NBFIRA steps into Bona Life crisis

Stepping in: Ramasedi and part of his management team on Wednesday PIC: MORERI SEJAKGOMO
Stepping in: Ramasedi and part of his management team on Wednesday PIC: MORERI SEJAKGOMO

The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) this week successfully petitioned the High Court to place troubled life insurer, Bona Life, under statutory management, a move to protect hundreds of millions in policyholder funds.

Veteran retirement fund administrator, Paul Masie has been appointed Bona Life statutory manager, tasked with assessing the firm’s challenges and potentially recommending solutions. Alternatively, Masie could also recommend the firm’s liquidation should his assessments point that way.

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). The PCT is a prudential rule enforced by NBFIRA and designed to protect policyholders from adverse events.

Editor's Comment
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The contest had 10 beautiful young girls as finalists and unfortunately only one could wear the crown.The judges picked Anicia Gaothuse. To all those who feel their contestant should have won ahead of Anicia for whatever reason, hardly; the judges found Anicia to be the best among the best, so desist from disrespecting our newly crowned queen on social media or anywhere else, for that matter! Each of the 10 beautiful young women had supporters...

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