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

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.

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,