NBFIRA places Bona Life under statutory management

Wednesday, January 22, 2020

Bona Life founder, Regina Vaka quit last week

The High Court on Monday placed troubled life insurer, Bona Life, under statutory management, after an application by regulator, the Non-Bank Financial Institutions Regulatory Authority (NBFIRA).

The firm, which is the country’s third largest life insurer, is steeped in a fresh crisis after falling short of the regulator’s Prescribed Capital Target (PCT), a prudential rule designed to protect policyholders from adverse events.

A shareholder stalemate over recapitalisation of the business, saw the firm’s founder, Regina Vaka throwing in the towel on January 10, a move that has shaken policyholders who are owed up to P700 million.

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NBFIRA places Bona Life under statutory management

The High Court on Monday placed troubled life insurer, Bona Life, under statutory management, after an application by regulator, the Non-Bank Financial Institutions Regulatory Authority (NBFIRA).

Stanbic pretax profits up 11%

The audacity to be a unicorn

Faulty gadgets top complaints to BOCRA

Civil Society fights 'flawed' constitutional amendment

Civil Society calls for Constitution review governing Act

IEC rejects 2,513 registrations

Motshegwa prevails against detractors

Serowe woman ingests acid, attempts suicide

Inspect the voters' roll!