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 […]
China’s Billions of Dollars Support to Africa
China’s Billions of Dollars Support to Africa: Assistance or Intervention? China has recently pledged an extra $60bn for Africa’s development. What is China’s interest in pouring these significant funds into Africa? China has promised to invest billions into Africa, but what is it investing in? Naturally one would assume that China is funding mostly infrastructure […]
Focus on AFRICA – Where cash is still king
Cash: good or bad thing? The use of cash as a payment method is still very popular in Africa and makes up a significant proportion of the transactions made throughout the continent. Governments don’t like this level of cash payments, as it has potential to be used as a means to under-declare income and avoid […]
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 […]
World Bank considers suspending funding to Tanzania over changes in the Statistics Law
Klapton’s RUC* Committee reviewed the global lending institution statement that the law would undermine the production of useful and high quality data. The Tanzania lawmakers passed amendments to the Statistics Act that would impose fines, at least three years jail time, or both, on anyone who questioned the accuracy of official figures. Tanzania attorney general […]
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 […]
Introducing: Quest Partnership – Klapton’s Global Claims Manager
Klapton’s trusted claims expert for over 5 years Peter Mann is the sole owner of The Quest Partnership which was founded in 1991. Like many good and trustworthy businesses, Peter has been at the helm ever since and Quest have handled over 66,000 assignments during that time. Their specialization is legal liability evaluation combining a […]
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 […]