DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/xdtqtx/governance_risk)
has announced the addition of the "Governance, Risk and Compliance - The South African Insurance Industry" report to their offering. 'Governance, Risk and Compliance - The South African Insurance Industry' report is the result of extensive research into the insurance regulatory framework in South Africa. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operations of insurance and reinsurance companies and intermediaries. The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, recent and upcoming changes in regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country. Summary: The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in South Africa, including: An overview of the insurance regulatory framework in South Africa. The latest key changes and changes expected in South African insurance regulatory framework. Key regulations and market practices related to different types of insurance product in the country. Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in South Africa . Key Highlights: The South African insurance industry is supervised and regulated by the FSB. The placement of non-admitted insurance is permitted only with an approval from the FSB, provided no other insurer is providing such insurance at equitable terms. The key classes of compulsory insurance include motor third-party liability insurance, aviation third-party liability insurance and public liability insurance. Key Topics Covered: 1 Introduction 2 Governance, Risk and Compliance 3 Appendix Companies Mentioned Life Insurance Ltd Absa Life Ltd AIG Life South Africa Ltd Clientele Life Assurance Company Ltd King Price Insurance Company Ltd Clientele General Insurance Ltd Absa Insurance Company Ltd. African Reinsurance Corporation (SA) Ltd General Reinsurance Africa Ltd RGS Reinsurance Company For more information visit http://www.researchandmarkets.com/research/xdtqtx/governance_risk
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As with other professions, an automobile mechanic has a responsibility to customers. An auto mechanic's duty is to insure vehicle repairs are performed properly and in accordance with current standards. so that motor vehicle accidents do not happen as a result of professional negligence.
When an auto mechanic fails in his obligation to a customer and that customer suffers personal injury, damage or loss which is attributable to the mechanic's negligence the mechanic may be liable for damages to the customer. There are components to a negligent repair action that must be proven. Firstly, it must be proved the mechanic had a duty to use ordinary and reasonable care. Ordinary care, generally means the care that a reasonable man would exercise under the circumstances. Reasonable care can also be defined as the degree of caution and concern for the safety of himself/herself and others an ordinarily prudent and rational person would use in the circumstances. The standard of care expected by an auto mechanic also depends on the nature of the repairs. A higher standard is expected for repairs such as brakes, wheels and steering. The second element to a successful negligent repair action is proof the mechanic was negligent, or careless, in performing the repairs. The final factor is proving the auto mechanic's negligent repairs were the reason for the customer's injury, damage or loss. The customer does not have to prove the mechanic's negligence was the sole or only cause of the customer's loss, but must show the improper repairs were the main reason for the loss. A sampling of court cases is illustrative for establishing a negligent auto mechanic's repair action. In one case, the Plaintiff had taken his vehicle into a mechanic because it was stalling frequently. The mechanic decided the stalling episodes were due to a faulty alternator. The car was returned to the Plaintiff with a repaired alternator. The car continued to stall and the Plaintiff returned several times to the Defendant to complain. The mechanic did not find the reason for the stalling problem. On one occasion, the vehicle stalled while the Plaintiff was driving on a highway. He pulled over to the side to wait for assistance. While he sat in his stalled vehicle, a drunk driver struck his vehicle causing him multiple severe injuries. The Plaintiff's expert mechanic gave evidence the wiring harness was responsible for the stalling, not the alternator, and the vehicle manufacturer had issued a technician's service bulletin to this effect. The mechanic who repaired the alternator had failed to consult the bulletin. The case was eventually settled with the mechanic and drunk driver paying damages to the Plaintiff. In another case, a 37 year-old nurse practitioner was struck on the head by the hatchback of her Subaru. The hydraulic struts came off their anchors causing the hatchback to fall. The struts had been improperly replaced by a car dealership, which admitted negligence. The woman suffered head injuries and was only permitted to work part-time. The jury assessed liability for the woman's injuries against the car dealership and awarded the woman damages. A negligent repair action can be somewhat different from the majority of car wreck cases. Expert testimony on mechanical repairs is necessary. If you suspect improper auto mechanic repairs are the reason behind your motor vehicle accident, it is strongly recommended you contact an attorney knowledgeable about auto mechanic negligence and personal injury for legal advice. http://mechanic.ezinemark.com/auto-mechanic-s-liability-for-damages-resulting-from-negligent-repairs-4f25ed64b33.html DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/xdtqtx/governance_risk)
