On 12 October 2016, the Registrar for Short-Term Insurance instituted an urgent application at the Johannesburg High Court for the liquidation of SaXum Insurance Limited (SaXum).
The application is based on the fact that SaXum is insolvent and the Registrar is satisfied that the liquidation is in the best interest of its policyholders. SaXum is no longer able to pay policyholder claims or repay collateral amounts. These unpaid claims and collateral will be part of the consideration by the liquidator during the liquidation process, should the application be granted.
The scheduled date for the application to be heard by the Johannesburg High Court is on 20 October 2016.