FANews
FANews
RELATED CATEGORIES

FSB warns against illegal funeral policies – six schemes under investigation

03 March 2016 FSB

The Financial Services Board (FSB) is investigating six entities selling funeral policies and continues to warn the public to be cautious when purchasing such policies.

The entities under investigation are:

These entities were requested by the FSB to provide proof that their funeral policies are underwritten by a registered long-term insurance company, as required by law, and were afforded 10 days to respond. The entities have either failed to respond to this request or have failed to confirm that their funeral policies are underwritten by a registered long-term insurance company.

The FSB investigates and takes action against any entity that sells funeral policies to the public whilst such policies are not underwritten by a registered long-term insurance company. This conduct amounts to running unregistered insurance business thus breaching the provisions of the Long-term Insurance Act 52 of 1998.

Entities (including their owners) that breach the provisions of the Long-term Insurance Act 52 of 1998 may be subject to a fine or imprisonment upon conviction.

Any regarding the above-named entities may be directed Ms Nontokozo Magasela, on the following contact numbers: 012 428 8080 or email: Nontokozo.Magasela@fsb.co.za.

 

Quick Polls

QUESTION

The shocking crime and motor vehicle accident statistics shared during a recent SHA presentation suggests that group personal accident and personal accident cover are a no-brainer. Do you agree?

ANSWER

Yes
No
Not sure
fanews magazine
FAnews April 2024 Get the latest issue of FAnews

This month's headlines

FAIS Ombud lashes broker for multiple compliance blunders
TCF… a regulatory misfit initiative?
The impact of NHI on medical malpractice insurance
Fixed versus variable: can you have your cake and eat it too?
The future world of work
Subscribe now