This study which is located in Durban, South Africa examines the life insurance Industry in South Africa, the trends, local and international, and strategic issues and the thinking of the industry leaders that will impact upon current distribution business models. The impact of these on the role of the Financial Planner is highlighted, providing evidence of the international success of alternative models for the distribution of professional financial advice. The literature review in this study suggests that, from international experience, the weakest link in the present distribution chain of life insurance is the Financial Planner because their means of remuneration is currently being subjected to extensive reduction by regulators. As the South African industry transforms as a result of price cutting and regulatory pressures on downscaling of existing commission structures, the Financial Planner will bear the brunt of this resizing to the form of substantial reductions in their earnings, resulting either Financial Planners exiting the industry, or seeking an alternative business model than that of commission remuneration from the sale of life insurance products It is against this backdrop that this submission examines three critical questions: How will the transformation of the South African life insurance industry, changing needs and demands of consumer's impact upon the role of the Financial Planner in the financial planning industry? What are the consumer's experiences, expectations and perceptions of Financial Planners? What must Financial Planners and their representative bodies do in order to ensure the continuity and independence of the role of the Financial Planner in the distribution of professional financial planning advice? These critical questions are investigated using a quantitative research instrument, i.e. a structured questionnaire, the results of which are statistically analysed using the SPSS system. The main findings provide substantial evidence that trends and experiences from the UK and USA will have a similar impact on the South African Financial Planner's future in the present life insurance business model. The predictions, teachings and motivations of relevant authors is for Financial Planners to adopt a holistic expanded business model offering Life Planning to consumers which provides the Financial Planner with an alternative to remaining in the present business model. The study further reveals that consumers attach a high value to the intellectual abilities and to the role the Financial Planner plays in providing them with professional financial advice. It further confirms that without the Financial Planner, life insurance companies have no real link to the consumers of life insurance products because the consumer is dependent upon the Financial Planner for professional financial advice. / Thesis (MBA)-University of KwaZulu-Natal, Westville, 2006.

As a medium-sized life insurance company Assupol Life provide life insurance products to clients within government departments, although the company entered the broader private market. The enactment of the Financial Advisory and Intermediary Services Act, 2002 and the Financial Intelligence Centre Act, 2001 impacted financial service providers and the research analysed the influence of regulation on managerial decision making, marketing and sales, finance, human resources, training and the structures within the organisation to comply with the legislation. The study endeavoured to determine the influence of regulation on the company and the measures implemented by the management of Assupol Life. The research results confirmed that the primary challenge faced by the company is to find a balance between compliance, managing human capital and creating value for shareholders. The major impact of the legislation involves the human resource- and training functions and the study illustrated that other influences was less severe. / Business Administration / M. Tech. (Business Administration)

As a medium-sized life insurance company Assupol Life provide life insurance products to clients within government departments, although the company entered the broader private market. The enactment of the Financial Advisory and Intermediary Services Act, 2002 and the Financial Intelligence Centre Act, 2001 impacted financial service providers and the research analysed the influence of regulation on managerial decision making, marketing and sales, finance, human resources, training and the structures within the organisation to comply with the legislation. The study endeavoured to determine the influence of regulation on the company and the measures implemented by the management of Assupol Life. The research results confirmed that the primary challenge faced by the company is to find a balance between compliance, managing human capital and creating value for shareholders. The major impact of the legislation involves the human resource- and training functions and the study illustrated that other influences was less severe. / Business Administration / M. Tech. (Business Administration)

