Public Notice: Cancellation of Insurance Licenses

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PUBLIC NOTICE - Cancellation of Insurance Licenses

The Central Bank of Lesotho hereby notifies the public about the cancelled licenses of the following insurance brokers:

#	NAME	REASON FOR CANCELLATION
1.	DIB International (Pty) Ltd	Non-Compliance with Sections 53 and 54 of the Insurance Act 1976 and Regulation 14.
2.	Best Insurance Brokers (Pty) Ltd	Non-Compliance with Sections 53 and 54 of the Insurance Act 1976.
3.	Bohlale Insurance Brokers (Pty) Ltd	Non-Compliance with Sections 53 and 54 of the Insurance Act 1976.
4.	Borata Insurance Brokers (Pty) Ltd	Non-Compliance with Sections 53 and 54 of the Insurance Act 1976.
5.	Born-Best Insurance Brokers (Pty) Ltd	Non-Compliance with Sections 53 and 54 of the Insurance Act 1976.
6.	Cecilia Insurance Brokers (Pty) Ltd	Non-Compliance with Sections 53 and 54 of the Insurance Act 1976.
7.	Explicit Insurance Brokers (Pty) Ltd	Non-Compliance with Sections 53 and 54 of the Insurance Act 1976.
8.	Letta Insurance Brokers (Pty) Ltd	Non-Compliance with Sections 53 and 54 of the Insurance Act 1976.
9.	Lianakoena Insurance Brokers (Pty) Ltd	Non-Compliance with Sections 53 and 54 of the Insurance Act 1976.
10.	Mamoth Insurance Brokers (Pty) Ltd	Non-Compliance with Sections 53 and 54 of the Insurance Act 1976
11.	Minco Insurance Brokers (Pty) Ltd	Non-Compliance with Section 54 of the Insurance Act 1976
12.	Mokant Insurance Brokers (Pty) Ltd	Voluntary Application for cancellation.
13.	Motho-Pula investment Holdings (Pty) Ltd	Non- compliance with Regulation 14 (b) of the Insurance Regulations 1985 and Section 54 (1) of the Insurance Act 1976.
14.	Moyeni Insurance Brokers (Pty) Ltd	Non-compliance with Sections 53 and 54 of the Insurance Act 1976.
15.	Multi-Vision Insurance Brokers (Pty) Ltd	Non-compliance with Sections 53 and 54 of the Insurance Act 1976.
16.	None Consulting (Pty) Ltd	Voluntary Application for Cancellation.
17.	Sechaba Insurance Brokers (Pty) Ltd	Non-compliance with Regulation 14 of the Insurance Regulations 1985.
18.	Rainbow Insurance Brokers (Pty) Ltd	Non-compliance with Sections 53 and 54 of the Insurance Act 1976.
19.	Sheem Insurance Brokers (Pty) Ltd	Non-compliance with Sections 53 and 54 of the Insurance Act 1976.
20.	Southway Insurance Brokers (Pty) Ltd	Non-compliance with Regulation 14 of the Insurance Regulations 1985.
21.	Splendid Insurance Brokers (Pty) Ltd	Non-compliance with Section 53 and Section 54 of the Insurance Act 1976.
22.	Unicom Insurance Brokers (Pty) Ltd	Non-compliance with Section 53 and Section 54 of the Insurance Act 1976.
23.	Unity Insurance brokers (Pty) Ltd	Non-compliance with Section 53 and Section 54 of the Insurance Act 1976.
24.	VicGera Insurance Brokers (Pty) Ltd	Voluntary Application for cancellation.
25.	Wealth Insurance Brokers (Pty) Ltd	Non-compliance with Section 53 of the Insurance Act 1976.

Members of the public are cautioned to pay special attention to the following points when verifying the registration status of an insurance broker:

(a) The original license with the logo of the Central Bank of Lesotho is displayed on the wall clearly stating the name of the insurance broker and the date such a license expires. This is to assist the public to ensure that before they enter into any insurance business dealings they would be dealing with a properly licensed company.

(b) The insurance agents are required to carry their original licenses whenever they visit clients to discuss insurance business dealings. The licenses will show the name of the agent, the name of the insurance company he/she works for and the expiry date of the license. This is to assist the public to ensure that they enter into agreements with legitimate representatives of a particular licensed institution. (One could even request the identification document to ensure that the holder of the license is indeed the correct person).

(c) The Central Bank of Lesotho is available to assist in ascertaining the license status of an insurance company or broker with which people have insurance dealings.

It is the responsibility of the insurance companies to notify the Central Bank of Lesotho of any changes relating to the status of their insurance agents.

For further information, please contact the Insurance Supervision Division of the Central Bank of Lesotho at 22232150.

Public Relations Division – 16 September, 2008

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