The High Court confirms a Tribunal decision that the appointment of directors of insurance companies can be regularised retrospectively. It underscores that section 14 of the Insurance Act does not require the Prudential Authority’s pre-approval.
The judgment confirms that the Tribunal acted within its authority when it reduced a penalty imposed by the Prudential Authority on two state-owned insurers.
The FSCA has raised the maximum daily penalty for late submissions under insurance legislation by 4.39%.
The FSCA fines Kings International Removers R1.1 million and debars its owner for eight years.
The High Court confirms the Prudential Authority’s right to challenge Tribunal decisions while affirming the limits of retrospective penalties.
The annual benefit escalations for policies that fall under the Demarcation Regulations.
When seeking compensation from an insurer because of alleged third-party negligence, the best course of action is to pursue the matter in court, the National Consumer Tribunal says.
The penalty is R8 215 a day, in terms of the Long-term Insurance Act or the Short-term Insurance Act.
Independent intermediaries must adhere to the conditions if they want to rely on the exemptions from the regulations under the Short-term and Long-term Insurance Acts.
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