![]() The tribunal also disagreed with the Authority’s reliance on the definition of “first party risks” in section 1 of the Insurance Act to contend for an implied prohibition. The tribunal stated, “In our view, it is relevant that the legislature has not expressly prohibited ‘traditional’ insurers from underwriting first party risks, nor from underwriting first-party and third-party risks under the same licence.” It noted that there is no provision in the Act that expressly prohibits a traditional insurer from underwriting first-party risks. The tribunal disagreed with the Prudential Authority’s interpretation of the Insurance Act. The Authority also argued that a traditional insurer should not be permitted to conduct both first-party and third-party business under the same licence because of potential conflicts of interest. The Prudential Authority declined the application, on the grounds that the Insurance Act implicitly prohibits ‘traditional’ insurers (not captive or cell captive insurers) from underwriting both first-party and third-party risks. Abacus applied to the Prudential Authority to vary the Abacus Insurance licence to add further classes and sub-classes to the licence conditions for third party policyholder benefits. As a result, Pepkor Holdings wanted Abacus to underwrite the Pepkor Policy. The Pepkor Group no longer held an insurance licence. ![]() With over $2.9bn in face value of policies purchased, Abacus has helped thousands of clients maximise the value of their life insurance.A March 2023 decision of the Financial Services Tribunal found that there is no implied prohibition in the Insurance Act on ‘traditional’ insurers (not cell) underwriting risks for both its own first party risks and third party risks.Ībacus Insurance Limited (“Abacus”), a traditional insurer, holds a non-life insurance licence, permitting it to underwrite third party risks. Since 2004, it has purchased life insurance policies from consumers seeking liquidity and has actively managed those policies over time (via trading, holding, and/or servicing). Our user-friendly technology platform connecting insureds and financial professionals with first-class efficiency and transparency shows once again how Abacus is consistently on the leading edge of the life settlements industry.”Ībacus is a vertically integrated alternative asset manager specialising in life insurance products. It will only continue to develop and grow as we launch our securitised digital blockchain offering and smart contracts, which will be fully integrated into the Abacus Marketplace. ![]() “The platform will begin as a vehicle toward further collaboration with every client and a window into how our AI-driven longevity technologies shape cases. “The Marketplace is a one-of-a-kind hub for the groundbreaking technology solutions that Abacus has already brought and will continue to bring to the industry,” said Abacus chief executive officer Jay Jackson. E-signature functions on applications and contracts that can save time.Direct communication with an Abacus representative.Case file management directly on the Abacus marketplace.Consistent updates throughout the entire process.
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