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Pension funds and commercial transactions

02 August 2017

While section 197 of the Labour Relations Act, 1995 deals with transfers of a business as a going concern, the impact of the section 197 transfer on employee benefit schemes becomes a key focus in the transfer. If transferring employees are able, following the transfer, to remain contributing members of their existing pension fund, then no difficulties arise. However, often, this is not possible.

‘Due observance’ and ‘condition precedent’ policy terms

24 July 2017

A Singapore High Court held that a clause in a policy that ‘due observance and fulfilment of the terms provisions and conditions of this policy insofar as they relate to anything to be done or not to be done by the insured … shall be conditions precedent to any liability to make payment’ will not be given effect to if it would give rise to an absurdity and deny cover for the very risks insured.

Breach of policy requirement not to settle or disclaim liability does not include plea in criminal proceedings

14 July 2017

An insurer in Singapore alleged that the insured had breached the obligation not to ‘make any admission in connection with any claim’ by pleading guilty to five charges of failing to comply with fire regulations. The defence was rejected on the basis that a person’s unfettered freedom of choice as to how to plead in criminal proceedings is highly important. Any restraint imposed on that freedom of choice by a condition in a contract is contrary to public policy and cannot be construed that way.

Petya or NotPetya – under POPI you must report

04 July 2017

Barely recovering from the WannaCry ransomware attack, many across the globe now have to deal with the latest ransomware attack, NotPetya. Originally thought of to be the Petya ransomware for making money, security analysts quickly realised that the current cyber-attack was not designed to make money. It appears that NotPetya has actually just been designed to cause maximum damage, while disguising itself as ransomware.

quick poll

Question

Do you think short-term insurance broking will survive the AI plus humanoid robotics age?

Answer

Human first always Not a chance Possibly maybe Yes, but reimagined

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