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FSB informs the public of regulatory actions against the Smart Life

04 March 2013 FSB

FSB informs the public of regulatory actions against the Smart Life Insurance Company Limited (“Smart Life”)

The Registrar of Long-term Insurance hereby informs the public that The Smart Life Insurance Company Limited (“Smart Life”) has been prohibited from carrying on any new insurance business.

This was necessary to safeguard the interest of existing and prospective policyholders. In the Registrar’s view Smart Life no longer has the organisation or management necessary and adequate for carrying on its long-term insurance business, and its current shareholding is contrary to the interests of policyholders.

Smart Life may therefore no longer issue insurance policies to members of the public.

The prohibition does not apply to existing policies.

The public is reminded, prior to entering into any insurance policy, to verify if the institution offering the insurance policy is indeed registered to do so. This verification may be done by contacting the Financial Services Board on its toll free number (0800110 443) or visiting the Financial Services Board’s website (www.fsb.co.za).

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