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It is virtually impossible to measure the rand amount lost to South Africa’s insurance industry due to fraud and dishonesty. Shortterm insurers estimate that as much as one third of all claims paid are questionable.

In the last two weeks we saw a spate of media releases on Administrative Penalties meted out by the Enforcement Committee of the Financial Services Board. It is difficult to determine the basis on which penalties are determined, as is clear from the following recent examples:

 
 
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