Major SA insurance companies under investigation for alleged price fixing

  • 📰 CapeTownEtc
  • ⏱ Reading Time:
  • 44 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 63%

Australia News News

Australia Australia Latest News,Australia Australia Headlines

South African insurance companies are left reeling after the Competition Commission raided the premises of eight major long-term insurance companies that are suspected of price fixing:

According to the Commission, it holds evidence that suggests certain companies, including a number of major insurance companies, colluded to fix prices and trading conditions, reports EWN.

The search and seizure operations form part of a major investigation that was first implemented in January 2021 by the commissioner. A few of the companies suspected reportedly include Discovery Limited, FMI , Hollard Insurance Group and Momentum. The JSE-listed companies have stated that they are cooperating with the commission but if found guilty they could be fined 10% of their revenue, as per IOL.

Information currently at the Competition Commission’s disposal claims the companies under investigation shared information on “premium rates for risk-related products and fees for investment products.” According to the commission, this enables the companies to adjust the prices of their existing and new insurance products.

Other companies that were tagged include Old Mutual, Sanlam, and the South African National Assurance Company.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 17. in AU
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Australia Australia Latest News, Australia Australia Headlines