Transfer of Short-Term Insurance Policies

Article Name

Transfer of Short-Term Insurance Policies

Published: February 24, 2017

Transfer of Short-Term Insurance Policies

The Hollard Insurance Company Ltd (registration number: 1952/003004/06) ("Hollard") is a registered short-term insurer and is the current underwriter / insurer of your short-term insurance policy.

It was decided to transfer all PPS branded Hollard short-term policies to PPS Short-Term Insurance Company Limited (registration number 2005/005531/06) ("PPS").

It is important to note that your benefits will remain secure and will remain unchanged notwithstanding the transfer of your policy.

In order to ensure that you are being treated fairly and that your policy benefits remain secure, PPS and Hollard are obliged to comply with a detailed regulatory process and must comply with the provisions of the Short-term Insurance Act and the requirements of the Registrar of Short-term Insurance before the transfer may be implemented.

In compliance with these requirements, the following steps have already been implemented:

PPS and Hollard gave notice of their intention to transfer the short-term policies to the Registrar of Short-term Insurance.
The Registrar of Short-term Insurance has given its preliminary support of the transfer.

Notice of the transfer has been published in various newspapers and other forms of communication to ensure that all policyholders, shareholders and other stakeholders receive adequate notice of the transfer.

The Registrar of Short-term Insurance indicated its preliminary support for the transfer and has allowed PPS and Hollard to communicate with the policyholders regarding this change, as it is required to do in terms of the Short-term Insurance Act and the requirements of the Registrar of Short-term Insurance. A copy of the formal notice published in various newspapers is attached hereto for ease of reference.

PPS and Hollard intend to apply to the Registrar of Short-term Insurance for approval of the transaction on 30 March 2017.

Various documents relating to the transfer will be available for inspection at the head office of PPS at 6 Anerley Road, Parktown, Johannesburg and at the head office of Hollard at 22 Oxford Road, Parktown, Johannesburg. These documents will be available between 08h00 and 17h00 from 24 February 2017 to 16 March 2017. These documents include the Transfer Agreement concluded between PPS and Hollard. For ease of reference the documents available for inspection can also be accessed above.

If you have any questions about the transfer, you can contact either Hollard or PPS per our details set out below. You may also write to the Registrar of Short-term Insurance during the inspection period of 24 February 2017 to 16 March 2017. The Registrar of Short-term Insurance's contact details are also set out below.

Contact details of PPS:

Email:[email protected]

Phone number:+27 11 644 9772

Contact details of Hollard:

Email:[email protected]

Phone number:+27 11 351 2361

Alternatively, please direct your enquiries to the Registrar of Short-term Insurance, Financial Services Board per email to [email protected].

We assure you that your benefits are secure and that PPS will continue to look after your interest.

Back