Summaries in English and Afrikaans / Wanvoorstelling van wesenlike feite deur omiss/o aan 'n versekeraar kan tot gevolg he dat die versekeringskontrak ongeldig verklaar word ingevolge die gemene reg. In Mutual and Federal Insurance Co Ltd v Oudtshoorn Municipality 1985 (1) SA 419 (A) is beslis dat wesenlikheid bepaal moet word vanuit die oogpunt van die redelike man. In 'n paging om bewys van die wesenlikheid van feite te vermy, het versekeraars vereis dat aansoekers die voorstellings in die kontrak moat waarborg. Dit het tot gevolg gehad dat voorstellings wat in die kontrak gewaarborg is outomaties wesenlik was. Sedert die invoering van artikel 63(3) van die Versekeringswet 27 van 1943 deur die wetgewer gedurende 1969, is die wesenlikheid van voorstellings egter 'n vereiste, selfs waar dit in die kontrak gewaarborg is. Versekeraars sou dus in die toekoms nie agter kontraktuele wanvoorstellings kon skuil nie. Hierdie maatreel het meer beskerming aan die versekerde gebied. In Qilingele v South African Mutual Life Assurance Society 1993 (1) SA 69 (A) is die toets vir wesenlikheid, soos vereis deur artikel 63{3), aangespreek. Dit het die vraag laat ontstaan of daar twee aparte toetse vir wesenlikheid bestaan, naamlik gemeenregtelik en statuter, en of daar een algemene toets bestaan. / Misrepresentation by omissio of material facts to an insurer may lead to an insurance contract being declared invalid in terms of the common law. In Mutual and Federal Insurance v Oudtshoorn Municipality 1985 (1) SA 419 (A) it was decided to determine materiality in the eyes of the reasonable man. To avoid proving materiality of facts, the insurers required proposers to warrant the representations in the contract. This resulted in the facts automatically being material. In 1969 parliament, .however, enacted section 63(3) of the Insurance Act 27 of 1943 whereby materiality of presentations, even where it was warranted in the contract, became a requirement. Therefore insurers could in future not hide behind contractual misrepresentations. This provided more protection to the insured. Qilingele v SA Mutual Life Assurance Society 1993 (1) SA 69 (A) addresses the test for materiality as required by section 63(3). This resulted in the question whether two separate tests for materiality in terms of common law and statute, or only one exists. / Criminal and Procedural Law / LL.M.

Summaries in English and Afrikaans / Wanvoorstelling van wesenlike feite deur omiss/o aan 'n versekeraar kan tot gevolg he dat die versekeringskontrak ongeldig verklaar word ingevolge die gemene reg. In Mutual and Federal Insurance Co Ltd v Oudtshoorn Municipality 1985 (1) SA 419 (A) is beslis dat wesenlikheid bepaal moet word vanuit die oogpunt van die redelike man. In 'n paging om bewys van die wesenlikheid van feite te vermy, het versekeraars vereis dat aansoekers die voorstellings in die kontrak moat waarborg. Dit het tot gevolg gehad dat voorstellings wat in die kontrak gewaarborg is outomaties wesenlik was. Sedert die invoering van artikel 63(3) van die Versekeringswet 27 van 1943 deur die wetgewer gedurende 1969, is die wesenlikheid van voorstellings egter 'n vereiste, selfs waar dit in die kontrak gewaarborg is. Versekeraars sou dus in die toekoms nie agter kontraktuele wanvoorstellings kon skuil nie. Hierdie maatreel het meer beskerming aan die versekerde gebied. In Qilingele v South African Mutual Life Assurance Society 1993 (1) SA 69 (A) is die toets vir wesenlikheid, soos vereis deur artikel 63{3), aangespreek. Dit het die vraag laat ontstaan of daar twee aparte toetse vir wesenlikheid bestaan, naamlik gemeenregtelik en statuter, en of daar een algemene toets bestaan. / Misrepresentation by omissio of material facts to an insurer may lead to an insurance contract being declared invalid in terms of the common law. In Mutual and Federal Insurance v Oudtshoorn Municipality 1985 (1) SA 419 (A) it was decided to determine materiality in the eyes of the reasonable man. To avoid proving materiality of facts, the insurers required proposers to warrant the representations in the contract. This resulted in the facts automatically being material. In 1969 parliament, .however, enacted section 63(3) of the Insurance Act 27 of 1943 whereby materiality of presentations, even where it was warranted in the contract, became a requirement. Therefore insurers could in future not hide behind contractual misrepresentations. This provided more protection to the insured. Qilingele v SA Mutual Life Assurance Society 1993 (1) SA 69 (A) addresses the test for materiality as required by section 63(3). This resulted in the question whether two separate tests for materiality in terms of common law and statute, or only one exists. / Criminal and Procedural Law / LL.M.