South Africa and global insurance, financial institutions, banking and general law know–how
Pennsylvania motor insurers included in their policies a so-called “widow’s penalty” under which a widow or widower is charged a higher rate after the death of the spouse solely based on the change of her or his marital status.
Motor insurers produced statistics to the effect that single drivers incur higher claims costs on average…
The expanding regulatory framework has led to the increase of niche insurance products to cater for risks such as cyber liability and business rescue. The Consumer Protection Act and the Protection of Personal Information Act also add to the growing list of insurable risks.
Liability insurance will gain importance as increased consumer awareness leads to…
South African insurers must take cognisance of the importance of Treating Customers Fairly and the handling of complaints. Lloyds Banking Group has been fined £117 million in the UK for failing to fairly handle payment protection insurance (PPI) complaints.
From March 2012 to May 2013 Lloyds Banking assessed customer complaints relating to 2.3 million PPI…
This is a reminder that a person (company or individual) who enters into, or purports to act for, a company still to be incorporated under the Companies Act 2008 is jointly and severally liable for liabilities under the pre-incorporation contract if the entity is not incorporated or doesn’t fully adopt the pre-incorporation agreement.
1. The Governance and Risk Management Framework takes effect on 1 April 2015.
2. A governance framework must be adopted by insurers to ensure the prudent management and oversight of their insurance business.
The governance framework must be proportionate to the nature, scale and complexity of the insurer’s business.
The governance framework applies to both…
There are only two grounds on which a bank that issues an on-demand guarantee can refuse to pay the amounts guaranteed, namely fraud or if the demand for payment does not comply with the requirements of the guarantee. Otherwise banks are required to honour the obligations they have assumed in terms of demand guarantees issued…
Cyber-risk has become the most significant concern for today’s boards. How does a company protect itself and how does a board deal with it?
Cyber-risk forms an important part of an organisation’s risk management concerns. Wise companies have a chief risk officer or a special committee of the board that deals with this type of…
The South African market should not take Treating Customers Fairly lightly. The Financial Conduct Authority (FCA) fined Swinton Group Limited £7.4 million for an aggressive sales strategy that resulted in the mis-selling of monthly add-on insurance products.
The FCA has now also fined three former executives of Swinton £928 000. The executives have been banned…
Regulation 6.6 of the Short-term Insurance Act requires an insurer to give notice to the Financial Services Board (FSB) 60 days before the termination date of a binder agreement (the form of the notice is in Annexure A of Directive 151).
Directive 151 mistakenly stipulates that notice must be given 40 days before the termination…
