16 January 2020
This serves as notification to affected policyholders and the public of the intended transfer of policies from Guardrisk Life to Absa Life. The transfer is in respect of policies sold by Instant Life and underwritten by Guardrisk Life.
The transfer is, however, subject to regulatory approval by the Prudential Authority (PA) in terms of Section 50 of the Insurance Act, No 18 of 2017 (the Act).
If the transfer is approved, Absa Life shall be responsible for the fulfilment of all the obligations of Guardrisk Life in relation to the affected policies. The policies will continue to be administered by Instant Life and the benefits, premiums and other terms and conditions will remain the same.
Details of the proposed transfer are contained in the attached documents below. These documents will be available for inspection by the public until 14/02/2020. In terms of the Act, any person who has an interest in this matter may submit to the PA such representations concerning the transaction as are relevant to his, her or its interests. Representations should be made in writing and submitted by 14/02/2020 to any of the following email addresses:
compliance@absainstantlife.co.za ; policytransfer@absa.co.za; compliance@guardrisk.co.za
Guardrisk Life and Absa Life intend to apply to the PA on 28/02/2020 at 370 Helen Joseph Street (Formerly Church Street), Pretoria, 0002, or as soon thereafter as the application may be heard for approval of the proposed transfer.
Any owner of a policy, shareholder or creditor affected by the proposed transfer, shall be entitled to appear and to be heard at the aforesaid application and may make application to the said PA on any matter regarding the transfer.
A Frequently Asked Questions document has also been attached to this publication to help clarify the impact on and required action by affected policyholders.
If you have any questions about the transfer, please don’t hesitate to contact Instant Life on compliance@absainstantlife.co.za or 087 806 1413.
Yours sincerely
Mugove Nyimo Eugene Strauss Francois Schaap
Managing Director: Instant Life Managing Executive: Absa Life Managing Executive: Guardrisk Life
Proposed transfer details
- Absa Life Annual Financial Statement
- Absa Life Audited Statement – Pre-transfers
- Absa Life Audited Statement – Post-transfer
- Absa Life Board Resolution
- Absa Life Statutory Actuary Report
- Absa Life Statutory Return Audit Report
- Financial Statement of Guardrisk Instant Life Cell
- Government Gazette Notification
- Guardrisk Life Annual Financial Statement
- Guardrisk Life Audit Report and Statement
- Guardrisk Life Board Resolution
- Guardrisk Life Statutory Actuary Report
- Policyholder Notification Email
- The Star Newspaper
- Transfer Agreement
- Transfers Notification Form
