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Insurance Law
Cliffe Dekker Hofmeyr's expertise in the insurance sector is
located across the firm's practice areas allowing a seamless service to our
clients regardless of the nature of the transaction or advice they need. Our
lawyers combine a detailed knowledge of the sector and a commercial awareness
of the insurance industry.
Our dedicated team of corporate insurance specialists has vast
experience and considerable knowledge of both the long-term and short-term
insurance and regulatory industry. While centralised within the firm's Finance,
Banking and Projects practice, the Insurance team includes specialists from the
Corporate and Commercial, Dispute Resolution and Employment practices in
particular. These specialists provide the full range of legal services
pertaining to the insurance and regulatory sector by combining their detailed
knowledge of the insurance industry with their respective commercial
backgrounds.
The Insurance team's services include advising on, developing and
structuring financial products offered by insurers, reinsurers, financial
services providers and intermediaries, to comply with the legislative and
regulatory framework, as well as general advice and assistance regarding
complex legislation regulating the insurance and financial services
industry.
Our clients include the top five life offices and various
financial services providers in South Africa and abroad. [ Go to Top ]
Our Services
Our services include advising, assisting, structuring, drafting
and implementing the following:
- Demutualisation, transfers and substitutions of insurance
businesses in terms of the Long-term and Short-term Insurance Acts, and close
liaison with the Financial Services Board, auditors and actuaries in the
implementation of the transfer or substitution;
- cell captive arrangements;
- formal notifications to and dealings with the Registrar of
Long-term and Short-term Insurance and regular interaction with the Financial
Services Board;
- the implications and effects of insurance legislation, the
Financial Advisory and Intermediary Services Act, industry codes and ancillary
legislation and any amendments impacting on the insurance industry; as well as
providing general advice and opinions on the practical implications and
structuring of business ventures to comply with such legal frameworks;
- group scheme structures, policy agreements and reinsurance
arrangements;
- agreements with administrators, intermediaries, brokers and
representatives;
- specialised insurance products aimed predominantly at listed
companies;
- products offered and marketed by administrative and
discretionary financial services providers;
- insurance products for post
retirement medical scheme benefit obligations of employers towards their
employees;
- insurance products issued to pension and provident funds;
- advising on the prescribed kinds and spread of assets, capital adequacy requirements and financial soundness requirements of long-term and short-term insurers;
- due diligence investigations pertaining to insurers;
- distribution networks for life offices for purposes of
channelling underwritten and non-underwritten investment products on the same
investment platforms; and
Additionally, the team advises on general corporate issues
affecting insurers and has had many dealings with various pension funds,
provident funds and medical schemes. [ Go to Top ]
Representative Work
- Advised insurers and assisted them with responses following an
investigation by the Financial Services Board into commission payments in the
credit life insurance industry during 2007.
- Successfully completed numerous transfers of long-term
insurance businesses between life offices in terms of section 37(1) of the
Long-term Insurance Act, 52 of 1998, as well as transfers of short-term
insurance businesses in terms of section 36 of the Short-term Insurance Act, 53
of 1998.
- Assisted in the substitution of various group schemes
underwritten by one life office with policies of another life office in terms
of section 37(2) of the Long-term Insurance Act, 52 of 1998.
- Assisted in the demutualisation of a life office together with
the restructuring of the group.
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Key contacts
Meet the Team
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