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Discovery Ltd (Discovery) is the sole shareholder of two companies: Discovery Life and Discovery Vitality (all three parties were the applicants). Discovery Life offers insurance and related cover, while Discover Vitality is primarily a wellness and rewards programme.
A 2016 ruling by the Johannesburg High Court that a living annuity cannot be taken into account for the purposes of calculating the assets on divorce has been overturned on appeal by the Supreme Court of Appeal (SCA). The SCA ruled in the case of Montonari v Montonari that the right to the income of a living annuity formed part of the assets of a marriage for the purposes of divorce.
Most insurance policies make cover conditional upon the insureds submitting their claims within specified times. One of the main rationales for this is that the insurer wants to be able to investigate the claim as soon as possible, while the evidence is available and the event is fresh in everyone’s minds.
What do you believe will be the biggest challenge when the COFI framework is finally implemented?