Corporate Insurance And Risk Management: Consumer Protection Act

This article was originally published by executiveview.com

Insurers doing business in South Africa will now have to acquaint themselves with the workings and ramifications of the Consumer Protection Act, 2008 which comes into effect in October 2010.

The Act:

• Will affect the operations of insurers directly and indirectly;
• Regulates the relationships between consumers and suppliers in respect of defined services.

Consumers will include insureds, to the extent that the insured is not the State or juristic personalities whose asset value or annual turnover at the time of the transaction which is the subject of any complaint equals or exceeds a threshold value still to be determined by regulation.