Competition Commission raids major insurers for suspected price-fixing
Companies raided include Discovery, Hollard, Old Mutual and Sanlam.
The Competition Commission on Thursday pounced on the premises of eight long-term insurance companies suspected of price-fixing.
On Twitter, the commission said the raids were taking place in Gauteng, Western Cape and KwaZulu-Natal at the head offices of BrightRock Life Limited, Discovery Limited, FMI, a division of Bidvest Life Limited, and Hollard Insurance Group (Pty) Ltd.
BREAKING NEWS: The Competition Commission is currently raiding the premises of eight long-term insurance companies suspected of price-fixing. #insurance #dawnraids #pricefixing@Ciamakunga @siphongwema @TembinkosiB @hardinratshi @the_dti @GCISMedia @eNCA @Newzroom405 @SABCNews
— CompComSA (@CompComSA) August 25, 2022
Offices of Momentum, a division of MMI Limited, Old Mutual Insure Limited, Professional Provident Society Limited and South African National Life Assurance Company (Pty) Ltd (Sanlam) were also searched.
The commission on Twitter said its investigators would seize documents and electronic data, which will be analysed together with other information gathered to determine whether these firms have contravened the Competition Act.
The commission is an entity of the Department of Trade, Industry and Competition. – SAnews.gov.za
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