Regulatory Framework
The regulatory framework places a significant onus on insurers, their officers, and directors, to protect employees, contractors, customers, and others from injury and loss associated with recovered stolen vehicle hazard management. Primarily, these obligations stem from the:
- Occupational Health and Safety Act, 2004
- Negligence laws
- Contract laws
- Laws governing Directors’ Duties
- Obligations associated with Corporate Social Responsibility
Among other things, this regulatory framework creates an onus on insurers, officers, and directors to:
- Eliminate all hazards associated with recovered stolen vehicles, or where this is not possible, to minimise these risks as far as practicable.
- Maintain a safe working environment.
- Provide employees with the information, instruction, training, and supervision necessary to enable them to perform their duties safely, without risk to their health.
- Provide appropriate compensation in the event of an injury.
- Exercise an appropriate level of duty of care to employees and customers.
- Honour explicit and implied vehicle safety warranties in the contractual arrangements associated with the return of recovered stolen vehicles to customers or their disposal to third parties.
- Act in good faith in the interests of the company, for proper purpose with due diligence and care and not to fetter discretion.
- Protect the interests of shareholders, employees, and customers.
These obligations place insurers and their officers and directors at serious risk if they fail to appropriately discharge their obligations.
