The Financial Services Conduct Authority (FSCA) is satisfied with the way in which Momentum responded to the public outcry following its initial refusal to pay the R2.4m claim on the life on Nathan Ganas. He died from gunshot wounds while protecting his wife in a hijacking. The saga resulted in Momentum introducing a new benefit that will pay out up to R3m in cases where claims arise from violent incidents. Ganas’s claim was rejected because he allegedly failed to disclose that he had high blood sugar when he took out the policy in 2014. According to the policy rules, nondisclosure can result in the policy being declared null and void. Caroline da Silva, divisional executive for regulatory policy at the FSCA, says the regulator is pleased that Momentum has addressed public criticism, because the decision affects not just Ganas’s widow, but also other policyholders and their beneficiaries who may believe they have been treated unfairly. She says the FSCA will, however, review the pub...

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