi, cw.cw), ku mi tusa ku
la mikwa ye miñata ya silelezo (silelezo ya bupilo, kepelo, ni yemiñwi cwalo)
bala tumelelano kaufel’a yona ni ku mi taluseza se mu sa utwisisi.
kufa mutala kwa neku la patisiso ya HIV, haiba mutu a hana ku yo tatubiwa;
mafu a amana ni HIV/AIDS a kona ku siwa. Seo si talusa kuli kopano ya silelezo
7. Litimana za kusiya lihaniswa ki mulao kapa Mutomo nji?
haina ku lifa mutu liswanelo za hae haiba a shwa ka bakala la matuku a amana
Kamo inezi, tumelelano ya silelezo kinto ye amana ni ku shimbulula ni ku aba
ni HIV/AIDS.
kozi.Mulao wa silelezo ka cwalo u itingile fela kwa mitomonyana ya tumelelano
mi ha ikoni ku zamaiswa ka litaelo za mitomonyana isili. Kakuya ka Timana
2. Kusapatulula: ku talusa sika mañi?
ya 140 ya Mutomo wa Namibia, mulao wa kuyahisana wa tumelelano one
Litimana za kusiya ze taluswa fahalimu, li sike za lyamganisa batu sina niza
usebeliswa ka nako ya tukuluho uta zwela pili ku sebeliswa ku fita ka nako ye
“kusapatulula”. Kusapatulula ku talusa mutu ya sa patululi zibiso ya mufuta
uta fetulwa kapa ku feliswa ka Mulao wa Ndu ya Milao kapa ha uta haniswa ki
ufi kapa ufi ka mabaka a zibwa ki yena muñi, sina mayemo a hae a ku kula
Kuta ya Milao kuli ulwanisana ni Mutomo. Kakuya ka kutwisiso ya mutu mani ni
kapa mayemo a bupilo bwa hae kaufela, ku musilelezi ka nako yaku iñolisa.
mani, ze kwa halimu li talusa kuli ku siya likalafo mwa litumelelano za silelezo
Ku butokwa kuli mutu a bale, a utwisise hande, mi a alabe lipuzo kaufela ka
ha li hanisiwi kapa ku haniswa ki Mutomo wa Kuta ifi kapa ifi ya mulao. Ka
swanelo nika sepahalo. Mu tameha kuba ni niti yaku swaya mwa sibaka sesi
cwalo hakuna mulao o hapeleza musilelezi ku kena mwa kozi mi taba ye inzi ku
laelezwi, kakufa zibiso ye amiwa ku tusa musilelezi ku likanya ñoliso ya mina.
yena musilelezi fela. Kwa kona ku haniswa ki mulao kusa lifa litumelelano za
Se sita kondisa kuli mu fiwe tumelelano ye swanela nikuli mu kone ku lifa kamo
batu ba banani HIV baba tokwahalile ka bakala mabaka a sa amani ni matuku
ku swanela. Haiba mufa likalabo ze fosahezi kapa mu sa itahisi ka kutala, mu-
sina mafu a likozi za limota, cwa.cwa.
silelezi wa kona ku felisa tumelelano kapa kuhana kupo ya mina.
Fakikuli na kona ku ikutwa kuli neni sika swalwa hande, nita ya kai ku kupa tuso?
3. Nako “yakuitekula” kifi?
Haiba mu ikutwa kuli nemusika swalwa hande ( ku hana ku mi lifa mali a
Haiba kupo ya mina yaku iñolisa I amuhelwa, pampili ya ñoliso ita lumelwa
silelezo, cw.cw.) mwa kona ku ikopanya niba Likolo la Lipilaelo la NAMFISA
ku mina kapa muta fiwa pampili yeo ye na ni litaelo ni mabaka kaufela mwa
( NAMFISA’s Complaints Department) ni ku tahisa pilaelo ya mina ka linolo.
lizoho. Ki mukwa o swanela kapa wa sizo kuli mufiwe nako ya mazazi a 30
Pilaelo yeo ita talimelwa hande ku bona haiba ki pilaelo ye swanela kapa awa,
“ku itekula”, ili ku bala pampili ya tumelelano kuli mukone kukondisa ze ñozwi
mi kuzwa fo ita talimelwa kakutala.
mwateñi. Mwa nako yeo ya mazazi a 30 a ku itekula, mu kona ku hana, ku
fetula kapa ku zwela pili ni tumelelano. Haiba mu sa ikopanyi ni bainshuwalensi
Kufumana zibiso kakutala, mwa kona ku ikopanya niba NAMFISA kwa:
(silelezo) kasamulaho wamazazi a 30 kubilaela kasesiñwi ku bona ba silelezo,
ku ta ngiwa kuli kanti mu lumezi mi mu amuhela litaelo ni mabaka a ñozwi mwa
Consumer Education Department
pampili mi tumelelano ita zwela pili.
