Insurer Youi fined maximum $100,000 by Insurance Council for dodgy sales tactics

Mon, 03 Oct 2016

By Fiona Rotherham Oct. 4 (BusinessDesk) - South African-owned insurer Youi has been fined the maximum financial penalty of $100,000 by the Insurance Council following a disciplinary process over misleading sales practices and has been warned any future misconduct will risk it being ousted as a member. Termination of membership - the most serious penalty the council could impose - was considered but the council board decided on a severe reprimand, the maximum financial penalty allowable, and a warning that a recurrence would lead to termi...

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