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.