By Beatrice Marowa
The Insurance and Pensions Commission (IPEC) has distanced itself from the insurance company purporting to be offering Roora/Lobola insurance.
This follows the circulation of a flier from a lobola assurance company on social media platforms.
This flier shows the packages offered by the lobola insurance company and the benefits of those packages per month.
In a statement IPEC said, “The Lobola Assurance Company does not have any license from us and therefore we warn against dealing with it in any activity subject to regulation and oversight by them, without obtaining the necessary regulatory approvals from it.”
“According to section 7 (1) of the Assurance Act, it prohibits unregistered entities from carrying out insurance business.
“It is our supervisory role to ensure the safety of transactions and protect clients.”
IPEC urged the public to be aware of such companies and advised the public that there was a list of registered insurance entities