The Registrar of Short-term Insurance’s application to place SaXum Insurance Limited under final liquidation, was granted.
The Court ordered that SaXum be placed under liquidation for final winding-up in the hands of the Master of the High Court, Johannesburg. A liquidator will be appointed to manage the affairs of SaXum with the interests of its creditors, including policyholders, in mind.
After launching the application, the Registrar took steps to help ensure that no creditor (including policyholders) is preferred over another. The Registrar will work with the liquidator to safeguard the interests of policyholders.
Further information, including the details of the liquidator, will be provided as soon as the liquidator is appointed.
We made enquiries to the FSB regarding immediate obligations of FSPs who had placed business with SaXam and received the following response:
If their clients have outstanding claims with SaXum, they will need to wait for the details of the liquidator for further guidance.
In view of the liquidation, SaXum clients have no cover now, so we suggest you replace it as soon as possible.
Policyholder queries can be directed to Ms Farzana Badat, Head: Insurance Compliance Department, telephone 012 428 8121 or email FSB.INSSaxumQueries@fsb.co.za.