P.O. Box 21250
Windhoek
4. Fakikuli silelezo ita ni amuhela ni kunilifa haiba nina ni kensa, TB kapa HIV nji?
Tel: 061 290 5196 / Fax: 061 290 5122
Eni ni batili. Tumelelano ita lifa fela kakuya ka litaelo ni mabaka kamo ku laele-
E-mail: [email protected]
13
FREQUENTLY ASKED QUESTIONS
Answers to Questions posed in our Last Edition
which was not disclosed. The short term insurer would require verification
Q: Should I know the Terms and Conditions of the contract if such contract
was not provided to me? Is it my duty to ensure that the insurer provides
me with the contract?
of ownership of the items claimed for. If the insurer cannot prove that he/
she owned the item claimed for, the insurer will assume it did not exist. In
other words, in commercial claims, the onus of proof is on the one who is
A: The types of contracts differ according to the financial industry service
claiming from the other.
and products for example:
Accordingly documents requested must be provided. It must be noted that
• A long term insurance contract is for a specific term of insurance and
such documents must be mentioned in the claim procedures.
it remains the same for the insurance period e.g. 20 years or for a life
term, and any change will be upon agreement between the insurer and
You can only sign on behalf of someone if you have a mandate or a power of
the insured by amendment.
attorney (legal authorization) to do so. The consequence is that if you sign
• The contract for short term insurance is an annual contract, in other
on behalf of someone without the written authority to do so, such contract
words, it is renewed on an annual basis. The terms and conditions of
will not be valid.
the contract are adjusted mainly annually as the insurer mitigates and
controls its risk appetite through different variables e.g. claim history.
Q: Can I sign on a blank form and have the insurer complete it later?
• It is the duty of the financial service provider to ensure that the terms and
condition of the contract are provided to the other party. Similarly it is the
A: Under no circumstances should you sign a blank document/forms to ap-
clients’ responsibility to ensure that he/she knows what he/she bought
ply for a financial service product become a basis for the contract; also,
or is paying for, and understand the benefits and the conditions. So it is
forms to claim for a benefit become the basis to the outcome of your claim,
only good to ask for your contract if you do not have it.
hence you must know what you are signing for. One must note that you
will be bound to the terms of the contract/outcome of the claim even if you
Clients must note that, practically, they can by agreement amend the con-
signed blank documents, so beware.
tract anytime, e.g. add or remove benefits.
Q: What is required as proof to claim benefits from someone else’s insurance policy? Will the fact that the person is my relative or that I am stated
Q: Do I need to submit documents to the insurer at claim stage if they did
not request the same documents at application stage? Can I sign the ap-
as an heir in their testament suffice?
plication form on behalf of the life insured if I am paying for it?
A: As mentioned above, insurance is a contract between an insurer and the
A: When a person is claiming for benefits, he /she has to prove a loss. Such
insured. The insured normally nominates a beneficiary (ies) and such ben-
loss must result from the risk which was covered and the risk must have
eficiary (ies) is the one who has the right to claim from the policy. Generally
been uncertain at the time insurance was issued. This applies to both life
insurance benefits does not form part of the will, therefore the insurer will
insurance as well as short term insurance. The life insurer may want to
only pay as per the contract. If there is no nominated beneficiary, the benefit
verify that the insured did not have an ailment prior to taking out insurance
is paid to the estate account after the executor of the estate lodges the claim.
14
BUDGET SHEET
MONTHLY INCOME Take matters into your own hands!
Net income (after tax) e.g. salary/commission
Other income
TOTAL INCOME
LESS: MONTHLY EXPENSES
HOUSING
Rent/mortgage
Furniture/hire purchase
HOUSE BILLS
Electricity
Water
Rates & Taxes
Satellite TV (DStv)
Landline/cellphone airtime
FOOD & GROCERIES
Family food
Lunch for school kids/work
Household toiletries
TRANSPORT
Taxi fares
Car loan repayments
Car insurance
Fuel (petrol/diesel)
Repairs, oil, tyres, etc.
PERSONAL
Clothing
Entertainment (braais, leisure, etc.)
INSURANCE
Medical aid
Life insurance
Funeral insurance
Other insurance
EDUCATION
Pre-primary/day care
Primary school
High school
College/distance/other education
SAVINGS
OTHER EXPENSES
TOTAL EXPENSES
DISPOSABLE INCOME (= Income – Expenses)
IN OUR NEXT EDITION
We invite you to follow our Consumer Education Bulletins as we bring you more enlightening educational information. Next year, we will provide
you with more information on your rights and responsibilities when dealing with financial product or service providers, as well as break down some
financial terms so that you better understand the benefits of certain financial products and services.
For comments on any article in this Bulletin, please feel free to contact us at: NAMFISA Consumer Education Department, P.O. Box 21250 Windhoek
or SMS to 3030* or e-mail: [email protected] *normal SMS charges apply
15
CONSUMER
EDUCATIONBULLETIN
DECEMBER ’12 / JANUARY ’13 EDITION