R100 000 fine for New National Assurance

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Cape Town - The Financial Services Board (FSB) fined New National Assurance R100 000 for failing to accept a claim from a policyholder, within a reasonable period.

This after the Registrar of short-term insurance referred a case against New National to the enforcement committee of the FSB.

"The referral related to New National contravening Rule 7.4(a) of the Policyholder Protection Rules issued under the Short-term Insurance Act, No.53 of 1998 in that it failed, within a reasonable period, to accept a claim submitted by a policyholder," the FSB said in a statement on Thursday.

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