The retail chains are supported by Monarch Insurance, the group's short-term insurer, which offers a range of optional short-term insurance products to customers purchasing merchandise on credit.
Insurance cover is offered for the settlement of customers' outstanding debt in the event of death, permanent disability, retrenchment and the replacement of goods as a result of accidental loss, such as fire, theft or natural disaster.
Monarch is registered with the Financial Services Board and operates under a short-term insurance licence.
The National Credit Act Amendment bill has been approved and amends S106 of the Act giving the Minister of Trade and Industry together with the Minister of Finance, the power to prescribe a limit to the cost of credit insurance insodoing capping credit life and/or asset cover. The industry is awaiting the commencement of a consultative process with government. Lewis supports the speedy resolution of this long outstanding matter.
An update on the regulatory environment relating to insurance is included in the Chairman's Report