FINANCIAL SECURITY IN THE FACE OF UNCERTAINTY
South Africa’s insurance industry has become, and will continue to be, a highly regulated market.
The insurance industry in South Africa, including short-term and long-term insurance and reinsurance, is governed primarily by the following regulatory framework:
- Short-term Insurance Act 1998 (STIA), which regulates the non-life indemnity industry. This covers the risk-based insurance of assets, accident and health and liability.
- Long-term Insurance Act 1998 (LTIA), which regulates the life industry. This covers mainly life and investment products.
- Income tax Act 58 of 1962, which regulates the taxation of insurance pay-outs together with the payment of the insurance premiums and proceeds.
Broadly speaking, the law of insurance in South Africa is concerned with the conclusion and consequences of insurance contracts, general aspects of law of damages, the rules on insurance intermediaries, insurance tax law and insurance company or supervision law.
With regards to insurance law, Wiese & Wiese Inc is experienced and equipped to assist you in the following:
- Advice on insurance and related legislation and compliance
- Policy interpretation and application
- Policy reviews
- Ombudsman complaints
- Litigation on subrogated recoveries and liabilities
- Disputed claims
- Liability and quantum audits
- Vehicle release disputes