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Most insurance companies acknowledge that major change is coming and the insurance world is excited about the changes that InsurTech may bring. Recently we have seen reports in the media that local insurance companies are spending significant amounts of money in partnering with various InsurTech companies in an effort to embrace the changes. InsurTech is effectively the use of technology to innovate and facilitate efficiency and cost savings in all areas of the insurance industry. It has…
Minority shareholders are not without recourse when they have suffered from oppressive or unfairly prejudicial conduct by the majority. The minority shareholder can approach the court for an order for the company to buy back their shares. The Companies Act 2008 provides for the business and affairs of a company to be managed by or under the direction of its board (and not its shareholders). The reasons for this are self-explanatory as the identities of…
Creditors of a company in business rescue do not have an unfettered vote to reject a proposed business rescue plan because their vote may be set aside by a court if it is inappropriate. The Supreme Court of Appeal in Firstrand Bank Ltd v KJ Foods CC considered the meaning of ‘inappropriate’ relating to business rescue plans in the Companies Act 2008. Business rescue plans are adopted if supported by the holders of more than…
Payments to third parties do not qualify as a “loss” under commercial crime policies because such payments are not an “unlawful taking” by the employee. The United States District Court (New Jersey) recently had occasion to consider the interpretation of two commercial crime policies. The policies covered losses for “employee theft” stating that: “We will pay for the loss of or damage to ‘money’, ‘securities’ and ‘other property’ resulting directly from ‘theft’ committed by an…