The Life Offices' Association (LOA) , which represents the major life assurance companies in South Africa, has banned six life assurance salespeople from selling life assurance products for five years in terms of its S-reference system.
S-referencing is a means of self-regulation in the long-term insurance industry. It is an attempt by the industry to protect the public and the industry from people who are not fit to market the products of the industry.
Participants in the S-reference system will not employ, accept new business from, or pay commission to an S-referenced intermediary, nor may they employ such people in a position of authority over intermediaries or in a training capacity.
An LOA S-reference panel recently banned the following intermediaries from the industry for five years:
- Soognavathie Moodley (ID number 6401120196088) of Hillcrest, KwaZulu-Natal, for submitting a fictitious policy.
- Lekgoma S Kama (ID number 6307125401086) of Newcastle, KwaZulu-Natal, for misappropriating a client's money.
- Veronica T Maseloane (ID number 6406190750086) of Meadowlands, Gauteng, for misappropriating a client's money.
- Ben P Shabangu (ID number 6902165439085) of Carletonville, North West, for submitting a fictitious policy.
- Isabella P Roos (ID number 5809180028085) of Vereeniging, Gauteng, for submitting fictitious policies.
- Machobane A Kenke (ID number 7204256018087) of Soutpan, Free State, for submitting fictitious policies.