Investigations uncover sale of funeral policies without underwriting
One of the businesses admitted to issuing more than 4 000 policies and collecting R14 million in premiums without having a licensed underwriter.
The contract went through 10 iterations between July 2019 and March 2020, with the term ‘infectious and contagious diseases’ variously in or out.
Read moreOne of the businesses admitted to issuing more than 4 000 policies and collecting R14 million in premiums without having a licensed underwriter.
Microinsurers are no longer restricted to imposing a waiting period of three months for a death, disability, or health event resulting from natural causes.
A Sanlam insurance law expert discusses the implications of the proposed Long-term Insurance Amendment Bill for insurance companies and the public.