Tzahiv /
6 October 2022ILS

Captives rule changes prompt Capitec to get life licence

The Prudential Authority of the South African Reserve Bank has granted JSE-listed Capitec Bank a licence to conduct a life insurance business in South Africa.

Capitec said the move to apply for the licence came after changes were proposed to third-party cell captive regulations as well as the strong growth in insured customer numbers.

Before receiving the licence, Capitec had been offering credit life and funeral policies to its customers through two cell captive agreements.