Claims that may be entertained
| 18.1 |
The Authority must only consider a claim against the Fidelity Fund if— |
| 18.1.1 |
the claim is lodged within 3 years of the incident giving rise thereto; |
| 18.1.2 |
the claim relates to pecuniary loss arising from the theft of trust monies, the failure to open a trust account or the failure to retain money in a trust account until lawfully entitled to it or instructed to pay such money to a third party; |
| 18.1.3 |
the theft or failures contemplated in subregulation 18.1.2 were committed by a property practitioner; |
| 18.1.4 |
recommendation for the rejection or approval of the claim to the board of the Authority; |
| 18.1.5 |
the Authority furnishes reasons for the rejection or approval of the claim. |
Responsibility for handling claim
| 18.2 |
The Authority must hold an inquiry to determine— |
| 18.2.1 |
whether the claim as lodged complies with all legal requirements for the lodging of claims; and |
| 18.2.2 |
whether a valid claim was established against the Fund. |
Consideration of merits and outcome of claim
| 18.3 |
Before considering the merits of the claim, the claims department must ensure that— |
| 18.3.1 |
the claim complies with regulation 18.1 and has been lodged in the manner required under regulation 17; and |
| 18.3.2 |
the claimant has substantiated their claim with proof, which may comprise— |
| 18.3.2.2 |
bank statements; |
| 18.3.2.3 |
correspondence between the claimant and the property practitioner in which reference is made to the subject matter of the claim; |
| 18.3.2.4 |
proof of any civil or criminal action taken against the property practitioner; and |
| 18.3.2.5 |
any other item of evidence that will assist the claims department in its consideration of the claim. |
| 18.4 |
Within 90 days of lodgement of the claim, the claims department must consider the merits of the claim, notifying the claimant in writing as to whether their claim has been upheld or declined, and as to the reasons for declining it if it was declined. |
| 18.5 |
At any point before the 90 days have elapsed, the claims department may request the claimant to furnish it with further particulars or clarifications in respect of the claim to which request the claimant must respond within 14 days. |
| 18.6 |
Should the claims department uphold the claim, it must pay the claimant within 30 days' receipt of the claimant's proof of banking details. |
Diamonds Act, 1986
