SA Consumer Bodies Snub Insurance Hearings |
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November 6 - In a disappointing move for the life insurance industry, two of South Africa's largest consumer bodies, the SA National Consumer Union (Sancu) and the National Consumer Forum (NCF), snubbed recent hearings regarding unscrupulous credit life cover practices. Representatives for both bodies were conspicuously absent from the four-day hearings that took place in both Johannesburg and Cape Town last weak before a panel of senior South African short and long-term insurance experts. In fact, only one member of the public gave evidence. The panel, which was chaired by Judge Peet Nienaber, retired long-term insurance ombudsman, expressed disappointment at the no-show or snub from Sancu and NCF, after the panel was set up to investigate, amongst others, claims that some SA life insurance companies were contravening the code of conduct of Life Offices' Association (LOA). When questioned regarding their absence, NCF chairperson, Thami Bolani claimed that neither she nor anyone else from her organisation was formerly invited to attend the hearings, while Sancu chairperson, Ina Wilken too said that she did not receive an invite to the proceedings. However, LOA deputy executive in charge of legal and policy unit, Anna Rosenberg, said that an 'extensive advertising media campaign invited all interested parties to make submissions to the panel', which clearly means that neither the NCF nor Sanca members read newspapers. Both Bolani and Wilken admitted that had they been formerly invited to the hearings, they would have been glad to attend. The panel has received submissions from the short and long-term insurance industry who are members of the South African Insurance Association (SAIA), the Ombudsman for short-term insurers, and the LOA. Said Rosenberg, 'We found the verbal and written submissions we received by members of the panel was extremely helpful, and that the panel was extremely impressed with the degree of honesty and openness displayed by the insurance companies that testified at the hearings.' The panel is expected to collate its findings in a report that will offer suggestions on how best to address shortcomings in the long-term insurance industry going forward. Related Insurance Articles: * Santam Offers Clients Risk Management Service * Ace Insurance Donates Funds to Alexandra School * SA Insurance Underwriter Introduces EasyAsk * Discovery Goes Live with High-Tech Insurance System * Life Insurance Industry Posts Good Results * Life Insurance Firms Scramble For Africa * New Car Insurance Policy Offered By Santam * Hillary Clinton Promises Health Insurance For All 
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| 3/14/2010 7:05:35 AM | |||||||||||||||||||||
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