Notice of the transfer
NOTICE OF THE TRANSFER OF THE INSURANCE BUSINESS OF THE MOMENTUM INSURANCE COMPANY LIMITED TO THE MOMENTUM SHORT TERM INSURANCE COMPANY LIMITED IN TERMS OF SECTIONS 50 OF THE INSURANCE ACT
It is the intention of the Momentum
Insurance Company Limited (registration number 1976/001547/06) ("Momentum Insurance") to transfer all of its insurance business to Momentum Short Term Insurance Company Limited (registration number: 2005/026378/06) ("MSTI") in terms of sections 50 of the Insurance Act 18 of
2017 ("Act") ("Proposed Transfer"). This is a necessary step in the integration of
MSTI and Momentum Insurance, following the acquisition of Momentum Insurance (previously Alexander Forbes Insurance) by Momentum Metropolitan Holdings in July 2019.
The scope of the Proposed Transfer includes all policies underwritten by Momentum Insurance in South Africa ("Transfer Policies").
The Transfer Policies will be transferred to MSTI in terms of a sale of business agreement concluded between Momentum Insurance and MSTI ("Agreement").
Because the Proposed Transfer involves a transfer of the Transfer Policies from the
Momentum Insurance licence to the MSTI insurance licence, a detailed regulatory process is required in terms of the Act, which includes, amongst others, the approval of the Proposed Transfer by the Prudential Authority.
Once the Prudential Authority approves the Proposed Transfer, MSTI shall be responsible for carrying out all the obligations of Momentum Insurance that relate to the Transfer Policies.
Copies of various supporting documents relevant to the Proposed Transfer will be made available from 9 May 2021 until 31 May 2021 ("Inspection Period") on www.momentum.co.za.
Any person who has an interest in this matter may, within the Inspection Period, submit to the Prudential Authority representations about the Proposed Transfer. The representations must reach the Prudential Authority by no later than 31 May 2021.
Please direct all queries regarding the transfer to email@example.com, dial 0860 100 000 or contact your regional Momentum Insurance office (details available on momentum.co.za). Alternatively, please direct your enquiries to the Prudential Authority via email at SARB-PA@resbank.co.za.