Funeral Assurance Firms In Breach Of Regulatory Requirements

Most funeral assurance firms are in breach of regulatory requirements on prescribed asset investments as it emerged compliance with provisions of the law stands at a measly 2,12 percent instead of the gazetted threshold of 7,50 percent.

The Insurance and Pensions Commission (IPEC) said in its first quarter industry review report released this week that the funeral assurance industry’s average compliance with prescribed assets ratio stood at 2,12 percent as at March 31, 2018.

This is despite the Commission’s numerous calls for funeral assurers to comply. The Commission is now taking stern measures to enforce compliance by regulated entities.