Legal Affairs

Insurers, settlement agreements and fraud

Insurers should remember that, in the absence of fraud, settlement of an ill-founded claim is nonetheless binding and if you settle despite a reasonable suspicion of fraud you will be bound by the settlement.

What is a direct financial loss in a fidelity claim?

Contracting with a trust

Ideally, when you contract with a trust, the agreement should be in the name of the trustee or trustees acting on behalf of the named trust. But where the trust is named as a party to the contract that does not render the contract invalid.

You can have TCF compliant products but be fined for treating customers unfairly

South African insurers must take cognisance of the importance of Treating Customers Fairly and the handling of complaints. Lloyds Banking Group has been fined £117 million in the UK for failing to fairly handle payment protection insurance (PPI) complaints.