New Era Life Insurance is a financial institution and long term-insurer which has been providing life insurance products for over 30 years. The company’s main portion of its business operations consist of funeral policies and the target market is mainly members of the lower income groups. New Era Life Insurance is jointly owned by the Limpopo Economic Development Enterprise, a wholly owned subsidiary of the Limpopo government and Permit Group 2 (Pty) Ltd, a wholly-owned subsidiary of Imvume Resources (Pty) Ltd. With funeral policies as its core business function, New Era Life had 227 000 policy holders mainly from the poor communities.
New Era Life Insurance was subjected to legal proceedings in 2009 following the alleged contravention of section 26 Long Term Insurance Act. This contravention stemmed from the fact that the owner of New Era Life Insurance effectively controlled 95% of the shares in New Era through Permit Group 2, a wholly owned subsidiary of Imvume Resources. After this finding was declared, New Era Life sought rectification of this non-compliance issue by entering into a transaction with the South African Transport and Allied Workers Union in terms of which the union acquired 51% of the New Era business. New Era Life was subsequently placed under provisional curatorship in 2010.
New Era Life Insurance company Contact Details:
Tel: 011 463-0453