Competition Commission raids major insurance companies
The Competition Commission conducted raids at eight major insurance firms on Thursday over alleged collusion and price fixing.
The raids were conducted at the head offices of the companies in Gauteng, Western Cape and KwaZulu-Natal.
BrightRock, Discovery, FMI - which is a division of Bidvest Life - Hollard, Momentum, Old Mutual Insure Limited, Professional Provident Society (PPS) and Sanlam were are targeted by the competition body.
The commission's spokesperson Sipho Ngwema says it was a search and seizure operation.
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"Investigators will seize documents and electronic data, which will be analysed together with other information gathered to determine whether these firms have contravened the Competition Act.
"A search and seizure operation is part of routine evidence gathering process where we are hoping that we will be able to gather evidence in support of the allegations that we are investigating.
"We are hoping, therefore, that the investigation will be allowed to take its cause with regards to today's operations and subsequent evidence that we may have found in these premises."
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