What constitutes a decent needs analysis? When the “Treating Customers Fairly (TCF)” outcomes framework were first released in many insurance jurisdictions including the UK and South Arica, outcome four stood out the most, as it appeared to change the current status quo within our intermediated environment. Obligations under the Financial and Intermediary Financial Services legislation […]
South Africa is introducing “Twin Peaks” regulatory model
Financial services firms need to prepare for change Two major insurance jurisdictions in the Insurance world have converted their regulatory regimes to what is now known as the “Twin Peaks” model with two independent centres of regulation. One deals with the prudential issues which is the financial health of the company and the other deals […]
Danny’s Interesting liability claim
A quick agreed settlement is usually the best option for both parties The law is not always what we see on television with spellbinding facts, drama in the court room and lawyers cross examining witnesses. It is normally regulatory applications, technical notices and lots and lots of documents. But there are occasions where really interesting […]
How fair is Insurance Law when it comes to non-disclosure at sales stage
Voided Life Insurance policy causes public outcry in South Africa The public media in South Africa has exploded with fury and emotion this month when a Life Insurance Company voided a policy and declined a claim on the basis of a non-disclosure of a material fact when the Insured took out the policy. This fact […]
The value of Alternative dispute resolution with large claims
Any senior claims officer working for an insurance company will know that when a large claim is not dealt with the way the client or broker would like, immediate complaints are registered and if a reduced offer, delayed settlement or especially when a rejection of the claim occurs, immediate threats of litigation or a dispute […]
The Value of a Broker in an Insurance Transaction
A good broker can be crucial to a business getting the right cover In many of the developed countries, specifically in Personal Lines insurance, many policyholders are choosing to do Insurance direct with Insurance Companies rather than use the services of an intermediary or a broker. Direct Insurers have grown substantially over the last decade […]
Guarantee Policies: how do they differ from the normal Insurance policy
Understanding when to take out a Guarantee Policy Most short term insurance policies, while insuring different risks have a similar legal format. In return for the payment of a premium, the insurer agrees to accept a certain risk that the insured client has. The risk is not a certain one and in almost all cases […]
What is the best route for regulating the insurance industry?
The cases between government or industry self regulation In the insurance industry today, there is quite a lot of debate as to what is the more effective route to go with respect to making sure there is fairness and good governance within the short-term insurance industry. Is regulation and legislation from the regulator and parliament […]