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CR301 Cession- Cedent married in community of property failing to obtain spouse’s consent

Cession CR301 Cedent married in community of property failing to obtain spouse’s consent – cession in ordinary course of business –effect of section 15 of the Matrimonial Property Act. Background In terms of a written employment agreement the complainant’s employer undertook to pay him an additional amount of remuneration, and in return he agreed that […]

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CR257 Cession – of life policy after sequestration of insured’s estate

CR257 Cession – of life policy after sequestration of insured’s estate – to what extent policy protected against creditors of the insured in terms of section 63 of the Act. BACKGROUND The insured took out a life policy. After the sequestration of his estate he ceded it to the complainant, his former wife, in terms […]

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CR238 Cession of Policy

CR238 Cession of Policy Cession of policy to bank in securitatem debiti – by virtue of cession, bank took a loan from the insurer in the name of the insured -invalidity of such loan. Background The complainant ceded his life policy to his bank as security for his present and future debts. Money had been […]

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CR134 Estoppel – double cession

CR134 Estoppel – double cession – policy ceded to a bank in securitatem debiti – insurer records the cession but by mistake informs the complainant, when he enquired, that no pre-existing cession was in place – complainant takes outright cession of the policy “as an investment” – whether the insurer is estopped from denying the […]

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CR127 Cession in securitatem debiti – who is to enquire about an alleged phantom

CR127 Cession in securitatem debiti – who is to enquire about an alleged phantom cession? Summary Security cession – policyholder denies the insurer’s statement that she had agreed to the cession of the policy as security for a loan – insurer unable to obtain proof from the cessionary about the existence of the loan and […]

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CR124 Policy converted to paid-up without notice to the cessionary

CR124 Security cession – policy converted to paid-up without notice to the cessionary- reinstatement of the policy Background The life insured took out a life policy in order to secure the repayment of a loan he owed to the complainant. The policy was then ceded in terms of a security cession to the complainant by […]

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CR123 Cession of policy to third party

CR123 • Cession of policy to third party – policy to revert to policyholder after five years – insurer ignores the term of which it was aware Facts On 1 March 1988 the complainant took out life cover with the insurer. On 22 July 1988 he ceded the policy to his employer and informed the […]

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CR119 Cession – claim by cessionary – duty of insurer as debtor

CR119 Cession – claim by cessionary – duty of insurer as debtor – buy and sell arrangement. Introduction Insurers, being debtors under the policies they issue, are at risk if they pay out to the wrong party e.g. to a third party who claims to be a cessionary (when he is not) or to a […]

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CR58 Cession of insurance policy as security for a debt to a bank

CR58 Cession of insurance policy as security for a debt to a bank – bank redeemed debt - – insurer erroneously overpaid the bank as cessionary which credited the account of the insured with the excess payment – question whether insured was unjustly enriched at the expense of the insurer or the bank Background The [...]

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CR56 Cession – security cession to bank

C56 Cession – security cession to bank – bank wrongly instructs insurer to surrender the policy – insurer not to blame for giving effect to the instructions – complaint referred to the Ombudsman for Banking Services. Background Mr A ceded his policy with insurer X to a bank as security for a mortgage loan. Neither [...]

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