--- title: "Independent Regulatory Review for Life Insurer | Case Study" description: "FML: A life insurer was placed under regulatory scrutiny due to concerns about governance practices, related-party transactions, and the treatmen" lang: en json-ld: --- [](https://wa.me/27833241850?text=Hello!%20I'm%20reaching%20out%20from%20The%20Shard%20website.%20I'd%20like%20to%20learn%20more%20about%20your%20services.) [![The Shard](/assets/logo-full-color-CcISE1vd.png)](/) [About Us](/about/our-story) [Services](/services) [Clients](/clients) [Our Team](/about/leadership) [Insights](/insights) [Careers](/careers) [Contact](/contact) Back to Clients & Impact Financial Services Risk & Assurance # Independent Regulatory Review for Life Insurer FML ## The Challenge A life insurer was placed under regulatory scrutiny due to concerns about governance practices, related-party transactions, and the treatment of policyholders. The regulator raised questions about potential conflicts of interest, shareholder loan arrangements, and valuation methods used in reporting. An independent review was needed to determine whether any of these actions resulted in prejudice to policyholders. ## Our Solution The Shard conducted a structured review that included stakeholder engagement to identify areas of misalignment, a loan transaction review assessing shareholder loans for compliance and fairness, related party transaction analysis examining potential conflicts of interest, fees assessment testing whether fees collected from policyholder funds aligned with documented fee policy, valuation impact analysis evaluating whether using equity valuations instead of market values resulted in financial prejudice, and position validation assessing whether additional information would alter conclusions on policyholder prejudice. ## The Results The review provided a clear, independent assessment of each of the regulator's concerns. Our findings helped clarify complex technical matters and ensured that policyholder interests were prioritised. This engagement reinforced confidence in the insurer's processes where appropriate and highlighted areas requiring further consideration. At The Shard, we bring integrity, independence, and technical expertise to every review. In high-stakes regulatory environments, we help our clients move forward with clarity and confidence. ### Quick Facts Client FML Industry Financial Services Service Risk & Assurance [Discuss Your Project](/contact) ## More Success Stories [ ### AI-Powered Branch Risk Management African Bank Financial Services ](/case-studies/african-bank-branch-risk-management)[ 50% Reduction in Findings ### Driving Efficiency in Internal Audit Large Retail Bank Financial Services ](/case-studies/driving-efficiency-internal-audit) [View All Case Studies](/clients) ## Ready to Achieve Similar Results? Let's discuss how The Shard can help your organization overcome challenges and achieve measurable success. [Get In Touch](/contact)[Explore Our Services](/services) [![The Shard Logo](/assets/logo-full-color-CcISE1vd.png)](/) Consulting firm providing actuarial, risk assurance, accounting and data science and analytics services to leading institutions across the world. [](https://www.linkedin.com/company/theshard) Quick Links - [Home](/) - [Our Story](/about/our-story) - [Leadership](/about/leadership) - [Clients & Impact](/clients) - [Careers](/careers) - [Contact](/contact) - [Employee Login](https://secure.payspace.com/) Our Services - [Risk Assurance & Advisory Services](/services/risk-assurance) - [Actuarial Consulting](/services/actuarial) - [Accounting Advisory](/services/accounting) - [Data Science & Analytics](/services/analytics) Contact Us - [info@theshard.co.za](mailto:info@theshard.co.za) - South Africa [+27 (0) 87 049 2302](tel:+27870492302)One Sturdee, Building B, 2nd Floor 10 Baker Street, Rosebank Johannesburg, 2196 - Kenya [+254 726 809 545](tel:+254726809545)Office No 9, Karen Village Nairobi © 2026 The Shard. All rights reserved. [Admin](/admin/login) Level 1 B-BBEE 100% Black-Owned