The next edition of our Leppard Underwriting Newsletter is now available and deals with Attorney’s Professional Indemnity and more specifically, highlighting the importance of having TOP UP cover over and above the AIIF.
This newsletter is focused at Insurance Brokers and the need for them to have proper insurance cover in place.
An Insurance Broker provides specialist advice to their clients and as such, must ensure that they always act in the interests of their clients and maintain a high degree of care and skill.
WHY DO TRAVEL AGENTS & TOUR OPERATORS REQUIRE PI INSURANCE
Professional Indemnity Insurance provides financial protection to Travel Agents & Tour Operators against claims brought against them for alleged negligence or breach of duty arising from an act, error or omission in the performance of their professional services.
All types of businesses no matter the area of speciality have the potential to harm people or property. We find ourselves in an extremely litigious society and thus it is paramount that a business understands it’s risks and ensures it has adequate public liability insurance in place.
A fairly quiet two months, with nothing that exciting to grab our attention. Probably just as well, as we should all be hard at work getting the new FAIS and Fit and Proper requirements in place, as well as the Policyholder Protection Rules.
This month we remind you of some matters that are about to come into operation. We first drew your attention to these issues late last year, and by now you should have familiarised yourselves with them. If you haven’t and this newsletter is a wake-up call for you, then speak to your compliance officer as soon as possible.
A little late to comment, but the FSB has gazette a second round of comment for the draft policyholder protection rules. Also, some administrative regulations for the yet to be implemented Protection of Personal Information Act (POPIA) for us to take note of.
The world as we know it is going to change, albeit sometime in the future, but we need to start preparing ourselves for the upheaval. Most, if not all of us in the insurance industry, have been anticipating the introduction of the ‘Twin Peaks’ approach to financial sector regulation. The Act has now been signed into law although no commencement date has been gazetted yet. We remind you in broad strokes of the impact of the Act below…
Two matters need our attention this month, as they could / will have an impact on the way in which we will do business going forward. What makes it difficult in trying to analyze the impact of these pieces of legislation is that both appear to be interim measures, with no clarity or finality as to their exact application. The legislation we are referring to includes the Financial Intelligence Centre Act (which we briefly looked at in June) and the Financial Sector Regulation Bill.
Although another relatively quiet month on the legislative front, two matters that were published could have a significant impact on all of us, and we therefore need to make a note of them. The first one relates to a Discussion Paper issued by the Department of Home Affairs relating to its repositioning, and the second relates to the intention of the Ministry of Transport to introduce the Road Accident Benefit Scheme Bill.
Yet another relatively quiet month on the legislative front. One could have expected some interest for us, with the Financial Intelligence Centre Act being signed, but the commencement date has not yet been determined, so we’ll leave that for a later date.
Yet another month of little activity on legislation which may impact our industry, although some previously announced amendments came into effect on 1 April 2017. While not having a direct impact on us, those involved in the property industry or who have clients who are involved, should take note of the draft Property Practitioners Bill, which looks at repealing the Estate Agency Affairs Act (see brief note below).