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Short-term insurer to be liquidated

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Johannesburg – A high court in Johannesburg has granted the application to have short-term insurer SaXum Insurance Limited placed under final liquidation.

The matter was heard on Thursday. The circumstances surrounding the court order were explained in a statement issued by the Financial Services Board (FSB).

Due to its insolvent position, the registrar of short-term insurance launched the urgent application on October 12 2016. The registrar indicated that it was in the interest of SaXum’s policyholders to have the company placed in liquidation.

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