South Africa - Insurance

Automobile third-party liability is compulsory; compulsory workers' compensation insurance is virtually a government monopoly. Unemployment insurance is also compulsory. At the beginning of 1994, a consortium of black investors negotiated a deal to buy 51% of African Life, a life insurance company serving over two million customers, from majority share holders. Other insurance companies include Old Mutual and Sanlam.

Life insurance companies and pension funds are controlled by the Registrar of Financial Institutions. The main long-term capital institutions are the pension funds and life assurance companies, which invest mainly on the JSE secondary market.

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