The Competition Commission has begun raiding the offices of eight major insurance firms. It says it has reasonable grounds to believe they engaged in collusive practices to fix prices or trading conditions related to various risk-related products.
The companies include BrightRock, Discovery, Hollard and Old Mutual Insure. Sanlam, Momentum, FMI and the Professional Provident Society are also on the list.
The commission says the companies under investigation are suspected of sharing information on premium rates for risk-related products and fees for investment products. This enables them to adjust the prices of their existing and new insurance products.
Insurer Discovery told eNCA through an emailed statement that it became aware of the investigation on Thursday. It says it upholds the principles of the Competition Act and is complying with the Commission’s request for data and information.
Source: eNCA
In other news – She is so cheap! Zodwa Wabantu reveals her booking fee
Mzansi popular dancer, Zodwa Wabantu believes that her brand is worth much more than what she charges for her performances.
And she will be making things easy for event organizers this December. Learn more
