The Intergovernmental Fintech Working Group (IFWG) has published a new blog on Open Finance, noting that South African regulatory authorities have started looking at open finance as it relates to their respective mandates.
What is open finance? The premise of “open finance” is to give customers the ability to access and share their own
In this case the insured sued the primary insurer and SASRIA in the alternative in seeking an indemnity for its underground mining earthmoving equipment irreparably damaged when the mine in which the equipment was operating was flooded.
The primary policy excluded the SASRIA perils. The SASRIA policy covered a labour unrest peril.
The question was
In this judgment, the policyholder unsuccessfully argued that the Prescription Act did not apply because the insurer was confined to the time-bar clause in the policy which provided for a period of prescription from the date of the rejection of the claim and because no rejection was ever issued, the clause could not be
This article was co-authored by: Kristen de Wet, Candidate Attorney
The deputy governor of the South African Reserve Bank (SARB) has confirmed that the trading of cryptocurrency in South Africa will be regulated within the next 12 to 18 months from 12 July 2022.
The use of cryptocurrency in South Africa is prevalent and recent
This blog was co-authored by: Anitah Ndhlovu, Candidate Attorney
When a man was shot outside a food store, the wife sued the store’s operator and sought the benefits of the store’s insurance liability policy. The claim failed because of two exclusions, namely an assault and battery exclusion and a weapons exclusion.
The policy indemnified “
This blog was co-authored by: Anitah Ndhlovu, Candidate Attorney
The insured, under a homeowner’s insurance policy, lived in a house with their 18 year old daughter, an “insured” under the policy, who ignited her father’s bedspread intending to make him mad. She could not put out the fire which destroyed the house. The
This blog was co-authored by: Felix Le Roux, Candidate Attorney
In the June 2022 case of Tsogo Sun Caledon (Pty) Ltd and Others v Western Cape Gambling and Racing Board and Another, involving a decision of a gambling board to impose conditions in respect of gambling licences, the Supreme Court of Appeal said the
The quality of the drafting of a policy may be taken into account when construing its terms:
“The policy should be construed as a whole … It should not be approached by isolating particular fragments or disregarding its overall character … This also requires consideration of the style, layout, language and structure of the instrument.
This blog was drafted by: Tameez Casoo, candidate attorney
The Constitutional Court judgment in the case of Land Access Movement of South Africa and Others v Chairperson of the National Council of Provinces and Others 2016 (10) BCLR 1277 (CC) (LAMOSA) has had an effect on restitution claims lodged between 1 July 2014
Environmental, social and governance issues are playing and will play an increasingly important role in the South African insurance sector which should be proactive in contributing to, influencing and being part of ongoing discussions on integration of ESG principles into risk management, underwriting, capital adequacy processes, investment decision making, underwriting and underwriting disclosures, capital adequacy