While having certain life policies in place is valuable, the application process often leaves you susceptible to various scammers. The Financial Services Board (FSB) is investigating a group of such fraudsters who are selling funeral policies illegally.
“These entities were requested by the FSB to provide proof that their funeral policies are underwritten by a registered long-term insurance company, as required by law, and were afforded 10 days to respond. The entities have either failed to respond to this request or have failed to confirm that their funeral policies are underwritten by a registered long-term insurance company,” stated the FSB.
This conduct translates into running unregistered insurance business therefore they are in breach of the provisions of the Long-term Insurance Act 52 of 1998.
‘’Entities, including their owners, that breach the provisions of the Long-term Insurance Act 52 of 1998 may be subject to a fine or imprisonment upon conviction,” the FSB added.
Below is a list of the funeral policy sellers being investigated, as provided by the FSB:
The FSB further advised that any persons that have any queries regarding the below-named entities should contact Milton Sebaka at 012 422 2875.
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