Funeral home fined R11.4m for unauthorised insurance business
The two directors were debarred for 20 and 10 years, respectively.
#InsuranceAct
Removal firm fined for offering insurance without authorisation
The FSCA fines Kings International Removers R1.1 million and debars its owner for eight years.
FSCA fines funeral service R4.4m for unauthorised insurance operations
The two directors of Hernell Funerals have been debarred for 10 years and five years, respectively.
Battle between PA and insurers: court clarifies regulatory powers
The High Court confirms the Prudential Authority’s right to challenge Tribunal decisions while affirming the limits of retrospective penalties.
FSCA and PA to revamp funeral insurance regulations – call for stakeholder input
Inputs provided during workshops in 2025 will guide the formulation of ‘a pragmatic and balanced approach’ to the regulation and supervision of funeral insurance.
Authority highlights regulatory focus areas in 2024
FSCA pinpoints lack of oversight by KIs, FICA non-compliance, and unauthorised copy trading and funeral insurance business.
Tribunal: clear separation of first-party and third-party risks within cell structures
The decision clarifies the boundaries and regulations concerning reinsurance business conducted through cell captive structures.
FSCA issues directive to funeral service: thousands of clients affected
The Authority instructs Hernell Funerals to cease operating as an unauthorised FSP and insurer.
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.
