NFO’s Life Division recovers over R202m for consumers in 2024
Complaints about life-benefit payouts climbed to 36% of the Division’s cases, from 34% in 2023.
#funeralinsurance
More FAIS Ombud determinations against funeral provider
Luvuyo Burial and Consulting did not pay the claims in full even after the Ombud’s Office intervened.
Updated | Dates for workshops on funeral insurance regulations
Roleplayers in the funeral industry can book for an online workshop hosted by the FSCA and the Prudential Authority.
FSCA suspends FSP’s licence after third Ombud determination
The beneficiaries waited months to be paid their funeral policy benefits, but they received only partial pay-outs despite undertakings to the contrary.
FAIS Ombud orders funeral home to pay R20 000 claim after failed cover
Lebohang Funeral Home left policyholders exposed by failing to secure underwriting, misleading clients about their coverage, and refusing to pay a valid funeral claim.
Key regulatory and compliance developments: looking back at 2024 and what’s ahead in 2025
Billy Seyffert unpacks 2024’s major compliance changes, from the two-pot retirement system to cybersecurity standards, offering practical advice to stay ahead in 2025.
FSCA flags unauthorised investment schemes and funeral policies
An entity must be authorised by the FSCA and the Prudential Authority to issue insurance policies in South Africa.
FSCA and PA to revamp funeral insurance regulations – call for stakeholder input
Inputs provided during workshops in 2025 will guide the formulation of ‘a pragmatic and balanced approach’ to the regulation and supervision of funeral insurance.
Does ‘sitting on the mattress’ matter? Ombud rules on insurance policy dispute
The NFO decided that failing to follow customary mourning rituals did not prevent the recognition of a customary marriage, awarding the claim based on fairness.
Common reasons life insurers reject death benefit claims
Life insurers paid almost 96% of death and funeral benefit claims last year – with the total payout worth R39.9 billion.
Capitec to launch life cover product in June
The group’s after-tax profit from its insurance business increased by 12%, with its funeral plans now covering more than 12 million lives.
Policyholder waiting for funeral policy payout after three years
The FAIS Ombud issues a determination after the FSP fails to follow through on its undertaking to settle the claim.
Capitec’s funeral policy arrangement with Sanlam to end next year
Capitec Life will take over the administration of the in-force insurance book.
