CompCom raids eight major insurance companies

The Competition Commission says it has reasonable grounds to suspect that eight major SA life insurance companies have engaged in collusive practices to fix prices and/or trading conditions in respect of fees for life insurance and other investment products.

“As per documentation presented by the Competition Commission, they are undertaking a wide investigation in the insurance industry relating to product price fixing.” “We are co-operating fully with their investigation and are providing them with the required documentation relevant to their investigation,” said MMI. “We have no reason to believe that we are guilty of price fixing. We reiterate our commitment to ongoing compliance with all regulatory requirements,” it added.

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