Employees explain how CompCom's major insurance raid went down

[Hanno Labuschagne]

Employees explain how CompCom's major insurance raid went down

Employees of eight major long-term insurance companies raided by the Competition Commission were shocked after numerous inspectors and police officers barged into their offices last Thursday.

The commission had obtained warrants to search five sites in Gauteng, two in the Western Cape, and one in KwaZulu-Natal, to seize documents relating to alleged collusion by the insurers.

 

[Pak Fa Fui]

Hope they get fined and all the findings published, what about outsurance, they too should be investigated

 

[BuckRogers]

Hope they get fined and all the findings published, what about outsurance, they too should be investigated

It will be an absolute disaster if they get fined. Your pension fund will take a beating.

 

[garyc]

Confiscating laptops isn't what it used to be. By the time they access them the cloud drive will have been sanitized.

 

[gotaway]

Confiscating laptops isn't what it used to be. By the time they access them the cloud drive will have been sanitized.

local copies of files. machines cannot respond to wipe requests, as corporate laptops generally cannot connect to the internet without the correct proxies, etc....

 

[netcruiser]

It will be an absolute disaster if they get fined. Your pension fund will take a beating.

Their collusion is already robbing you of cheaper premiums.

 

[j4ck455]

“According to the information at the disposal of the Commission, the companies under investigation share information on premium rates for risk-related products and fees for investment products, which enables them to adjust the prices of their existing and new insurance products,” the commission stated.

Interesting, so any APIs these companies provide, that are used by Hippo (and any other similar online services), are potentially illegally sharing information that is used in price fixing?

 

[Sideshow Bob]

absolute vendetta against hard working private sector.

 

[McGuywer]

local copies of files. machines cannot respond to wipe requests, as corporate laptops generally cannot connect to the internet without the correct proxies, etc....

That really depends on what software you are using.

 

[BuckRogers]

That really depends on what software you are using.

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