In this recent United Kingdom Supreme Court judgment discussed here, in addition to considering the meaning of “catastrophe” in the context of the Covid-19 losses and the treaty wording, the application of the “hours clause” was also considered.
The reinsurers argued that even if there was a catastrophe only business interruption
This recent United Kingdom Supreme Court Judgment considered whether under the relevant reinsurance program Covid-19 losses all arose out of or were directly occasioned by one “catastrophe”. If so, the losses could be aggregated so that the reinsurers would pay those claims under the relevant treaty terms.
The judgment contains an extensive review
Section 3(1)(a) of the Institution of Legal Proceedings against Certain Organs of State Act of 2002 stipulates that anyone who wishes to institute legal proceedings for the recovery of a debt against an organ of state must give notice of their intention to do so within six months after the debt becomes due. In a
This blog was co-authored by candidate attorney Eric Geldenhuys and Adrienne Cloete.
In February 2024, the Supreme Court of Appeal, in Lindsey v Conteh, considered the enforceability of foreign judgments in South Africa. The appellants sought to enforce two writs, one for possession of shares and one for execution of the monetary value of
In case you as an FSP missed it, FSCA Communication 13 of 2024 (FAIS) updates FSPs on the manner and process for future submissions of annual financial statements and other statutory returns required under section 19 of the FAIS Act and other applicable subordinate legislation. The communication includes a useful User Guide on the process.
A merger between two major international brokers led to two shareholder suits that were settled for an amount totaling $90 million. The attempt to recover the settlement amount from the insurer’s under the securities claim policy was excluded by the court by reason of the “bump-up” exclusion. It excluded from the definition of “Loss” “any
The Financial Services Tribunal reconsidered the dismissal of an application for a life insurance business licence and found that one of the significant owners was not fit and proper in the sense of having the necessary financial standing required to support the business of the insurer.
A family investment trust owned 30% of the issued
During the height of the 2020 Covid-19 pandemic, the employer, Concrete Lining Products, decided to close down operations from 25 March to 16 April 2020 whilst continuing to pay its employees in full for that period, with the amount paid to be offset against the employees’ annual leave for days not worked.
The applicant
The UK Court of Appeal was asked to interpret the phrase in a statute providing that no arrears of interest could be recovered after the expiration of six years from the date on which “the interest became due”. The question was whether the word “due” meant “owing” in the sense of a liability having arisen
The Australian government is considering the standardisation of the definitions in insurance policies sold to the public particularly of natural hazards such as ‘fire’, ‘storm’, and ‘stormwater and rainwater run-off’. The criteria for standardisation is whether the terms used are causing consumer confusion. Does the term relate to a significant area of coverage in the