The Competition Commission has eight insurance companies in its sights for collusion

  • 📰 mailandguardian
  • ⏱ Reading Time:
  • 24 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 92%

Business News News

Business Business Latest News,Business Business Headlines

The Competition Commission has eight insurance companies in its sights for collusion - The companies are BrightRock Life, Discovery, FMI (a division of Bidvest Life) Hollard, Momentum, Old Mutual Insure, Professional Provident Society and Sanlam

it has “reasonable grounds” to suspect that eight insurance companies have participated in collusive practices to fix prices and trading conditions in South Africa.

The suspected collusion is in respect of fees for investment products such as retirement annuity and premiums for risk related products, namely, life insurance cover for dread disease, disability and life and funeral assistance benefits. This is in contravention of section 4 of the Competition Act, which prohibits any agreement, concerted practice or decision by an association of competitors that involves directly or indirectly fixing a purchase or selling price.

 

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

I have always hated Bitcoin and thought it was a scam until a friend referred me to Allison_Grillo, I made my first withdrawal of R100,000 in 2 weeks thanks to Allison_Grillo.

They all work with simular risks

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:

 /  🏆 2. in BUSİNESS

Business Business Latest News, Business Business Headlines