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Watching your back on demutualisationTHE Financial Services Board (FSB) this week appealed to the public for input on the upcoming demutualisation of Sanlam and Old Mutual. Rick Cottrell, insurance registrar and executive officer of the FSB, urged eligible policyholders to vote on the demutualisation proposals at the special general meetings to be held by each insurer. Cottrell reassured the public that each insurer has complied with requirements of the Insurance Act of 1943. These include appointing an independent actuary of international standing to advise the registrar. In the case of Sanlam - which is to demutualise later this year ahead of Old Mutual - the actuary has advised the registrar that the proposed scheme complies with normal requirements and protection. Sanlam's scheme is now available for public inspection. The proposed demutualisation will not be finally approved by the registrar but by the High Court, says Cottrell. But if the special general meeting does not approve of the proposal, demutualisation will not go ahead. and the High Court will not be required to approve of the scheme. The registrar urged all members of Sanlam to vote at the meeting (or by proxy) to make their preference known, because the vote will be a significant factor in the final decision. If the meeting approves the scheme, any party who is affected by the scheme may still appear at the High Court hearing to object. The registrar is not presently aware of any serious problems in, or objection to, the proposed Sanlam scheme. If any person has significant objections to the Sanlam proposal, they should contact the registrar at the FSB. Contact Melanie van Zyl on (012) 428-8052 or Mr Opperman on (012) 428-8059.
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