Phone: +27 11 726 5381
  • Document Downloads

    Bank Guarantee Forms

    Bank related documents for you to use in conjunction with IGF.

  • About IGF

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      About IGF

      IGF is a facility set up by the short-term insurance industry.

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      Responsibility

      Each insurer must individually and specifically authorize in writing...

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      Regulation 4

      Regulation 4, Section 45 of the Short Term Insurance Act, 1998

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      Banking Details

      IGF, Standard Bank, Parktown (000 355), 401 936 414

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      FAQ

      IGF is a facility set up by the short-term Insurance Industry generally...

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      Disclaimer

      The material contained in these web pages is provided for ...

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  • Regulation 4, Section 45 of the Short Term Insurance Act, 1998

    4.1

    (1) A short-term insurer may, subject to subregulation (2), in writing authorize an independent intermediary to receive, hold or in any other manner deal with premiums payable to it under short-term policies.

    (2) A person shall not be authorized, as contemplated in subregulation (1) unless that person has provided security, to the extent and in accordance with the requirements of this Part, in respect of his or her obligation in terms of Regulation (4.3) by means of:

    (a) a guarantee policy issued by a short-term insurer registered to do so in accordance with a guarantee facility created by short-term insurers generally for the purposes of providing such security; or

    (b) a contract which, but for the fact that the undertaking concerned is given by a bank, would be a guarantee policy, and under which policy benefits are to be provided in the event of the failure of that person to meet those obligations.

  • News

    We moved offices

    Please be advised that the Intermediaries Guarantee Facility Limited ( IGF ) will be moving from our current offices in Milpark to Constantia Office Park as of 25th of May 2012. The IGF office number will not change ( 011 726 5391 ). The new fax number for IGF will be 086 647 2276.
    Intermediaries Guarantee Facility Limited
    Ground Floor
    Willowbrook House
    Constantia Office Park
    c/o 14th Avenue & Hendrik Potgieter Street
    Weltevreden Park
    Gauteng
    1709
    Intermediaries Guarantee Faciliy Limited
    P O Box 5098
    Weltevreden Park
    1715

    Fees increase

    Please notice that from 01/01/2009 our application fee has been increased from R 300.00 to R 350.00.

  • Action

    Insurers

    Each insurer must individually and specifically authorize in writing each of his intermediaries, whom he empowers to collect premiums on his behalf.
    The insurer must ensure that the authorized intermediary has a current guarantee issued in terms of Regulation 4, Section 45 of the Short Term Insurance Act, of 1998.

    Intermediaries

    Intermediaries who at present receive premiums on behalf of insurers must insist that they are specifically authorized in writing by those insurers.
    Intermediaries must be in possession of a guarantee that complies with Regulation 4, Section 45 of the Short Term Insurance Act, of 1998 for an amount equal to 30% of the net premiums received by them in their last financial year (based on a minimum guarantee of R100 000 and a maximum guarantee of R80 000 000 - as at 01 April 2010).
    If the intermediary has a collecting agency or a third party receiving premiums on their behalf for insurers, they should ensure that the agency or third party has a guarantee in terms of Regulation 4, Section 45 of the Short Term Insurance Act, of 1998.
    Intermediaries are deemed to “receive premiums” where the premium passes through a bank account controlled by the intermediary.
    Where the intermediary merely collects cheques issued in favor of the insurer from the client and delivers to the insurer, no authorization or guarantee is required.

  • Banking Details

    Standard Bank
    BRANCH:     Parktown
    ACCOUNT NAME:     IGF
    BRANCH CODE:     000 355
    ACCOUNT NUMBER:     401 936 414

  • Website Disclaimer

    The material contained in these web pages is provided for general information purposes only. While every care and effort have been taken to ensure the accuracy of the information provided, the Intermediaries Guarantee Facility makes no representation and gives no warranty, whether expressed or implied, relating to the correctness of the information in these web pages. The Intermediaries Guarantee Facility accepts no responsibility for, and the user indemnifies the Financial Services Board harmless from any loss, liability, damage or expense of whatsoever nature (including but not limited to direct, indirect and consequential loss), arising from reliance on information contained in these pages, or otherwise connected with the information in these pages [whether arising from breach of contract (fundamental or otherwise), delict, negligence, gross negligence or otherwise].

