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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?
Most global economies rely on foreign direct investment in order to maintain the sustainability of key industries. This investment is dependent on regulation as investors tend to shy away from countries which restrict freedom of operations.
The Protection of Personal Information (POPI) Bill, the proposed data protection law, and the Protection of State Information Act, or the so-called Secrecy Act, should not be confused, as we are referring to two different sets of regulation.
Being a young financial advisor entering the financial services industry in South Africa, has its fair share of challenges, but definitely some advantages too. The profession is intellectually stimulating, there is a degree of independence and it is financially rewarding.
If you had to hazard a guess, when do you reckon the COFI Bill will be signed into law?