INSURANCE PROBE
Fishing for answers from SA’s insurance firms
The market’s indifference to the Competition Commission’s dawn raid on these companies suggests that little is likely to come of it — for now
01 September 2022 - 05:00
The Competition Commission’s raid on eight long-term insurers has drawn flak from the industry body representing many of the companies involved. But the market so far appears relatively indifferent to the “evidence gathering” exercise.
In the commission’s scope were BrightRock, Discovery, Bidvest Life, Hollard, Momentum, Old Mutual Insure, PPS and Sanlam. These companies allegedly conspired to “fix the prices and/or trading conditions in respect of fees for investment products such as retirement annuity and premiums for risk-related products”, according to the commission...
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