Compensation Commissioner: Notice on banking information requirements for Occupational Injuries and Diseases related claims

18 November 2021
Accounting
South African Accounting Academy

The Fund implemented the Account Verification System (AVS) on 19 October 2021.

The purpose of the process is to enable the Fund to verify bank account details prior to payment of any benefits to ensure that claims payments are made to the correct beneficiaries of the Fund.

The Compensation Fund will no longer be accept banking details and nominated bank accounts of agents and other representatives other than that of:

the Medical Service Provider or the Healthcare Organisation which provided the service to the injured or diseased beneficiary.
- The Fund will only accept banking details which belong to the Medical Service Provider or the Healthcare Organisation.
the injured or diseased beneficiary and/or the COID Pensioner who qualifies for the benefits in terms of the COID Act.

Any claims submitted that do not match and/or comply with the requirements above will experience delays and/or rejection by the Fund until the correct banking or verification of the details of the Medical Service Provider or claimants have been completed.

Public comments are due by 19 December 2021.

Click here to download the Gazetted Notice:

https://www.gov.za/sites/default/files/gcis_document/202110/45344gen615.pdf

How does this affect you and your clients?

Relevance to Auditors, Independent Reviewers & Accountants:

You might submit claims to the Compensation Fund -either on behalf of yourself or on behalf of your clients.
When making claims to the Compensation Fund, you need to ensure that you comply with the requirements, otherwise you could experience delays and/or rejection by the Fund until the correct banking or verification of the details of claimants have been completed.

Relevance to Your clients:

When making claims to the Compensation Fund, your clients need to ensure that they comply with the requirements, otherwise they could experience delays and/or rejection by the Fund until the correct banking or verification of the details of claimants have been completed.

Get all your CPD online. SA Accounting Academy (SAAA) offers Subscription Plans, Live Webinars, Webinars On-Demand, Access to Experts, Courses, Articles and more: https://cpd.accountingacademy.co.za.