A neat description of subrogation appears in a recent UK case:
‘The concept of subrogated rights is well known. If a party is insured against an insured risk, and that risk eventuates and causes loss, the insurer will make good to the insured party the loss suffered as a result of the occurrence of the
A jury in England has found four individuals and the firm providing loss adjusting and claims management services guilty on charges of unlawfully disclosing personal data that was illegally obtained regarding the financial information of a number of individuals including details of their banking transactions.
The firm used private investigators who obtained and disclosed the
New draft premium collection legislation
The National Treasury has published draft regulations for comment by 23 April 2018 regarding the collection of premiums by intermediaries (short-term and long-term premiums). The draft regulations require detailed premium collection authorisations by insurers to intermediaries. The proposed regulations also require a separate bank account for premiums received and require
A recent UK decision made some interesting remarks regarding the interpretation of an insurance policy which should be no different in South Africa:
When a patient’s brain injuries diminishes their awareness and full appreciation of their pain and suffering, an award for general damages is appropriate if the patient experiences intermittent periods of heightened awareness.
When determining the amount to be awarded for general damages, our courts prefer a flexible approach. The award should be determined by the
The Mozambican commercial code provides that a loan with a maturity of 1 year or more, made by a third party who later becomes a shareholder of the borrower via equity subscription, becomes a shareholder loan. This has enforcement consequences for the lender, subordinates the loan and affects set-off because of the connection between the
South African asset managers must register as financial service providers (FSPs) with the Financial Services Board (FSB) under the Financial Advisory and Intermediary Services Act (FAIS). Any person carrying on asset management business in South Africa, or from abroad directed at South African clients, whether in a discretionary or non-discretionary
Where a motor policy excluded coverage ‘for any vehicle located inside a racing facility for the purpose of … or participating in any driving school, driver training or skills training’ the court refused the insured an indemnity to cover a crash at a motor racecourse skills-training event. The insured crashed while he was instructing a
The failure to comply strictly with formalities and other procedural requirements imposed by a statute does not necessarily lead to invalidity. Even where the formalities required by statute are peremptory it is not every deviation from the literal prescription in the statute that is fatal.
The question remains whether, in spite of the defects, the
Our law recognises that an agreement can be concluded tacitly to replace a previous agreement and a non-variation clause does not preclude the parties from doing so. This principle was recently confirmed by the Supreme Court of Appeal.
In Ocean Echo Properties v Old Mutual the parties were contracting under a lease. The landlord sued