I-FSCA yarhoxisa ilayisenisi ye-Luvuyo’ kwinyanga yeThupha emva kokuba uthotho lwezigqibo lufumanise ukuba le nkampani ayiphumelelanga ukuhlawula amabango kwaye yasebenza ngaphandle kombhali ongaphantsi.
The FSCA revoked Luvuyo’s licence in August after a string of determinations found the firm failed to pay claims and operated without an underwriter.
The funeral provider has faced repeated determinations this year after failing to settle valid claims.
Complaints about life-benefit payouts climbed to 36% of the Division’s cases, from 34% in 2023.
Luvuyo Burial and Consulting did not pay the claims in full even after the Ombud’s Office intervened.
Roleplayers in the funeral industry can book for an online workshop hosted by the FSCA and the Prudential Authority.
The beneficiaries waited months to be paid their funeral policy benefits, but they received only partial pay-outs despite undertakings to the contrary.
Lebohang Funeral Home left policyholders exposed by failing to secure underwriting, misleading clients about their coverage, and refusing to pay a valid funeral claim.
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.
An entity must be authorised by the FSCA and the Prudential Authority to issue insurance policies in South Africa.
Inputs provided during workshops in 2025 will guide the formulation of ‘a pragmatic and balanced approach’ to the regulation and supervision of funeral insurance.
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.
Life insurers paid almost 96% of death and funeral benefit claims last year – with the total payout worth R39.9 billion.
The group’s after-tax profit from its insurance business increased by 12%, with its funeral plans now covering more than 12 million lives.
The FAIS Ombud issues a determination after the FSP fails to follow through on its undertaking to settle the claim.
Capitec Life will take over the administration of the in-force insurance book.
