Insurance body shows support for new motor industry guidelines
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JOHANNESBURG - The South African Insurance Association (SAIA), as a representative body for the non-life insurance industry, says it supports the objectives of the Competition Commission Guidelines as they relate to the non-life insurance industry and the adoption of proactive measures that promote competition and transformation in the South African automotive aftermarket.
Being a key stakeholder in the Automotive Aftermarket, SAIA welcomed the extensive consultation approach that was adopted by the Competition Commission during this process and hopes that the commission will remain open to engaging with relevant parties where appropriate, during the implementation phase.
SAIA says it believes that these Guidelines are a progressive step towards assisting commercial stakeholders, including the non-life insurance industry, and in the promotion of competitiveness and transformation in the Automotive Aftermarket.
One of the non-life insurance industry’s priorities is the promotion of road safety through appropriate servicing and repairs of vehicles. SAIA is therefore pleased that vehicle roadworthiness remains an integral objective of the Guidelines. “We believe the guidelines will benefit consumers by enabling them to make informed choices on products and services,” the body confirmed in a statement.
“With SAIA members conducting their businesses within a regulated and highly competitive environment, it is our view that the Guidelines will assist to improve the regulatory practices that protect the consumer through increased consumer choice and accelerates transformation through participation of independent service provides, while enhancing the sustainability of the non-life insurance industry and the ecosystem within which it operates,” it concludes.
The SAIA says that it is critical that the intentions of the Competition Commission are well understood and interpreted by impacted parties to facilitate the effective implementation of these Guidelines.