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New limits for Credit Life Insurance premiums

21 February 2017 | General

On 9 February 2017, the Minister of Trade and Industry published the final Credit Life Insurance Regulations (Regulations) under Government Gazette Notice No. 40606 of 2017. Up until now, credit life insurance has been largely unregulated by the National Credit Act, No 34 of 2005 (NCA) and this has resulted in many credit providers charging customers high insurance premiums. This is all due to change with a new set of Regulations to be welcomed by consumers of retail credit.

Interest free loans to trusts

20 February 2017 | General

New tax provisions, set out in section 7C of the Income Tax Act, 1962 (“Act”), relating to interest free or low interest loans to trusts come into effect on 1 March 2017. The new law applies to any loan, advance or credit (“loan”) made to a trust by:

Notification of event likely to give rise to a claim requires at least 50% chance of claim (UK case)

17 February 2017 | General

The policy obliged the insured to ‘give notice in writing to the insurer as soon as possible after the occurrence of any event likely to give rise to a claim with full particulars thereof’. An employee was injured at work using a gun for attaching wire together on 22 September 2011. At the time of the accident it was not asserted that the manufacturer of the gun was to blame. A letter of demand in this regard was only received by the manufacturer on 18 July 2013. On 22 July 2013 the manufacturers notified their broker of the threatened claim who in turn notified the insurer.

The devil is in the detail: National minimum wage

14 February 2017 | General

Deputy President Cyril Ramaphosa last week announced that representatives of government, business, the community sector and two of the three labour federations represented at The National Economic Development and Labour Council (Nedlac) have concluded an agreement on the introduction of a National Minimum Wage (NMW).

quick poll

Question

What do you believe will be the biggest challenge when the COFI framework is finally implemented?

Answer

The cost and complexity of relicensing Demonstrating customer outcomes through data and reporting Embedding a customer-first culture across the business Aligning existing compliance frameworks with COFI requirements

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