The entities under investigation are:
|NAME OF ENTITY
|NAME OF OWNER/ CONTACT PERSON
|Mr Thapelo Macholo
|5 Elizabeth Street
|Ms Xoliswa Bedula
|28 Jagger Street, Choice Plaza
|Mr Feli William Ramaseli
|97 Cnr Riverside & Motebang Street
|Mr K.E Moribe
|499 Aukats Street, Huhudi
|Mr Thokozani Dladla
|46 Kilma Court, Office 6-8, Cnr 5th & 4th Str
|Mr Isaac Tsagae
|PO Box 163
|Mr Katlego Sandford Moribe
|1743 Dikgatlong Section
|Mr Semalaleng Paul Lekgetho
|339 Boikutso Location
|Ms Irene Mgidi
|Office No 01, Zola One
|Mr Oupa Maetisa
|24 Springer Crescent, Reiger Park
|Mr Sithembile Mtati
|P O Box 6794, Roggebaai
|Ms Tondani Netshakuma
|NPDG (VGC) Building, Office No. 92
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.
The FSB investigates and takes action against entities who sell funeral policies to the public whilst such policies are not underwritten by a registered long-term insurance company. This conduct amounts to running unregistered insurance business thus breaching 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.
Any persons having any queries regarding the above-named entities may contact Mr Milton Sebaka on the following contact numbers: 012 422 2875.
Article credit: http://www.fanews.co.za/article/compliance-regulatory/2/fsb-financial-services-board/1059/fsb-warns-against-illegal-funeral-policies-twelve-schemes-under-investigation/20977