"Its main purpose is to protect policyholders who may only learn at the claims stage that some funeral policies may not pay out because of the limits that apply when they hold multiple funeral policies with the same insurer," says Christine…
"The COFI Bill introduces enhanced governance standards for retirement fund boards. Trustees and other key persons will be subject to expanded “fit and proper” requirements, including standards of honesty, integrity, competence and relevant…
"The decision illustrates a compelling and justified application of the Court's discretion in circumstances of prolonged and unexplained delay. Several years had passed without any concrete progress being made and without justified reasons.…
"This judgment is significant for the regulation of professionals in South Africa. It affirms that the disciplinary decisions of professional regulators constitute administrative action subject to judicial review under PAJA, ensuring that members…
The Financial Sector Conduct Authority has announced that it has commenced the licensing process for crypto asset service providers under the Financial Advisory and Intermediary Services, having received a total of 533 CASP licence applications,…
The Financial Sector Conduct Authority (FSCA) and the Prudential Authority (PA) have jointly published their inaugural report, Artificial Intelligence in the South African Financial Sector which provides the first comprehensive overview of…
"The court found in favour of the insurer and held that "the Firearms Exclusion unambiguously barred coverage, and the insurer had no duty to defend or indemnify the insured in the underlying lawsuit," says Mtho Maphumulo, Partner in the Insurance…
"The Financial Services Tribunal's decision in Sehlabaka v The Pension Funds Adjudicator & Others delivers a stern reminder: the three-year time limit for filing complaints with the Pension Funds Adjudicator ("the Adjudicator") is not a flexible…
"The decision underscores the importance of transparency and accountability in executive decision-making, particularly in matters of significant public interest such as the NHI," says Mtho Maphumulo, Partner in the Insurance and Financial Sector…
"The Defendants' attempts to avoid liability were rejected as lacking credibility and contrary to the weight of the evidence. Judgment was accordingly granted in favour of the Plaintiff for the full amounts claimed," writes Mtho Maphumulo, Partner,…
Mtho Maphumulo, Partner in the Insurance and Financial Sector Practice, Adams & Adams shares his insights on the complexities and challenges faced by a policyholder when their insurance claim was repudiated, and also dismissed by the courts. a…
The Financial Sector Conduct Authority (FSCA) stated that it had also debarred Mr Peterson for a period of 5 years and Mrs Peterson for a period of 10 years following an investigation by the FSCA into complaints it received from their clients.
"As at 30 June 2024, the FSCA has said it had approved a further 63 licence applications, bringing the number of licensed CASPs in South Africa to 138. The total number of applications received to date is 383, of which five have been declined,"…
"While aggregate systemic risk scores increased slightly at year-end 2023, the interim GME analysis found stable solvency, liquidity and profitability positions in 2023, reflecting the overall financial stability of the insurance sector," says…
Insurance Biz is a New Africa Busines News Services (NABNS) publication launched in 2013 to focus on the insurance industry, investments, financial planning, employee benefits etc. It remains a great resource of news for industry professionals, and for those who seek to learn about the financial sector developments.
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