In January 2025 the High Court upheld the findings of the Financial Services Tribunal and found that section 14 of the Insurance Act of 2017 does not require the prior approval by the Prudential Authority of the appointment of a director. Prudential Standard GOI 4, which requires the Prudential Authority to “approve directors and auditors before they
The Prudential Authority imposed administrative penalties on two insurance companies for late notification of termination of director appointments, as required by section 16 of the Insurance Act of 2017. The penalties imposed were globular and not specific to the various alleged contraventions of the Act. In January 2025 the High Court upheld the findings of the
This blog was co-authored by Adrienne Hendricks, Candidate Attorney.
The Prudential Authority (the Authority) applied for provisional sequestration of the respondents’ joint estate under sections 83(3)(b) and 84(1A)(c) of the Banks Act (the Act).
The respondents participated in the Travel Ventures International Scheme for which they marketed significantly discounted travel vouchers for international travel and
This blog was co-authored with Maano Manavhela, Candidate Attorney.
In this case, the applicant (Eskom’s captive non-life insurer) applied to the Financial Services Tribunal for the reconsideration of a R5 million penalty imposed by the Prudential Authority. The insurer was fined R5 million for contravening the Insurance Act and two of the Prudential Authority
An October 2021 decision of the Financial Services Tribunal upholding an administrative order, a directive, and a penalty by the Prudential Authority is worth noting. The Tribunal held there was no basis for successfully challenging the penalty for an intergroup loan arrangement not recorded in writing and for unjustified dividends paid.
A small licensed life
Most sections of the Financial Sector Regulation Act 2017 were brought into force from 1 April 2018. This step was anticipated as the first step towards the commencement of the new Insurance Act on 1 July 2018.
By a two-step process the Minister was empowered in a Gazette of 29 March 2018 to make regulations,