“The insurer of your The Unlimited branded policy is currently Centriq Insurance. This will
change to Centriq Life. Your benefits have not changed. Please see the documents below for further information.”
List of documents.
1. Copy of the Application (excluding annexes);
2. Copy of the Transfer Agreement;
3. Copy of the Annual Financial Statements for the year ended 31 December 2019 for Centriq Life;
4. Copy of the Annual Financial Statements for the year ended 31 December 2019 for Centriq Insurance;
5. A copy of the head of actuarial function’s report for Centriq Insurance;
6. A copy of the head of actuarial function’s report for Centriq Life;
7. All communication notices.
Frequently Asked Questions
Change in insurer on your policy: All Your Benefits Are 100% Protected by SA Law!
Did you know the “change in your insurer” is helping ensure your benefits are all 100% legal & enforceable?
There’s nothing better than knowing that your products will help you when you need it most. When you’ve taken out death, accident, health and disability cover, you want to be sure it will pay out when you need it.
That’s why The Unlimited is notifying members who have benefits underwritten by Centriq Insurance that the insurer on their products is changing to Centriq Life. This is because of a new law that requires us to change the insurer on some products, to make sure all your benefits are still 100%protected.
We’re busy making the change and are super happy to inform you that your benefits are and will remain certified 100% protected by law.
The points below are all to inform you of why it’s changing, who it’s changing to and how you can get more information, if you need it.
Who are the companies involved in the insurer change?
There are 3 companies you should know about. They are:
This is the company that is the current insurer on some of the benefits on a selection of our products.
Their full name is: Centriq Insurance Company Limited, and their registration number is 1998/007558/06. They are a public company, duly incorporated (properly registered) according to the requirements of the Companies Act of 2008 (“Companies Act”), and they are a subsidiary of Centriq Insurance Holdings Limited, which is a member of the Santam Limited group of companies (“Santam Group”).
Now, the thing is that Centriq Insurance was created in 1998 as a non-life (or short-term) insurer. That means they are not a specialist life insurance company.
This is the new insurer on some of the benefits on a selection of our products. Their full name is: Centriq Life Insurance Company Limited, and their registration number is 1943/016409/06. They are a public company, duly incorporated (properly registered) according to the requirements of the Companies Act, and they are also a subsidiary of Centriq Insurance Holdings Limited, which is a member of the Santam Group.
The important thing is that Centriq Life is a licensed life insurer that underwrites life insurance policies.
3.The Unlimited – hey, that’s us!
As if we need any introduction! We are the company that gives you awesome products with so many benefits and rewards.
Our full name is: The Unlimited Group Proprietary Limited, and our registration number is 2002/002773/07. And we’re a private company that’s duly incorporated (that means legally registered) according to the requirements of the Companies Act. Now, we’re an authorised financial services provider in terms of the Financial Advisory and Intermediary Services Act of 2002 (“FAIS ACT”). We sell both non-insurance and insurance products (many underwritten by Centriq Insurance or Centriq Life). We are the ones who unlocked your “The
Unlimited” branded product and we’re the administrator of your policy, your membership and other non-insurance benefits.
Since 1994, The Unlimited has been shifting lives and delivering on what we promise – to progress the nation by giving real value and leading the way with our values.
Why is the insurer on some products changing?
A new law called the Insurance Act no 18 of 2017, came into effect recently, and it said that any death cover must be underwritten by a company that is an official life insurer.
Now, you’ll remember that Centriq Insurance, who was the insurer on some of our products, is not a life insurer. But Centriq Life is. So, to make sure your benefits are still 100% protected by the law, we’re changing the insurer on The Unlimited products that cover death, accidents, health and disability from Centriq Insurance to Centriq Life, just like the new law asks.
This transfer is subject to approval by the Prudential Authority, according to section 50 of the Insurance Act of 2017, and we’ve been working with them ever since to help make the change (which we’ll call the “Proposed Transfer”) happen.
That means that Centriq Life will officially become the insurer of certain benefits on some of The Unlimited products, as soon as the Prudential Authority gives their final approval.
Which products are affected by the insurer change?
Any products you have with The Unlimited that are currently underwritten by Centriq Insurance and give you:
● death cover
● accident cover
● health cover
● disability cover
We will call these “Transfer Products / Transfer Product” from now on, until the insurer change/Proposed Transfer is complete.
NOTE: This excludes all your other benefits on The Unlimited products. Whether they’re insurance or non-insurance, any other benefits that are not in the list above are not affected by the insurer change/Proposed Transfer and won’t change at all.
How will the affected product benefits be transferred?
Centriq Insurance will transfer the products to Centriq Life, according to a business agreement between the two companies.
This Proposed Transfer is subject to the Prudential Authority’s approval and there’s a strict legal process it must and will follow.
Once it’s approved, Centriq Life will become the insurer of the Transfer Products and will provide your cover.
IMPORTANT: All your benefits and terms and conditions will stay the same. And you will still deal directly with The Unlimited regarding your product and benefits.
Do you have to approve the transfer of your product cover?
No, it’s not necessary. According to section 50 of the Insurance Act, you don’t have to approve the Proposed Transfer – we’ll just keep you informed about it.
What happens to my products & benefits if the transfer is approved?
Your cover and benefits on your Transfer Product remain exactly the same. The only change is that the cover will be underwritten by Centriq Life. You will still deal with The Unlimited for all your services and benefits.
And, again, remember that all your current benefits on products you have with The Unlimited, whether they’re insurance or non-insurance, that are not listed above, aren’t affected by the Proposed Transfer at all.
Will my benefits stay the same?
Yes. All your benefits stay the same, as well as the terms and conditions and your waiting periods.
