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Although the actual commencement date of the Protection of Personal Information Act No. 4 of 2013 (POPI) is yet to be determined by the President, it has been made very clear that when this date is confirmed, organisations will have one year to demonstrate compliance with this legislation.
The object of insurance is to protect the insured’s interest in something, be it a life or a physical item. The general view is that, with indemnity insurance, only a person with an insurable interest will have a claim if the object of the risk is damaged or destroyed. This is not a statutory requirement, so is it a requirement at all?
When we drop off our kids at school, we assume that we are entrusting them to a safe environment which poses little risk of their lives being in danger. However, this is not always the case, and brokers have an important role to play in ensuring that schools are sufficiently covered against unlikely circumstances.
One of the sectors within the financial services industry which is undergoing major reform is the retirement industry. The Financial Services Board (FSB) is implementing regulation which hopes to improve the way in which consumers retire, as well as protecting them from some unscrupulous investment managers.
The strongest deterrent against FSP compliance missteps is or should be: