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Aircraft fire claim 26 years late

12 January 2016 | General

A Cameroonian insurer waited 26 years too long to file a subrogated lawsuit claiming $154 million from The Boeing Co and the engine manufacturer after a 1984 fatal fire on a Boeing plane.

Protection of Investment Act 2015 assented to

12 January 2016 | General

The President has assented to the Protection of Investment Act 2015 and the Act has been published for general information.

Avoiding a policy for innocent over-valuation

06 January 2016 | General

Innocent over-valuation of insured property may entitle insurers to avoid a policy on grounds of material non-disclosure. There are no South African judgments on the point but an English court, dealing with a claim for a constructive loss of a super-yacht, “The Galatea“, reluctantly confirmed it was possible.

PMB coverage in medical scheme rules is a matter of public policy

06 January 2016 | General

Medical scheme rules may have no application if they fail to fulfil statutory law. The relationship between medical schemes and their members is not only governed by the medical scheme rules but primarily by obligations imposed by statute.

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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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