FMHL proposes transfer of TristarInsuarance business to NicozDiamond
HARARE, FMHL has approached government to make an application to transfer TristarInsuarance Company business to NicozDiamond in terms of section 33 (4) (A) of Insurance Act [Chapter 24.07.
FMHL during the year consummated a transaction in which it acquire NicozDiamond majority stake held by the National Social Security Authority (NSSA). It is after finalisation of the transaction that the operations of NicozDiamond and Tristarinsurance Company who are both short term insurers are merged into a single short term insurance entity.
Meanwhile, FMHL in a statement said the transfer is subject to all requisite regulatory and corporate approvals being obtained.
“Notice is hereby given by the Directors of TristarInsuarance Company Limited (TristarInsuarance) and NicozDiamond Insurance Limited (NicozDiamond) that TristarInsuarance and NicozDiamond intend to make an application to the Minister of Finance and Economic Development in terms of Section 33(4) (a) of Insurance Act [Chapter 24:07], to sanction the transfer of business from TristarInsuarance to NicozDiamond,” read part of the statement.
As a result, FMHL, noted, any person who wishes to make any representations regarding the above mentioned transaction should lodge them, in writing, with the Commissioner of Insurance and Pension And Provident Funds.
