Legal Affairs / General

Progressive changes for the retirement fund industry in FSCA draft Conduct Standards

Refund of overpayment of insurance benefit because error was excusable

An insurer (like any other erroneous payer) can recover a benefit erroneously paid under an insurance policy if its conduct in making that payment was not inexcusably negligent.

Insurance renewal not concluded by emails in the absence of clear acceptance (Aus)

When a fire and other perils policy came up for renewal on 24 August 2018, the insurer and the insured’s broker exchanged emails regarding renewal terms and hold-covered arrangements. The Victoria Supreme Court in Australia found that cover had not been renewed nor extended because the insured had not unequivocally accepted the renewal terms nor reacted to the hold-covered offer. The insured was therefore not covered for a fire which occurred (as fate so often has it) on 30 August 2018.

Equitable Jurisdiction: The Pension Funds Adjudicator cannot make orders disregarding statutory provisions

Since 1 April 2019, the Pension Funds Adjudicator has been empowered to apply the principles of equity in dealing with complaints. The concept of an equity jurisdiction has raised concerns in the industry due to its discretionary nature.