    Except where otherwise stated, the copyright of all site contents is owned by the Intermediaries Guarantee Facility. No part of the site contents may be reproduced or transmitted or reused or be made available in any manner or any media, unless prior written consent has been obtained from the Intermediaries Guarantee Facility’s Legal and Policy Department.

    In the event of any dispute of whatever nature arising as a result of the use of the information on these web pages, the user (including users resident outside the Republic of South Africa) accepts that the law of the Republic of South Africa shall apply.

  • FAQ

    1. What is IGF? The Intermediaries Guarantee Facility (IGF) is a facility set up by the short-term Insurance Industry generally for the purposes of providing security in terms of Section 45 of the Short Term Insurance Act read together with regulation 4 thereto.
    2. Why do we need to have an IGF guarantee? A short-term insurer may not authorise a person in writing to act as an independent intermediary, to receive, hold or in any other manner deal with premiums payable to it under short term policies, unless that person has provided security in terms of the Regulations Part 4 and Section 45 of the Short Term Insurance Act,1998.
    3. Is this a new requirement, who decided we need this guarantee? No, the Act came into effect in 1998.
    4. How do we go about getting this guarantee? All information and application forms are on the website. If you require any further assistance please contact IGF.
    5. At what rate does the guarantee premium get calculated? The guarantee premium is calculated on a sliding scale. A sample calculation is available on the website under Application documents.
    6. Can the premium be paid on a monthly basis? No, it must be paid annually on renewal or application.
    7. What will happen if we do not apply for the guarantee and who monitors this for compliance? The FSB monitors compliance and if you do not have a guarantee in place, you could be fined.
    8. When does the renewal dated start and/or guarantee expire? On your financial year end.
    9. How did you get to the collateral amount (being requested)? The underwriting rules are on the website under IGF Application.
    10. Do we have to complete all the forms every year? Yes.
    11. Why do we have to pay a deposit premium and why is it the same as previous year? A deposit premium is paid to extend the previous guarantee. This is based on the previous year until we get the new guarantee amount.
    12. Why does an Auditor / Accounting Officer need to apply for an extension? The auditor / accounting office will know when the financial statements will be available, and should therefore apply for the extension.
    13. How does the guarantee work, who will pay the claims? The guarantee protects the insurer and IGF will pay out the claim for the guarantee in place, only if all documents have been submitted and premiums are up to date.
  • IGF

    Intermediaries Guarantee Facility is a facility set up by the short-term insurance industry generally for the purposes of providing security in terms of Section 45 of the Short Term Insurance Act read together with regulation 4 thereto.

    A short-term insurer may not authorise a person in writing to act as an independent intermediary, to receive, hold or in any other manner deal with premiums payable to it under short term policies unless that person has provided security in terms of the Regulations Part 4 and Section 45 of the Short Term Insurance Act 1998.

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    IGF

    Intermediaries Guarantee Facility Limited

    Intermediaries Guarantee Facility is a facility set up by the short-term insurance industry generally for the purposes of providing security in terms of Section 45 of the Short Term Insurance Act read together with regulation 4 thereto.

    News

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      About

      IGF was set up by the short-term insurance industry generally for the purposes of providing security...

      more info
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      Fee increase

      Please notice that from 01/01/2009 our application fee has been increased from R300.00 to R350.00.

      more info
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      FAQ

      Answers to most popular questions that we get asked.

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      Office Move

      We moved from Milpark to Constantia Office Park.

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  • Contact us

    Address

    Ground Floor ,Willowbrook House, Constantia Office Park, C/O 14th Avenue & Hendrik Potgieter Street, Weltevreden Park

    Contact Details

    Telephone: +27 11 726 5381
    Fax: 086 647 2276
    Email: info(at)saia(dot)co(dot)za

    Directions

    Information: Our offices are located in the Constantia Office Park in Johannesburg.
    GPS Co-ordinates: -26.14735, 27.92511 View on google map