Regulator accuses Shoprite Insurance of selling worthless cover

Shoprite Investments Limited and Shoprite Insurance Company Limited have been accused of selling unnecessary cover and granting credit recklessly.

The National Credit Regulator (NCR) announced that it had referred both of them to the National Consumer Tribunal for: selling retrenchment and occupational disability covers to pensioners and consumers receiving government’s old-age grants; and selling retrenchment cover to a consumer with a waiting period of six months on a six-months’ loan.

Shoprite Investments Limited has been cited on its own as it is said to have “granted credit recklessly to consumers.”

“The sale of retrenchment and occupational disability covers to pensioners and consumers receiving government social grants is unreasonable and imposes an unreasonable cost to such consumers because they cannot claim benefits under these covers”‚ Jacqueline Boucher‚ of the NCR’s acting investigations and enforcement manager‚ said.

The Nation

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