NOTICE OF THE TRANSFER OF A PORTION OF THE INSURANCE BUSINESS OF CENTRIQ INSURANCE TO CENTRIQ LIFE IN TERMS OF SECTION 50 OF THE INSURANCE ACT
Please take note that it is the intention of Centriq Insurance Company Limited (registration number 1998/007558/06) (“Centriq Insurance“) to transfer a portion of its insurance business to Centriq Life Insurance Company Limited (registration number: 1943/016409/06) (“Centriq Life“) in terms of section 50 of the Insurance Act 18 of 2017 (“Act“) (“Proposed Transfer“).
The Proposed Transfer relates to certain policies sold and/or administered by Umsuka Wemali Pty Ltd (registration number:4640226512) (“Umsuka we Mali“).
Your policy will form part of the policies affected by the Proposed Transfer along with several other policies currently underwritten by Centriq Insurance (“Transfer Policies“).
The Transfer Policies will be transferred to Centriq Life in terms of a transfer of business agreement concluded between Centriq Insurance and Centriq Life (“Agreement“).
Because the Proposed Transfer involves a transfer of the Transfer Policies from Centriq Insurance to Centriq Life without the policyholders’ consent, a detailed regulatory process is required in terms of the Act, which includes, amongst others, the approval of the Proposed Transfer by the Prudential Authority.
Once the Prudential Authority approves the Proposed Transfer, Centriq Life shall be responsible for carrying out all the obligations of Centriq Insurance that relate to the Transfer Policies. Umsuka Wemali will continue to administer the Transfer Policies.
Any person who has an interest in this matter may, within the Inspection Period, submit to the Prudential Authority representations about the Proposed Transfer. The representations must reach the Prudential Authority no later than 13 December 2021.
Please direct all queries to:
· Umsuka Wemali: 086 186 7852; UmsukaLoans@fidelitysecurity.co.za
· Centriq: 011 268 6490; firstname.lastname@example.org; or
· Centriq Life: 011 268 6490; email@example.com.
Alternatively, please direct your enquiries to the Prudential Authority by email at SARBPA@resbank.co.za.
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Centriq Insurance Company Limited and Centriq Life Insurance Company Limited are authorised financial services providers and licensed insurers conducting non-life and life insurance business.
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