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Business Reporter

THE Insurance and Pensions Commission (IPEC) has dismissed reports circulating on social media platforms claiming that it has registered an entity or product under the banner ‘Lobola Assurance’.

Riding on the idea that men will be able to make good savings towards paying for a bride price through monthly contributions, the lobola insurance concept has generated a lot of debate on social media sites.

“IPEC’s attention has been drawn to a flier, under the banner Lobola Assurance, that is circulating on social media platforms,” said the regulator in a public notice issued today.

“We wish to advise the public that we have not licenced such an entity nor the purported product.”

Citing Section 7 (1) of the Insurance Act, IPEC said the law prohibits unregistered entities from carrying out insurance business.

“We would like to remind insurance consumers to only deal with registered entities. Consumers can check with the Insurance and Pensions Commission, entities that are authorised to render insurance services,” it said.