Smart Life fined R150 000

Weekend Argus (Saturday Edition) - - FRONT PAGE -

THE en­force­ment com­mit­tee of the Fi­nan­cial Ser­vices Board (FSB) has fined as­sur­ance com­pany Smart Life R150 000 for not no­ti­fy­ing pol­i­cy­hold­ers of their rights when claims were re­jected.

Ac­cord­ing to the FSB, be­tween April 2013 and June last year, Smart Life con­tra­vened the Pol­i­cy­holder Pro­tec­tion Rules by, when re­ject­ing claims, fail­ing to in­form its pol­i­cy­hold­ers of their right to make rep­re­sen­ta­tions to the in­surer within 90 days of the re­jec­tion no­tice, and their right to lodge a com­plaint with the ap­pro­pri­ate om­buds­man.

As ag­gra­vat­ing fac­tors, the Reg­is­trar of Long-term Insurance noted that Smart Life had failed to demon­strate sound insurance prac­tice in the in­ter­ests of pol­i­cy­hold­ers. In mit­i­ga­tion, Smart Life co-op­er­ated with the reg­is­trar and un­der­took to im­ple­ment mea­sures to pre­vent sim­i­lar con­tra­ven­tions. – Staff Re­porter

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