NOTICE OF THE TRANSFER OF THE RIGHTS AND LIABILITIES OF THE HOLLARD INSURANCE COMPANY LTD IN RESPECT OF SHORT-TERM INSURANCE POLICIES UNDERWRITTEN BY IT, WITH THE RIGHTS AND LIABILITIES OF PPS SHORT-TERM INSURANCE COMPANY LIMITED IN TERMS OF SECTION 36 OF THE SHORT-TERM INSURANCE ACT, 53 OF 1998
Notice is hereby given in terms of Section 37(1)(a)(ii) of the Short-term Insurance Act, 53 of 1998 (hereinafter referred to as “Act”), that it is the intention of The Hollard Insurance Company Ltd (registration number: 1952/003004/06) ("Hollard") and PPS Short-Term Insurance Company Limited (registration number 2005/005531/06) ("PPS") to transfer a portion of the business of Hollard to PPS (hereinafter referred to as the "Proposed Transaction").
The policies affected by the Proposed Transaction are PPS branded short-term insurance Personal Lines policies issued by Hollard.
If the Proposed Transaction is approved by the Registrar of Short-term Insurance ("Registrar"), PPS will become responsible for the fulfilment of all the rights and obligations of Hollard in terms of the relevant short-term insurance policies and PPS will become the insurer of the relevant short-term insurance policies.
Details about the Proposed Transaction are contained in an agreement entered into between PPS and Hollard dated 30 August 2016 ("Transfer Agreement"). The Transfer Agreement is subject to the fulfilment of suspensive conditions, which include, amongst others, that the Proposed Transaction is approved by the Registrar as required in terms of section 36 of the Act.
Copies of i) the Transfer Agreement and ii) any other documents required by the Registrar, shall be available for inspection for a period of 15 (fifteen) days commencing on 24 February 2017 until 16 March 2017 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. The information will also be available during the above period on the PPS website.
In terms of Section 37(1)(b) of the Act, any person who has an interest in this matter may, within 15 (fifteen) days from the publication of this notice in the Government Gazette on 24 February 2017, submit to the Registrar such representation concerning the Proposed Transaction as are relevant to his/her/its interests.
PPS and Hollard intend to apply to the Registrar on 30 March 2017, or as soon thereafter as the application may be heard, for confirmation of the Proposed Transaction in terms of the Act.
Please direct all queries to Hollard at +27 11 351 2361 or send an email enquiry to wikusr@hollard.co.za or to PPS at +27 644 9772 or send an email enquiry to transfer@pps.co.za. Alternatively, please direct your enquiries to the Registrar of Short-term Insurance, Financial Services Board per email to Janet.Ehlers@fsb.co.za.
