The prescribed rate of interest changed with effect from 1 May 2022 to 7.75% per annum. The previous rate was 7.50%.
According to the Prescribed Rate of Interest Act, interest on debts where no rate is prescribed is calculated at the repo rate plus 3.50%. The prescribed rate of interest applies to all debts unless
This blog was drafted by John Bell, Director.
The approval of schemes of arrangement in terms of section 115 of the Companies Act, 2008 is becoming more prevalent in the field of mergers and acquisition as well as financial restructurings. They are as such receiving more scrutiny from our courts.
In a recent matter the
In this matter the question arose whether there had been a material non-disclosure of a refusal by an insurer to insure.
The relevant insurer had declined to furnish a quotation.
In proposing for the insurance, the insured had been asked four questions which the court categorised as referring to the insurance cover in existence at
An Australian court found that the definition of insured property in an all-risks policy covering money losses did not include a loss suffered by the insured operator of automatic teller machines did not cover losses in its bank account. The claimant blamed the defendant security company for the losses and sought join their Lloyd’s insurer
This no-fault compensation scheme previously discussed here, has now amended regulations and directions published on the 4th April 2022, available here.
The purpose of the Scheme is to provide expeditious and easy access to compensation for persons who suffer from a Covid-19 Vaccine Injury caused by the administration of an improved Covid-19
A court ordered a life company to transfer a portfolio of funeral business to the new life underwriter when the independent intermediary terminated its relationship with the company and moved the business to another life insurer. The court held that once the intermediary agreement between life insurer and intermediary was terminated, the parties were restored
The Supreme Court of Appeal has reaffirmed that the making of regulations by a Minister acting in terms of a statute constitutes administrative action within the meaning of the Promotion of Administrative Justice Act, 2000. This means that such regulations can be challenged if they are outside the powers of the Minister under the enabling
This blog was co-authored by: Preshanta Poonan, associate designate.
South African businesses are required by law to retain a multitude of records depending on the relevant legislation and the industry or business. Since South Africa’s Protection of Personal Information Act, 2013 (POPIA) enactment, there has been much uncertainty surrounding retaining information in South Africa.
POPIA
In this recent Australian judgment dealing with broker liability, in which the broker ultimately conceded a breach of a duty of care of the insured to draw to their client’s attention a policy exclusion relevant to the insured’s pool for which the claim was made when the empty pool lifted, the court held that despite
A self-insured retention is the amount of loss that a policyholder must pay out of pocket before coverage kicks in.
In this judgment Colonial Pipeline Company v AIG Specialty Insurance Company, 1:19 –cv-762-MLB (US District Court Georgia, the policy included a US$10 million self-insured retention. The insurer would “pay covered Loss, in excess