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Pharmacogenetics is the study of how genes affect a person’s reaction to medicines. The combination of pharmacology (the science of drugs) and genomics (the study of genes and their functions) leads to the development of medications that will be effective and safe, as they will be tailored to a person’s genetic make-up. A small blood or saliva sample can help determine: Whether the medication can be effective treatment for you; What dosage is best for…
In a precedent setting judgment, the Supreme Court of Appeal in Drake Flemmer & Orsmond Inc & Another v Gajjar NO [2017] ZASCA 169 (1 December 2017) pronounced on the principles applicable in respect of assessment of contractual damages arising from breach of mandate by an attorney. The court had to determine at what date damages against the attorneys for professional negligence should be assessed. Click here to read MORE Insurance Sector Team Members: Partners:…
The proposed amendments to the regulations of the Long-term Insurance Act, 1998 and Short-term Insurance Act, 1998 are out for comment with submissions due on 23 April 2018. It is envisaged that the proposed regulations will come into effect on 1 July 2018, which is in line with the proposed effective date of the Insurance Act, 2017 (Insurance Act). The Insurance Act, will repeal all the prudential sections of both the Long-term Insurance Act, 1998…
Pennsylvania motor insurers included in their policies a so-called “widow’s penalty” under which a widow or widower is charged a higher rate after the death of the spouse solely based on the change of her or his marital status. Motor insurers produced statistics to the effect that single drivers incur higher claims costs on average than married drivers. In the absence of statistics that this applies to widows and widowers, the regulator refused to allow…
The expanding regulatory framework has led to the increase of niche insurance products to cater for risks such as cyber liability and business rescue. The Consumer Protection Act and the Protection of Personal Information Act also add to the growing list of insurable risks. Liability insurance will gain importance as increased consumer awareness leads to more litigation, including class actions. Niche risk management provides opportunities for expert intermediary services, with more clients willing to pay…
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. From March 2012 to May 2013 Lloyds Banking assessed customer complaints relating to 2.3 million PPI policies and rejected 37% of those complaints wrongly. South African insurers must make sure that they handle customer complaints fairly…
This is a reminder that a person (company or individual) who enters into, or purports to act for, a company still to be incorporated under the Companies Act 2008 is jointly and severally liable for liabilities under the pre-incorporation contract if the entity is not incorporated or doesn’t fully adopt the pre-incorporation agreement. Section 21 of the Companies Act 2008 changed this law. A person signing the pre-incorporation contract is liable to the extent that…
The South African insurance regulator has published a governance and risk management framework for insurers. For a snapshot view, here are ten things to know about the new framework. The Governance and Risk Management Framework takes effect on 1 April 2015. A governance framework must be adopted by insurers to ensure the prudent management and oversight of their insurance business. The governance framework must be proportionate to the nature, scale and complexity of the insurer’s…
1. The Governance and Risk Management Framework takes effect on 1 April 2015. 2. A governance framework must be adopted by insurers to ensure the prudent management and oversight of their insurance business. The governance framework must be proportionate to the nature, scale and complexity of the insurer’s business. The governance framework applies to both short-term and long-term insurers. 3. The board of directors of an insurer must at all times consist of a sufficient…
There are only two grounds on which a bank that issues an on-demand guarantee can refuse to pay the amounts guaranteed, namely fraud or if the demand for payment does not comply with the requirements of the guarantee. Otherwise banks are required to honour the obligations they have assumed in terms of demand guarantees issued by them. Any dispute between the parties to any underlying contract is irrelevant. The most recent case is State Bank