AFLA6211: Aspects of Financial Law - Shanel Case Study - Business Management Assignment Help

Assignment Task:

Question 1:
 
Shanel contacts HJ Underwriters in order to acquire insurance policies. Shanel met with Richard, a representative of HJ Underwriters on Monday, 5 October 2018. Shanel enters into an insurance agreement with HJ Underwriters in terms of which HJ Underwriters, in return for a premium paid by Shanel, undertook to provide policy benefits in the event of :

1. Risk of damage/ loss occurring relating to Shanel’s motor vehicle; 
2. Risk of damage/ loss occurring relating to the contents of Shanel’s household; 
3. A life insurance policy coverage for the benefit of her children for R1 million.
 
During the consultation, Richard asks Shanel a series of questions, in order to calculate the monthly premium amount that Shanel would have to pay.

These questions were as follows: 
• Are you a smoker? 
• Do you engage in any extreme sports? 
• Have you been diagnosed with any life-threatening illnesses? 
• Has any life-threatening illness been diagnosed in your immediate family? 
• Is your vehicle parked in a locked garage behind closed gates? 
• Does your vehicle have an alarm system and/ or tracking system? 
• Do you have a house alarm and/ or beams on your property? 

The insurance agreement was finalised and the premium amount calculated at R2 500.00 per month to be paid via debit order. The parties furthermore agreed that the policy benefits and premium will be annually renewable. 

Q.1.1 Provide a brief overview of the legislation regulating the insurance industry in South Africa. 
 
Q.1.2 Identify the various insurance products that Shanel has purchased and provided an explanation for the types of insurance and their specific source or legislation regulating these financial products. 

Question 2:
 
Xolani and Sizwe are looking to open a new business venture called Saviour Underwriters, a Category I Financial Service Provider. Their aim is to offer financial products at an affordable rate and to provide excellent service to their clients. They have commenced this process by registering the business as a company and are now looking to apply for a Financial Service Providers licence through the Financial Services Board.
 
Xolani and Sizwe approach you, a legal advisor and specialist in Financial Planning Law. Before they commence with the application process, they require your legal opinion on a few Financial Planning matters. They pose the following questions to you and request a written response:
 
• Explain the appointment of Representatives and Key Individuals as key role-players of Saviour Underwriters and the responsibility of the FSP to maintain a register in this regard. 
• How can Xolani and Sizwe safeguard the company against civil claims by clients in the event that any errors are committed by the FSP and/ or its employees? 
• What are the Fit and Proper Requirements and who would have to comply with these requirements?

Write an essay where you address Xolani and Sizwe’s questions. 

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