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A Closer Look at the Insurance Relationship and How Digitalisation Will Impact Fairness Between the Insurer and the Insured.

紀錄類型:	書目-語言資料,手稿 : Monograph/item
正題名/作者:	A Closer Look at the Insurance Relationship and How Digitalisation Will Impact Fairness Between the Insurer and the Insured./
作者:	Mabasa, Shumirai.
面頁冊數:	1 online resource (51 pages)
附註:	Source: Masters Abstracts International, Volume: 84-10.
Contained By:	Masters Abstracts International84-10.
標題:	Law. -
電子資源:	click for full text (PQDT)
ISBN:	9798377667759

A Closer Look at the Insurance Relationship and How Digitalisation Will Impact Fairness Between the Insurer and the Insured.
Mabasa, Shumirai.

A Closer Look at the Insurance Relationship and How Digitalisation Will Impact Fairness Between the Insurer and the Insured. - 1 online resource (51 pages)

Source: Masters Abstracts International, Volume: 84-10.

Thesis (LL.M.)--University of Johannesburg (South Africa), 2021.

Includes bibliographical references

Insurance is centered on the management of risk whereby risk is transferred to a third party who is the insurer who undertakes to bear the risk on behalf of the insured. The relationship between the insured and the insurer is regulated by the insurance contract and this contract plays an important role in detailing the terms and conditions to which the parties are bound to.It should be kept in mind that insurance is not only a nominate contract but also a financial product. It is therefore imperative that the financial services sector be well regulated and stable due to the likelihood of financial customers being ill-treated and or abused. This can potentially occur in the form of excessive fees, inconceivable charges, design and sale of unsuitable products and even illegal debt collection services. Furthermore, there is always the risk that the customers do not fully comprehend the contracts they enter into and do not understand their rights and duties in terms thereof. It therefore makes sense that the financial sector be highly regulated, and this is also true in terms of the insurance industry.Parties to all contracts obviously enjoy the autonomy and the flexibility allowed by the negotiation process. In the insurance industry, fairness is a central concept that has been observed in different spheres of the product life cycle especially in consideration of the market conduct aspect of insurance. This is exemplified by the provisions on advertising, data management, review of product line performance, conflict of interest, time bar clauses, cooling off rights, statutory period of grace, fairer dispensation for policyholders and complaints management.Over the years, legislative milestones have been used as a manner of addressing issues like overlaps, role of regulators and conceptual issues. These legislative milestones include the Insurance Act, the Financial Advisory and Intermediary Services Act and the Conduct of Financial Institutions Bill (CoFI), that will ultimately change the regulation of market conduct through repealing some of the sections in the Long-term Insurance Act and Short-term Insurance Act.One of the most important indicators of reform in a quest to improve market conduct regulation is the Treating Customers Fairly regime, which it is referred to as the "TCF rules". Adopting the TCF framework as a principle based approach is aimed at the fair treatment of customers. This is an example of policyholder protection whereby fairness is thus entrenched in the culture of financial firms.Currently, due to the increase of digitalisation and its obvious impact on the insurance sector, there must obviously be a balance between maintaining policyholder protection without impeding innovation. That balance represents the realisation of fairness in the insurance industry through the increase of policy regulation as well as the introduction of digitalisation in the product life cycle. Digitalisation has the potential to change traditional insurance as we know it.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798377667759Subjects--Topical Terms:

671705
Law.
Index Terms--Genre/Form:

554714
Electronic books.

A Closer Look at the Insurance Relationship and How Digitalisation Will Impact Fairness Between the Insurer and the Insured.
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