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Notice of the Transfer of the Rights and Liabilities of Hollard Specialist Life Limited in respect of Long-Term Insurance Policies Underwritten by it, to Centriq Life Insurance Company Limited.

Please note that it is intended for a portion of the long-term insurance policies underwritten by Hollard Specialist Life Limited (“Hollard Specialist Life”) to be transferred to Centriq Life Insurance Company Limited (“Centriq Life”). The transfer will be effected in accordance with section 50 of the Insurance Act, 18 of 2017 (“the Act”) and the Prudential Standard GOI 6.

The particular portion of the business to be transferred from Hollard Specialist Life to Centriq Life is:

  • All rights and liabilities in respect of the Value Added policies (“VAPs“) underwritten by Hollard Specialist Life which is issued through the Imperial and Motus distribution channels and administered by M-Sure Financial Services Proprietary Limited (“M-Sure”), with an inception date on or after 1 July 2017 (“Transfer Policies“); and
  • The premium reserve held in respect of the Transfer Policies.

 

Details of the proposed transfer are set out in the Transfer Agreement, which will be available on Centriq (www.centriq.co.za), Hollard (www.hollard.co.za)and M-Sure’s (www.m-sure.co.za) websites from 25March 2019 to 3 May2019. The Agreement is subject to the fulfilment of conditions, which includes, amongst others, that the Prudential Authority approves the Proposed Transfer.

Because the Proposed Transfer envisages a transfer of policies from Hollard Specialist Life to Centriq Life without the Policyholders’ consent for the implementation of the Proposed Transfer, a detailed regulatory process is prescribed in terms of the Act, which includes, amongst others, the approval of the Proposed Transfer by the Prudential Authority.

If the Prudential Authority approves the Proposed Transfer this means that, the Policies will be transferred to Centriq Life who will become the new insurer of the Policies, responsible for fulfilment of all the obligations of Hollard Specialist Life towards the Policyholders of the Policies.

All policy terms and conditions will remain unchanged and all premiums and benefits will remain unaffected by the Proposed Transfer.

It is important to note that any person who has an interest in this matter may within the Inspection Period being 25 March 2019 to 3 May2019 submit a representation to the Prudential Authority about the Proposed Transfer by no later than 3 May 2019. This transfer is subject to the approval of the Prudential Authority.

Please note that this transfer will not affect any of Centriq Life’s current clients and will only affect those clients with existing policies with Hollard as specified above.

For a list of documentation including the transfer agreement between Hollard Specialist Life and Centriq Life as well as the Frequently Asked Questions, please click here

Centriq Insurance Company Limited and Centriq Life Insurance Company Limited are authorised financial services providers
COPYRIGHT © 2017 CENTRIQ INSURANCE COMPANY LIMITED

SECTION 50 TRANSFER
Notice of the Transfer of the Rights and Liabilities of Hollard Specialist Insurance Limited in respect of Long & Short Terms Insurance Policies Underwritten by it, to Centriq Insurance Company Limited.
For LONG TERM click here For SHORT TERM click here