Insurance companies that were raided by the Competition Commission for alleged price collusion say they will fully co-operate with the authority. The raids were conducted in Gauteng, KwaZulu-Natal and the Western Cape today and will continue until Friday.
In a statement, Old Mutual confirmed the raid at its Mutual Park Offices in Cape Town.
Old Mutual says that it’s committed to acting responsibly. However, it cannot comment further at this point.
Discovery says it only became aware of the investigation during the raid. It says that it will comply with the commission’s request for information related to their investigation.
The Commission conducted search and seizure operations at the premises of eight insurance companies including Old Mutual, BrightRock, Discovery, Hollard and Sanlam.
The companies are alleged to have colluded to fix the price of fees for investment products such as retirement annuities, life cover, disability and funeral assistance benefits.
