FSB investigates funeral insurers

By Staff Writer

The Financial Services Board is currently investigating nine funeral insurance providers which the regulator believes are trading illegally. The businesses under investigation include: Faizel Dollie Funeral Home, Clarinise Funeral Services, Speelman Family Funeral Home, City Funeral Fund t/a City Funerals, Holy Cross, Maphutha Dihuswana Funeral Group, Tshwaragano Funerals and Omega Funeral Services.


The businesses were requested by the FSB to provide proof that they are underwritten by a registered long-term insurance company, as required by law, and were given 10 days to respond.  However, the businesses either failed to respond to this request or have failed to confirm that they are underwritten by a registered long-term insurance company.


The FSB added: “The FSB investigates and takes action against entities who sell funeral insurance policies to the public whilst such policies are not underwritten. Such a conduct amounts to running an unregistered insurance business and is therefore in breach of the provisions of the Long-term Insurance Act 52 of 1998, and may be subject to a fine or imprisonment upon conviction.”  

 

Recent Articles

Featured When should you invest rather than save?

Extra cash left at the end of the month? We have a look at the differences between saving and investing, and we find out how you should decide which one to pursue.

Investing for your retirement – which product to use?

Retirement annuities (RAs) and tax-free savings accounts (TFSAs) - which is better when planning for your retirement?

3 Reasons for early entry to a retirement village

Your parents may envision their golden years on the porch of your childhood home. However, it’s good to look at the benefits of joining a retirement village.

What do activist investors aim to achieve?

If you had the financial means to invest in a company so that you can enact the change you want to see in the world, would you do it? There is a growing group of individuals who would, and these are known as activist investors.


Latest Guide

Guide to debt rehabilitation solutions