has announced the addition of the "Governance, Risk and Compliance - The South African Insurance Industry" report to their offering. 'Governance, Risk and Compliance - The South African Insurance Industry' report is the result of extensive research into the insurance regulatory framework in South Africa. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operations of insurance and reinsurance companies and intermediaries. The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, recent and upcoming changes in regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country. Summary: The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in South Africa, including: An overview of the insurance regulatory framework in South Africa. The latest key changes and changes expected in South African insurance regulatory framework. Key regulations and market practices related to different types of insurance product in the country. Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in South Africa . Key Highlights: The South African insurance industry is supervised and regulated by the FSB. The placement of non-admitted insurance is permitted only with an approval from the FSB, provided no other insurer is providing such insurance at equitable terms. The key classes of compulsory insurance include motor third-party liability insurance, aviation third-party liability insurance and public liability insurance. Key Topics Covered: 1 Introduction 2 Governance, Risk and Compliance 3 Appendix Companies Mentioned Life Insurance Ltd Absa Life Ltd AIG Life South Africa Ltd Clientele Life Assurance Company Ltd King Price Insurance Company Ltd Clientele General Insurance Ltd Absa Insurance Company Ltd. African Reinsurance Corporation (SA) Ltd General Reinsurance Africa Ltd RGS Reinsurance Company For more information visit http://www.researchandmarkets.com/research/xdtqtx/governance_risk The root of critical illness insurance lies in South Africa. Critical illness cover became a must as the health care system at that time in South Africa could not cope with the costs for critical illnesses. The idea stemmed from a discussion between a surgeon and the chief executive of a life office. Since then critical illness cover in South Africa had been one of the most prolific markets around the world. Let's have a look.
Furthermore, the first critical illness policy launched provided cover for around 4 main critical illnesses. These could have been heart attack, stroke, cancer and coronary artery bypass surgery. As time passed by and a more mature market started to unveil, the insurance companies started to provide cover for 5 critical illness conditions. Nowadays many companies in South Africa may be providing cover for more than 20 serious Insurance companies in South Africa illnesses. As per O'Mahony S, 2001, "South African dread disease report", most companies may cover up to 8 core critical illness conditions and 21 extended conditions. Extended cases may be surgeries like balloon angioplasty or states of health such as total and permanent disability. Additionally, as per Munich Re 2000, at the time critical illness cover was firstly launched nearly all policies may have been riders to life insurance. The highest amount paid as lump sum at that time may have been around R 25,000. This value may have been chosen in accordance with the cost of one of the most serious critical illness conditions at that time, thee coronary artery bypass graft. Nowadays, the maximum amount of cover paid as lump sum could be around R 550,000. On the other hand, bigger companies may offer around R 800,000. Furthermore, during the year 1990, critical illness cover sales may have been estimated to be higher than any other covers. The reason may be because about 60 percent of critical illness covers may have been sold as riders to other policies. But the recent sales may be decreasing as it may now represent a recession of around 50 percent as compared to the year 1990. In addition to, critical illness cover may have a high price tag in South Africa. So, two departments exist that perform the critical illness cover sales procedures. These could be the life office agents and the brokers. The life office agents sell critical illness cover to people who have a low income. Meanwhile, the brokers sell to those people who earn a high income at the end of the month. Due to many high income earners, most critical illness sales could have come from the broker market. According to Munich Re 2000, there may be around 14 life insurance companies that provide cover for critical illness. This could represent around 70 percent of all life insurance companies in South Africa. Practically all life insurance companies have ceased to offer standalone critical illness covers as it may have been rather slow concerning sales. Critical illness cover may most of the time be sold as riders, especially mortgage, similar to the UK and Canada. The maturity of the South African insurance market has already been reached. But as people gain more knowledge about critical illness cover, there could be even more critical illness cover sales. The UK and the Canadian market, though high amount of critical illness cover sales recorded may yet to become as mature as that of South Africa. http://www.articlebiz.com/article/129287-1-critical-illness-insurance-in-the-south-african-market/ Although there are a host of challenges associated with globalization, it has numerous positive effects as well. Anti-globalization crusaders who represent issues such as environmental degradation, economic inequality, loss of jobs in the host country etc., have made their presence felt at various global conferences. The issues that they raise are real and can have catastrophic effects if not tackled earnestly. However, the advantages of globalization are all-pervasive and a lot of developing countries are benefiting from it. As the subject of this article pertains to the positive effects of globalization, we will focus on the positive changes it has brought to the world - both economically and culturally, and how it can very well become one of the defining factors of the present century.
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