How will the Proposed Transfer take place?
Transferring insurance policies requires a detailed legal process, according to the Insurance Act, and it must be approved by the Prudential Authority.
So the process has quite a few steps. Here are few first steps that have already been taken:
1.Centriq Insurance and Centriq Life have applied to the Prudential Authority to approve the Proposed Transfer;
2.Centriq Insurance and Centriq Life have both created reports about how the Proposed Transfer is sound and legal;
3.The Prudential Authority has said it will preliminarily support the Proposed Transfer, and has allowed Centriq Insurance and Centriq Life to tell members about the planned change (like the Insurance Act requires); and
4.We’ve published notices of the Proposed Transfer in various newspapers and other forms of communication, to help ensure that members are aware of the Proposed Transfer.
Any member with a Transfer Product, or anyone who will be affected by the Proposed Transfer, can contact the Prudential Authority about the Proposed Transfer before 26 February 2022.
If you want to object to the Proposed Transfer, you have to call, email or write to the Prudential Authority before 26 February 2022. Otherwise, your cover will be automatically transferred to Centriq Life once the transfer is approved.
For more information, you can contact The Unlimited, Centriq Insurance or Centriq Life – see contact details below.
Please note that the Ombudsman for Long Term Insurance, Short Term Insurance and the Ombud for Financial Advisory and Intermediary Services will not be able to help you in this matter.
What is the Transfer process?
The whole process will work like this:
|1. ||Initial discussion with the Prudential Authority in respect of the transfer of the Proposed Transfer.||8 December 2020|
|2.||Submit the following application forms (including annexures, e.g. Communication Plan, etc.) to the Prudential Authority: Application Form IF024 Application form IF021 collectively “application forms” Week commencing||15 March 2021|
|Prudential Authority to consider the Application Forms and provide feedback on Communication Plan and other issues arising from Application Forms.||5 April 2021|
|4. ||Update proposed Communication Plan, communication documents and timeline with comments received from the Prudential Authority and send revised documents to the Prudential Authority.||7 July 2021|
|5. ||Submit a full list of documents to be made available for inspection to the Prudential Authority.||7 July 2021|
|6.||The Prudential Authority to provide in-principle approval of the implementation of the timeline and proposed Communication Plan.||30 July 2021|
|7.||Prudential Authority to confirm list of documents to be made available for inspection.||30 July 2021|
|8.||Implementation and roll-out of approved Communication Plan.||24 January 2022|
|9.||Documents made available on the websites of Centriq and Centriq Life.||24 January 2022|
|10.||Call centres of Centriq and Centriq Life to become operational in relation to complaints and/or enquiries received through the Centriq and Centriq Life call centres in respect of the Proposed Transfer.||With effect from 26 January 2022 to 26 February 2022 excluding Saturdays and Sundays|
|11.||Centriq and Centriq Life to communicate with Affected Policyholders||24 January 2022 – 26 February 2022|
|12.||Submit notice for publication to newspapers as required by the Prudential Authority and as set out in the approved Communication Plan.||10 January 2022 -17 January 2022|
|13.||Notice appears in newspapers as required by the Prudential Authority||22 January 2022|
|14.||Notice appears in Sunday newspaper as required by the Prudential Authority.||23 January 2022|
|15.||Tear-sheets of all publications to be delivered to the Head of Centriq Internal Audit Function.||To be provided as part of the report on the implementation of the process. Collect from 26 January 2022|
|16.||Centriq and Centriq Life Internal Audit teams to compile a report on the implementation of the approved policyholder communication plan.||02 March 2022 – 06 March 2022|
|17.||Prudential Authority to deal with possible complaints and enquiries received during the Inspection Period.||Up to 26 February 2022|
|18.||Heads Internal Audit Function of Centriq and Centriq Life to review and report on the process.||26 January 2022 to 1 March 2022|
|19.||Heads Internal Audit Function of Centriq and Centriq Life to submit report with the Prudential Authority for consideration||4 March 2022|
|20.||Receive the Prudential Authority’s written approval of the Application Forms.||Week commencing 28 March 2022|
What if I don’t want Centriq Life to underwrite my product?
You can contact the Prudential Authority, The Unlimited, Centriq Insurance or Centriq Life, to ask for more information or explain any concerns and objections you have around the Proposed Transfer. But note: You have to make sure that your communications reach these companies and authorities before 26 February 2022. (See all the contact details below).
Where can I get more information about the Proposed Transfer?
There are a lot of documents around the Proposed Transfer, and everyone involved will make them available to you. The documents are:
● A copy of the Application Forms (excluding annexes);
● A copy of the annual financial statements for the year ended 2019 for Centriq Life;
● A copy of the annual financial statements for the year ended 2019 for Centriq Insurance;
● A copy of the head of actuarial function’s report for Centriq Insurance;
● A copy of the head of actuarial function’s report for Centriq Life;
● All communication notices regarding the Proposed Transfer; and
● Any other documentation as prescribed by the Prudential Authority.
All of these documents will be available for you to view on these websites:
● The Unlimited at: www.theunlimited.co.za
● Centriq Insurance at: www.centriq.co.za
● Centriq Life at www.centriq.co.za
Who can I contact if I have questions about the Proposed Transfer?
You’re welcome to contact:
● The Unlimited at: 0861 990 000 or email firstname.lastname@example.org;
● Centriq Insurance at: 011 268 6490 or email email@example.com; or
● Centriq Life at: 011 268 6490 or email firstname.lastname@example.org.
You can also contact the Prudential Authority for this Proposed Transfer via email at SARBPA@resbank.co.za.
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.
COPYRIGHT © 2017 CENTRIQ INSURANCE COMPANY LIMITED