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VALUES, VISION & MISSION STATEMENT C Compassion - Luvelwano MISSION STATEMENT ‘Our mission is to effectively provide compensation for motor vehicle accident victims and to collaborate with stakeholders in the prevention of road traffic accidents through implementing global best practices’ OUR VISION ‘To be the most efficient selfsustaining road accident Fund regionally’ OUR VALUES P I Professionalism - Bunyonincwa Humility Confidentiality Efficiency & effectiveness Respect Responsibility Excellence Impartiality ...according to set standards in your profession Integrity - Bucotfo T Care Sympathy Dignity Empathy Going the extra-mile without creating an expectation which cannot be met in future Pro-active and quick response in order to alleviate anxiety Teamwork - Lubanjiswano Cooperation Collaboration Partnership Joint effort Communication and Information sharing SINCEPHETELO MVA FUND Honesty and integrity as guiding tools Accountability Objectivity & Fairness Firm Principled Transparency Trustworthy– follow through on commitments I Innovation - Tindlela letinsha tekusebenta Creativity Continuous improvement Advance Mordenisation 6 ANNUAL REPORT 2017
SMVAF PROFILE The Motor Vehicle Accidents Fund (MVA Fund) commenced operations under the fuel levy system on the 1st of January 1998. The MVA Fund was established by an Act of Parliament under the Motor Vehicle Accidents Act No. 13 of 1991 as the instrument by which the Government of Swaziland compensates road accident victims who have suffered bodily injuries or loss of support following the death of breadwinners. Between 1973 and 1986, compensation to road victims was operated by the Insurance Industry under Third Party premiums. Due to the horrendous and escalating accidents rate, the Insurance Industry was compelled to increase Third Party premiums by percentages that were high. The Government of Swaziland became concerned that most people would not afford Third Party cover and road victims could be left without compensation, hence the establishment of the MVA Fund as a fuel levy Fund. The fuel levy Fund has the same concept of Third Party insurance in that there are three people (parties) involved in this type of compensation. The MVA Fund is the first party who enters into contract with the driver/owner of the motor vehicle who is the second party. The second party (driver/owner) will pay to the first party, through a fuel levy, and the MVA Fund will then indemnify the second party against claims of Third FIRST PARTY DRIVER/ OWNER SECOND PARTY The Second Party pays a premium through fuel levy to the First Party for the benefit of the Claimant who is the victim of the wrongful conduct of the driver/owner of a vehicle. The MVA Fund therefore, indemnifies the Second Party against the actions of his/her victims Parties (road victims) who are injured or killed through fault of the second party. The mandate of the MVA Fund is, therefore, defined clearly in the Act as being “to provide for compensation for certain loss or damage caused unlawfully by means of motor vehicles and for matters incidental thereto”. Compensation under the fuel levy system is, therefore, a legal right deriving from the law of delict and founded on the juristic notion that if X commits a wrong against Y, which results in Y suffering damages (either by an act or by omission), then X is obliged by law to restore Y to his/her original position, or in other words, to compensate him or her. SMVA ROAD VICTIM CLAIMANT SINCEPHETELO MVA FUND 7
Page 1 and 2: RT MOTOR VEHICLE ACCIDENT SINCEPHET
Page 3 and 4: SINCEPHETELO MVA FUND SINCEPHETELO
Page 5: 06 Vision, Values, Mission Statemen
Page 9 and 10: MR. MARTIN SIMELANE CHIEF FINANCIAL
Page 11 and 12: has indeed yielded positive results
Page 13 and 14: the Fund as it entered into additio
Page 15 and 16: SINCEPHETELO MVA FUND SINCEPHETELO
Page 17 and 18: INCOME + INVESTMENT INCOME VS TOTAL
Page 19 and 20: 2014 2015 2016 ASSETS LIABILITIES A
Page 21 and 22: ANNUAL FINANCIAL STATEMENTS for the
Page 23 and 24: BANKERS INVESTMENT MANAGERS Postal
Page 25 and 26: We have audited the annual financia
Page 27 and 28: REPORT OF THE BOARD OF DIRECTORS fo
Page 29 and 30: STATEMENT OF FINANCIAL POSITION at
Page 31 and 32: STATEMENT OF CASH FLOWS for the yea
Page 33 and 34: continue to be different from US GA
Page 35 and 36: on the present value of expected cl
Page 37 and 38: is impaired. The amount of the prov
Page 39 and 40: pension fund exceed the contributio
Page 41 and 42: Test Discounted outstanding claims
Page 43 and 44: Profit or loss and/or Equity 2016 2
Page 45 and 46: NOTES TO THE ANNUAL FINANCIAL STATE
Page 47 and 48: NOTES TO THE ANNUAL FINANCIAL STATE
Page 49 and 50: Motor vehicle Freehold land and bui
Page 51 and 52: Newera Bonds The E35 832 876.71 bon
Page 53 and 54: Gratuity Gratuity is provided for i
Page 55 and 56: eserves are held, be consistent wit
Page 57 and 58:
Movement in the defined benefit obl
Page 59 and 60:
Designated at fair value Available
Page 61 and 62:
Less than 1 month or available/paya
Page 63 and 64:
18.2 Year end balances arising from
Page 65 and 66:
SINCEPHETELO MVA FUND 65
Page 67 and 68:
SINCEPHETELO MVA FUND 67
Page 69 and 70:
Designed and Produced by: BrandIn S
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