Tag archives: Intermediary services

Difference between advice and information provided by a professional (for example a broker) – English law

By Patrick Bracher (ZA) on April 23, 2019 Posted in Insurance

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 … Continue reading

What happened to policy data administration services?

By Patrick Bracher (ZA) on January 18, 2018 Posted in Insurance

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 … Continue reading

Amended long-term insurance regulations

By Patrick Bracher (ZA) and Claudia Eisenberg Jackson on January 11, 2018 Posted in Insurance

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 remuneration and practices … Continue reading

Amended short-term insurance regulations

By Patrick Bracher (ZA) and Claudia Eisenberg Jackson on January 11, 2018 Posted in Insurance

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 circumstances in which … Continue reading

Opportunities for intermediaries and niche insurance products

By Christine Rodrigues on August 18, 2015 Posted in Insurance

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 … Continue reading

Is providing leads an intermediary service?

By Patrick Bracher (ZA) on January 26, 2014 Posted in Banking, Insurance

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 … Continue reading