Following criticism by the Supervisor of Capital Markets, Insurance and Savings Dorit Salinger about the application of its pensions and savings payment standards, with an emphasis on executive plans, Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) today received a warning to quickly correct its severe defects. Otherwise, the Supervisor of Capital Markets, Insurance and Savings reserves the right to impose the unprecedentedly severe sanction of prohibiting sales of new executive plans, sources inform "Globes."
As far as is known, other insurance companies received similar criticism about defects but have not received a similarly severe warning.
The warning refers to payments and their allocation to customers according to employee's reports, the correct insurance and savings components and managing accounts during the transfer.
Clal Insurance said, "The Supervisor's findings reached us several days ago and refer to just a few percent of our overall customers. The company is working according to the instructions it received and a timetable defined by the Supervisor of Capital Markets, Insurance and Savings and to their satisfaction."
Sources at Clal Insurance added, "that the company would have no problems correcting the defects as required by the Supervisor."
Published by Globes [online], Israel business news - www.globes-online.com - on July 22, 2018
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