Eish no man :smashScreen:
I hope it works out for you bru
I also read this on the net:
https://www.fsb.co.za/NewsLibrary/P...on for the Liquidation of Saxum Insurance.pdf.
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1 APPLICATION FOR THE LIQUIDATION OF SAXUM INSURANCE FSB Press Release 12 October 2016 APPLICATION FOR THE LIQUIDATION OF SAXUM INSURANCE The Registrar for Short-term Insurance today launched an urgent application in the Johannesburg High Court to place SaXum Insurance Limited (SaXum) under final liquidation. The Registrar took this action because SaXum is insolvent, and he is satisfied that it is in the interests of SaXum’s policyholders that the company be placed under liquidation. Saxum’s insolvency resulted from underwriting losses due to a significant increase in claims, combined with impairments to the value of certain of SaXum’s assets. The Registrar’s decision to launch the application follows an intensive process of monitoring SaXum’s financial position and engaging with its shareholders to find a solution to the financial soundness problems. The Registrar prohibited SaXum from carrying on any new short-term insurance business from 8 September 2016. Clear deadlines were set, by which the insurer needed to be recapitalised. The shareholders of SaXum failed to recapitalise the business within these deadlines. The Registrar is satisfied that policyholders’ interests will be best served by liquidating the insurer in order to prevent the further erosion of SaXum’s assets and to ensure that creditors are treated equally and the claims of some are not preferred over others. As SaXum is insolvent, it is no longer able to pay policyholder claims or repay collateral amounts. SaXum’s unpaid claims and collateral will be considered by the liquidator as part of the liquidation process, should the application be granted. Policyholder queries can be directed to: Ms Farzana Badat Head: Insurance Compliance Department T: 012 428 8121 E-mail:
[email protected] The application is scheduled to be heard by the Johannesburg High Court on Thursday, 20 October 2016. -END-
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2 APPLICATION FOR THE LIQUIDATION OF SAXUM INSURANCE FSB Press Release 12 October 2016 Note to Editor: SaXum Insurance Limited (registration number 2004/011845/06 ) is a registered short-term insurer in terms of the Short-term Insurance Act, No 53 of 1998, and a financial services provider (FSP) with FSP number 32460 authorised in terms of the Financial Advisory and Intermediary Services Act, No. 37 of 2002. SaXum was registered to carry on short-term insurance business in October 2004. It is an unlisted public company fully held by Eton Holdings and Investment (Pty) Limited (Registration number: 2002/016098/07 ). SaXum is registered to conduct business in respect of the following classes of short-term policies: accident and health, engineering, guarantee, liability, miscellaneous, motor, property and transportation. 73% of SaXum’s insurance business consists of motor policies. SaXum has an approximately 0,2% share of the total short-term insurance market. SaXum conducts insurance business through underwriting managers, including Anderson Insurance Underwriting Managers, Assurant Group, Africa Risk Solutions South Africa, Quicksure and Impac Underwriting Managers, as well as intermediary services provider, GIB. -Ends- Enquiries: Ms Tembisa Marele Communications Specialist Financial Services Board Email address:
[email protected] Telephone: 012 428 8025 083 754 2052
