Guidance on conducting insurance business in terms of section 5 of the Insurance Act

By Claudia Eisenberg Jackson on May 7, 2019

Section 5(1) of the Insurance Act 2017 prohibits any person from conducting insurance (including reinsurance) business in South Africa unless licensed under the Act. Under section 5(2), a foreign re/insurer will be regarded as conducting insurance business in South Africa if that foreign re/insurer, or another person on its behalf, directly acts in South in respect of the foreign insurance business. The wording of section 5(2) is wide and includes intermediary services performed on behalf…

Financial Institutions Legal Snapshot

Amended long-term insurance regulations

By Patrick Bracher (ZA) & Claudia Eisenberg Jackson on January 11, 2018

The amendments to the Long-term Insurance Regulations gazetted on 15 December 2017 became effective on 1 January 2018 with some later effective dates below. The corresponding amendments to section 49 of the Long-term Insurance Act 1998 (LTIA) also take effect on 1 January 2018. The changes to the Long-term Insurance Act Regulations include changes to the remuneration and practices for intermediary services for both investment policies and other policies, the remuneration for binder and intermediary functions, changes to other…

Financial Institutions Legal Snapshot

Amended short-term insurance regulations

By Patrick Bracher (ZA) & Claudia Eisenberg Jackson on January 11, 2018

The amendments to the Short-term Insurance Regulations gazetted on 15 December 2017 became effective on 1 January 2018 with some later effective dates below. Corresponding amendments required to the Short-term Insurance Act 1998 (STIA) also take effect on 1 January 2018. The majority of the changes to the Short-term Insurance Act Regulations relate to the circumstances in which an insurer may enter into a binder agreement, the respective rights and obligations of the insurer and binder holder, and…

Financial Institutions Legal Snapshot

New arbitration rules make arbitration more efficient and arbitrators more accountable

By Fabio Miceli & Claudia Eisenberg Jackson on September 8, 2014

The London Court of International Arbitration (LCIA) has revised its arbitration rules to make the arbitration process more efficient using requirements that include timetables, guidelines, emergency procedures and consolidation processes. These changes to the LCIA arbitration rules are in effect from 1 October 2014 and track the similar amendments to the UNCITRAL and the ICC rules introduced in 2010 and 2012. Changes Significant changes to the LCIA rules include: an obligation on the tribunal to…

Claudia Eisenberg Jackson

Guidance on conducting insurance business in terms of section 5 of the Insurance Act

Amended long-term insurance regulations

Amended short-term insurance regulations

New arbitration rules make arbitration more efficient and arbitrators more accountable

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