Recently a marine insurer paid a heavy penalty after it was identified that they were breaking the Financial Advisory and Intermediary Services (FAIS) & Short-Term Insurance Act (STIA) regulations. The main issues were that the carrier/third party sold insurance to the cargo owners, and the policy was issued in the name of the carrier on behalf of the cargo owners, without adhering to the relevant FAIS & STIA legislation. (more…)
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