Sanlam, PPS and Competition Commission agree
Sanlam Namibia this week said it “can confirm that, together with PPS Namibia (PPS), it has entered into a consent agreement with the Namibian Competition Commission (NCC) as announced by the NCC on 17 August”. The consent agreement relates to the Marketing Agreement between Sanlam and PPS which was investigated by the NCC for a potential contravention of section 23 (1) of the Competition Act.
Tertius Stears, Sanlam Group CEO said, “having reached an amicable resolution to the matter, we have now initiated the process to lodge an application for exemption from Section 23 (1) of the Act. We are well poised to submit our application within the 30-day period stipulated by the NCC in the consent agreement”.
He added that in the meantime, the NCC has confirmed that they may continue to write new Risk Provider Series policies until the NCC has reached a decision regarding our application.
“We look forward to a positive consideration of our application by the NCC. Steeped in a values-based culture, Sanlam wishes to reassure its clients and all stakeholders that it subscribes to good governance and complies with applicable industry regulations and legislation in the country. We remain committed to offering our clients quality, world-class products and services that meet their needs.”
“The company remain adequately capitalised and there will be no impact on the policyholders of these specific policies from the PPS relationship,” reassured Stears. Meanwhile, on his part, PPS Insurance Namibia’s Chief Executive, Adri Vermeulen said, “The Namibian Competition Commission (NaCC) has investigated an agreement entered into in 2011 between PPS Insurance Namibia, PPS Insurance Company, Sanlam Namibia and Sanlam Life Namibia whereby Sanlam Namibia provided the white labelled PPS Risk Provider Policy to PPS Insurance Namibia policyholders”.
“Following a series of discussions between all parties, they have now reached an agreement with the NaCC to settle the matter. All members should note that their PPS Risk Provider policy benefits remain unaffected,” he added.