English law relating to professional negligence draws an interesting distinction between whether the professional person is giving information or giving advice. This is not specifically part of South African law but it is relevant when considering liability, for instance, of brokers under the FAIS Act. The difference is between providing information for the purpose of
A previous draft of the Short-term Insurance Regulations included policy data administrative services (PDAS) as a service attracting remuneration of 2% of premium. This was left out of the final regulations.
According to the National Treasury Key Issues document ‘It has been decided, at this stage, to maintain the status quo by not classifying PDAS
The amendments to the Long-term Insurance Regulations gazetted on 15 December 2017 became effective on 1 January 2018 with some later effective dates below. The corresponding amendments to section 49 of the Long-term Insurance Act 1998 (LTIA) also take effect on 1 January 2018.
The changes to the Long-term Insurance Act Regulations include changes to
The amendments to the Short-term Insurance Regulations gazetted on 15 December 2017 became effective on 1 January 2018 with some later effective dates below. Corresponding amendments required to the Short-term Insurance Act 1998 (STIA) also take effect on 1 January 2018.
The majority of the changes to the Short-term Insurance Act Regulations relate to the
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
An intermediary for the purposes of the FAIS Act and the Short-term Insurance Act is someone who acts as a go-between interposed between a client and product supplier whose acts directly result in a financial transaction, for instance a policy, being entered into. That means that someone supplying leads that may indirectly result in a