Banks and Insurers to gain control of all movable assets currently not allowed on eNaTIS – aims to reduce fraud
SAMAR announces plans to cover entire life-cycle of all assets currently excluded from registration on the Electronic National Traffic Information System (eNaTIS)
The Southern African Movable Asset Register (SAMAR) announces that manufacturers, importers, builders, banks, insurers as well as the general public are now able to control title and ownership of all movable assets. Users of the system can anticipate improved availability of personal and commercial financing of movable assets.
SAMAR allows for a record to be kept of various assets and covers the life-cycle of a given asset – including those that are currently not allowed to be loaded on eNaTIS (the Electronic National Traffic Information System). SAMAR creates the most recent reliable record of that asset by updating records in real-time as changes are made by various system participants.
SAMAR’s use by the insurance industry to load their interest against the asset under finance will reduce risk for the banks and related costs. Registering movable assets on SAMAR will facilitate financing that may not otherwise have been available, by providing identifiable data and markings for tracking and control that are admissible in a court of law.
Internet based system with a centralised database:
- Asset identification is essential for both financiers and insurers.
- The total value of non-motor related movable assets financed and insured is substantial and the risks of double financing and fraud requires additional control.
- The identification of these assets in instances where the purchaser owing, and/or in instances of loss due to theft, is problematic for both financier and insurer.
Kyle Dutton, Project Manager at SAMAR commented, “SAMAR’s use by the insurance industry to load their interest against the asset under finance will reduce risk for the banks and related costs. This is extremely valuable as, unfortunately due to lack of the marking of movable assets other than roadworthy and registered vehicles, millions of Rands are lost each year due to multiple financing on the same asset, the inability to claim ownership after an insurance claims pay-out or the inability to recover items in the second-hand market/criminal sales points.”
He continues, “There are not too many options in terms of permanently marking assets in order to identify and confirm ownership. It is however crucial for both the financier and the insurer to be able to have access to a database where the owner could be linked to the specific asset in question, similar to what eNaTIS does in the registered motor environment.”