11 Dec 2020
Assupol requests all unconfirmed qualifying members of the Assupol demutualisation scheme to come forward and confirm their particulars before 31 December 2020, in order to receive their pay-outs. Any person that had a policy with Assupol on 30 September 2010 may be a qualifying member in terms of the demutualisation scheme. Because the demutualisation scheme was established by an order of the High Court, Assupol has no discretion or influence on the hard deadline of 31 December 2020, without any exceptions.
Dating back to when the Assupol demutualisation scheme was established, qualifying members received redeemable preference shares which they could exchange for cash unless they, by 30 April 2011, elected to retain their shares. Assupol had systematised the need of frequently updating members of the scheme with relevant information related to the policy and as such, qualifying members were requested to confirm their particulars and banking information in order to receive their pay-out – that period will expire as of 31 December 2020.
By 24 November 2020, a total of 197 371 qualifying members received their pay-outs, representing 90,7% of all potential pay-outs in terms of the scheme. This means that Assupol has paid out a total of R853 million to qualifying members.
“We believe our demutualisation has been a resounding success but we kindly request all remaining qualifying members to urgently comply with this process in order to avoid forfeiture of their pay-outs,” urged Assupol Group CEO, Riaan van Dyk.
All forfeited pay-outs will be transferred to a charitable trust that will be established to the benefit of the communities from which Assupol Life’s policyholders come. “There is a potential amount of R112 million that will be paid to the charitable trust. This amount will of course decrease as members confirm their particulars up to 31 December 2020,” added van Dyk.
As a trusted financial service provider, Assupol views the demutualisation scheme pay-outs as a priority as part of honouring its mission of serving those who serve.Qualifying members are encouraged to contact Assupol on 0861 235 664 or e-mail firstname.lastname@example.org before the 31 December 2020 deadline