Capitec Life granted life insurance business license
Capitec Life, a subsidiary of Capitec Bank (Capitec) has been granted a licence by the Prudential Authority of the South African Reserve Bank to conduct life insurance business in South Africa. Capitec Life will underwrite the bank’s credit life and funeral policies, replacing the two current cell captive insurers. The licence was requested due to proposed changes to third-party cell captive regulations and an increased number of insured clients, the bank says. In a press release, it stated that: “Capitec remains committed to ensuring that its clients continue to enjoy the simple, affordable, accessible and personalised experience to which they are accustomed.”