Tag archives: Insurance Act

A non-life insurer can insure its first-party risks

By Patrick Bracher (ZA) and Tristan Marot on June 13, 2023 Posted in Insurance

A March 2023 decision of the Financial Services Tribunal found that there is no implied prohibition in the Insurance Act on ‘traditional’ insurers (not cell) underwriting risks for both its own first party risks and third party risks. Abacus Insurance Limited (“Abacus”), a traditional insurer, holds a non-life insurance licence, permitting it to underwrite third … Continue reading

Conversion of non-life licence results in lapse of accident and health policies

By Patrick Bracher (ZA) on November 4, 2021 Posted in Insurance

Prior to conversion of its short-term licence to a non-life licence under the Insurance Act, 2017, the insurer underwrote accident and health policies with what are now both life and non-life risk components. Under the Insurance Act non-life insurers are only permitted to conduct accident and health policies insuring costs or loss of income (not … Continue reading

Litigation funding is not insurance

By Donald Dinnie on September 20, 2021 Posted in Insurance

In the High Court Steinhoff judgment, it was argued that the litigation funding agreement between the class representative and the funder was a contract of insurance in terms of which the funder provides indemnity insurance to the class representative in consideration for the funder being paid a premium, being a percentage of the ultimate reward. … Continue reading

Insurance Act assented by State President

By Patrick Bracher (ZA) and Adriaan Louw (ZA) on January 24, 2018 Posted in Insurance

On 18 January 2018, the Insurance Act was published in the Government Gazette after it had been assented to by the State President. It is known as the Insurance Act 2017. The Insurance Act, which was tabled in the National Assembly in January 2016 and completed its journey through the parliamentary process in December 2017, … Continue reading