The 2021 COID Policy Renewal is NOW OPEN
Thank you for trusting us with your business in 2020.
It gives us great pleasure to inform you that you can now renew your COID policy for 2021, thereby ensuring that your employees enjoy cover against occupational injuries and diseases while on duty.
Minimum premium increase for 2021
The COID minimum premium is currently set at R1296. We would like to inform you that as an RMA client, your minimum premium increased to R1197.57 for 2021, which is 8.6% below the current published amount.
Simplified process to renew online
Use our hassle-free online service to process your 2021 policy renewal.
Submit your employees’ earnings (actuals for 2020 and estimates for 2021) before 31st March 2021:
If you have not yet registered on our online portal, you can simply register at www.randmutual.co.za under the Online Services tab and enjoy the convenience.
Declaration of Earnings
To ensure that you remain in good standing, the deadline for submission of earnings is 31st March 2021.
You need to declare your 2020 actual earnings for the period 1 March 2020 – 28 February 2021, and the 2021 estimated earnings for the period 1 March 2021 – 28 February 2022.
Also note that if there is a variance between the current and previous submissions, your account may be audited, and you will be required to provide documents to support the changes. We will contact you if this happens. Your earnings will have to be reviewed and approved and this may delay your invoice(s) and Letter of Good Standing (LOG) for 2021.
All payments for outstanding premium balances are due 30 days from the invoice date.
The benefits for paying your premium on time is that you will receive your Annual LOGS timeously.
Interest will be charged on any overdue accounts in line with section 86(2) of the Compensation for Occupational Injuries and Diseases Act (COIDA), 130 of 1993.
For any payment related enquiries, you may contact us on 0860 222 132 or email email@example.com
What happens if you miss the 31st March 2021 deadline?
You will be issued with an Invoice that:
- Is based on your last submission plus a 5.1% adjustment for inflation.
- Has a 10% penalty applied to your assessment rate due to non-compliance in line with the provisions of the COID Act.
You can still submit your earnings after the 31st March 2021 using the online portal and receive an adjustment invoice or credit note based on your estimated earnings for the 2020 policy year.
For any enquiries, you may contact us on 0860 222 132 or email firstname.lastname@example.org.