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It is not only in South Africa that the cost of medical negligence lawsuits is draining the health service. There are calls in Britain for reform to help protect the National Health Service from pay-outs which hit GBP1.4 billion in the fiscal year ending March 2016 alone.
It has been reported (Law360) that the International Association of Insurance Supervisors has urged governments to make sure that insurers selling basic cover to the world’s poorest communities keep their products simple to prevent misselling and to avoid excessive costs.
The English Court of Appeal has spoken in the 2017 matter of Ted Baker PLC and Another v AXA Insurance UK PLC and Others and it would be remiss of both insurers and insureds not to take note of the “duty to speak”.
State capture, growing public discontent fuelled by social media at the activities of private companies and the need for ethical business practices all present significant implications for directors and for insurers who provide directors and officers liability insurance.
If you had to hazard a guess, when do you reckon the COFI Bill will be signed into law?