Chairperson, many South Africans contribute large sums of their monthly earnings to insurance funds. As experienced by many, while you tend to pay regularly, when it comes to claiming insurance you are hassled with technicalities, incidents that the insurance does not cover, and so forth.
The MF is pleased that this Bill exists to govern the system of insurance and respects that the amendments to this Bill serve to close the gap in respect of shortfalls and further adequately addresses both short-term and long-term insurance.
Insurance fraud has also made itself known in our society and the MF considers it crucial for us to find ways to sniff out these perpetrators to secure our people and the insurance community. The MF supports the Insurance Laws Amendment Bill. Thank you.