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Annuitisation of provident funds to proceed on 1 March 2016

01 December 2015

The National Assembly recently approved the Taxation Laws Amendment Bill which confirms that from 1 March 2016 future retirement savings in provident funds will be subject to compulsory annuitisation (as pension funds savings already are), but importantly also confirms that this will not interfere with members’ rights in relation to savings up until that date.

Damaged premises not covered for aesthetic improvements

25 November 2015

Although the carpets, wallpaper, woodwork and other items were not damaged in a water leak event, the insured claimed the cost of replacing them to achieve “aesthetic uniformity” with other components of the building repaired or replaced by the insurers. A Florida court held that the amounts were not claimable from the insurers because they did not sustain direct physical loss or damage.

Non-disclosure, misrepresentation and waiver of the insurer’s right to avoid the policy

23 November 2015

In an English court judgment in Brit UW Limited v F&B Trenchless Solutions Limited the insurer successfully sought a declaration that avoided a contractor’s combined liability policy.

To disclose or not to disclose? That is the question

20 November 2015

Non-disclosure is a significant problem in the industry. A fine line often exists where the client is not exactly sure what constitutes disclosure and non-disclosure. Where do we stand?

quick poll

Question

The strongest deterrent against FSP compliance missteps is or should be:

Answer

A criminal conviction Debarment Fine or penalty Any of the above can work

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