The Competition Commission started raiding the offices of eight major insurance firms on Thursday afternoon over alleged collusion and price fixing.
The search and seizure operations took place at the offices of BrightRock, Discovery, FMI - which is a division of Bidvest Life - Hollard, Momentum, Old Mutual Insure Limited, Professional Provident Society (PPS) and Sanlam across Gauteng, KwaZulu-Natal and the Western Cape.
It claims there are "reasonable grounds" to believe the companies engaged in collusive practices to fix prices or trading conditions in respect of fees for products like retirement annuities, and premiums for dread disease cover, chronic medical condition cover, disability cover, life cover and funeral assistance benefits.