Following the announcement by the Financial Services Board (FSB) on 10 May 2002, the Registrar of Long-term Insurance has in terms of section 2 of the Inspection of Financial Institutions Act, No 80 of 1998 (Inspection Act), appointed actuary George Marx and advocate Flip Stander to carry out an inspection into the affairs of Fedsure Life.

FSB spokesperson Russel Michaels say both inspectors are independent and have been appointed in their personal capacity.

“The inspectors have been briefed with the relevant documentation in possession of the FSB and will commence work as soon as possible.

“Section 8 of the Inspection Act obliges an inspector and all parties assisting with the inspection to preserve secrecy regarding all matters that may come to their knowledge during the inspection.

“Once the inspection report has come to hand, the Registrar will within the constraints of the Inspection Act and the Financial Services Board Act, 1990, decide how the report should be dealt with.

“In the circumstances no further information can at this stage be made available either by the inspectors or the FSB.”

ENDS