The Democratic Alliance (DA) in Limpopo has written to the Chairperson of the Portfolio Committee on Economic Development, Tourism, and Environmental Affairs, calling for the Financial Sector Conduct Authority (FSCA) and the Prudential Authority of the Reserve Bank to be requested to meet with the committee and give full discloser on why New Era’s insurance licence has been suspended. We demand full disclosure — and for both New Era and the Limpopo Economic Development Agency (LEDA) to account for this shocking state of affairs.
New Era Life is a wholly owned subsidiary of LEDA that provides essential insurance products, including funeral insurance, life cover and road accident cover.
We also seek clarity on why the decision to suspend New Era Life’s license—taken in November 2024—has not been reported to the committee or the Limpopo Provincial Legislature.
According to the letter of suspension, the prohibition is a direct result of New Era’s ongoing operational, financial, and governance failures. This raises serious concerns about the company’s overall stability and its ability to safeguard the interests of its policyholders, including those with funeral insurance, life cover, and road accident cover.
As the DA, we will demand openness, transparency, and accountability to protect the citizens of Limpopo who are policyholders in New Era Life.
We need answers—and we need them now.