Old Mutual Short-Term Insurance Company enters settlement agreements with Competition Commission
Old Mutual Short-Term Insurance Company (Namibia) Limited (OMSIC), has entered into settlement agreements with the Namibian Competition Commission effective 10 August 2022, to resolve litigation in respect of two High Court claims instituted by the commission against the insurer.
This was revealed by Old Mutual Namibia, acting Executive: Marketing, Transformation, and Customer Strategy, Ashanti Manetti in an issued statement on Wednesday.
According to the statement, OMSIC has followed all legal procedures as set out in the Competition Act and has fully cooperated with the Commission throughout its investigations.
The insurance company stated that it has considered all possible courses of action and has come to the conclusion that it is in the best interest of all stakeholders to settle the matter out of court.
“As a responsible business always acting in the best interest of our customers, we remain committed to ensuring good governance, whilst strengthening our processes with an increased focus on our customers, our environment, and communities in which we operate,” the statement further highlighted, adding that OMSIC has further committed to following the subsequent procedures as set out in the Competition Act.
