DATABASE OF REGULATORY SANCTIONS IN THE INSURANCE AND RETIREMENT FUNDS INDUSTRY

FSRA WARNS PUBLIC AGAINST VIKELA INSURANCE BROKERS
Financial Services Marathon 2016

NATURAL PERSONS

Name Industry Transgression Regulatory Sanction Effective Date End Date
1. Lionel Oswald Reid  

Insurance Industry

·       Failure to remit premiums timeously.

·       Breach of Brokers Code of Conduct.

·       Abuse of business trust account.

·       Use of a foreign insurer.

Debarred for 10 years October 2011 October 2021
2. Thulani Nkambule  

Insurance Industry

·       Dishonest concealment of past gross misconduct in statement of professional work conduct.

·       Operating without a professional indemnity and fidelity guarantee.

Debarred for 5 years September 2011 September 2016
3. Vusi Sibisi Insurance Industry ·       Conducting insurance business without a license.

·       Unpaid claims due to policy holders.

Debarred for 5 years December 2012 December 2017
4. Nomsa Precious Ndlovu  

Insurance Industry

·       Submission of fraudulent academic qualifications to register as an insurance agent. Probation- not to commit same offence within 2 years period

 

 

March 2013 March 2015
5. Sibusiso Cedric Simba Insurance Industry ·       Submission of fraudulent academic qualifications to register as an insurance agent. Probation- not to commit same offence within 2 years period March 2013 March 2015
6.Michael Mngadi  

Insurance Industry

·       Failure to timeously remit premiums due to insurer.

·       Misappropriation of policy holders’ premiums.

·       Sourcing insurance business using an unregistered agent.

·       Failure to act with integrity, professionalism, utmost good faith in dealings with the public and to act in the best interest of clients.

Debarred for 10 years May 2013 May 2023
7. Cornelius Jacobus Kleinsmith  

Insurance Industry

·       Operating without a valid license.

·       Sourcing insurance business using unregistered agents

·       Failure to timeously remit financial statements.

·       Failure to appoint AML/CFT compliance officer

·       Failure to act with integrity, professionalism, utmost good faith in dealings with the public and to act in the best interest of clients.

 

 

Debarred for 5 years June 2013 June 2018
8. Midford Mazibuko Insurance Industry ·      Conducting insurance business without a valid license.

·       Failure to timeously remit premiums due to insurer.

·      Misappropriation of policy holders’ premiums.

·      Operating without a professional indemnity and fidelity guarantee.

Debarred for 5 years November 2013. November 2018
9. Mandla Simelane  

Insurance Industry

·       Operating without a valid licence.

·       Failure to liquidate administrative penalty in terms of a court order

·       Failure to adhere to conditions of a licence.

Debarred for 5 years December 2013 December 2018
10. Velaphi Luke Motsa  

Insurance Industry

·       Operating without a valid license.

·       Failure to timeously submit financial statements.

·       Operating without a professional indemnity and fidelity guarantee.

Debarred for 3 years December 2013 December 2016
11. Leonard Dlamini  

Retirement Fund Industry

 

·       Failure to avoid conflict of Interest with a Retirement Fund service provider. Debarred from being a retirement fund Trustee for 5 years February 2013 February 2018
12. Mandla Luphondvo Retirement Fund Industry

 

·       Failure to avoid conflict of Interest with a Retirement Fund service provider. Debarred from being a retirement fund Trustee for 5 years MARCH 2013 MARCH 2018

 

 

 

LEGAL ENTITIES

Name of Entity Industry Transgression Regulatory Sanction Effective Date End Date
1. Phathu Insurance Brokers Insurance Industry ·       Dishonest concealment of past gross misconduct in statement of professional work conduct of the Managing Director.

·       Operating without a professional indemnity and fidelity guarantee.

Debarred for 5 years September 2011 September 2016
2. Lifeguard Funeral Network Scheme Insurance Industry ·       Conducting insurance business without a license.

·      Unpaid claims to policy holders

Debarred for 5 years December 2012 December 2017
3. RLT Investments Insurance Industry ·       Failure to timeously remit premiums due to insurer.

·       Misappropriation of policy holders’ premiums.

·       Sourcing insurance business using an unregistered agent.

·       Failure to act with integrity, professionalism, utmost good faith in dealings with the public and to act in the best interest of clients.

Debarred for 10 years May 2013 May 2023
4. Isambulo Investments Insurance Industry ·       Operating without a valid license.

·       Sourcing insurance business using unregistered agents.

·       Failure to timeously remit financial statements.

·       Failure to appoint AML/CFT compliance officer.

·       Failure to act with integrity, professionalism, utmost good faith in dealings with the public and to act in the best interest of clients.

 

Debarred for 5 years June 2013 June 2018
5. Midbev Investments Insurance Industry ·      Conducting insurance business without a valid license.

·       Failure to timeously remit premiums due to insurer.

·      Misappropriation of policy holders’ premiums.

·      Operating without a professional indemnity and fidelity guarantee.

Debarred for 5 years November 2013 November 2018
6. Vista Insurance Brokers Insurance Industry ·       Operating without a valid licence.

·       Failure to liquidate administrative penalty in terms of a court order

·       Failure to adhere to conditions of a licence.

Debarred for 5 years December 2013 December 2018
7. Budget Insurance Brokers Insurance Industry ·       Operating without a valid license.

·       Failure to timeously submit financial statements

·       Operating without a professional indemnity and fidelity guarantee.

Debarred for 3 years December 2013 December 2016
8. Light of Life Insurance Brokers Insurance Industry ·       Operating without a valid license.

·       Failure to timeously submit quarterly returns.

·       Operating without a valid professional indemnity and fidelity guarantee.

Licence renewal declined February 2014

 

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