Constantia Insurance South Africa | Life and Health Insurance
You are on Uni24.co.za, in this article, we bring to you everything to know about Constantia Insurance. An insurance company is any firm that provides a means by which risk is managed. Put it this way, Constantia Insurance sells packages that offer protection against unexpected life circumstances in relation to damages, loss, theft or any bad situation.
Following a period of Curatorship, Constantia Insurance Company Limited (hereafter referred to as ‘CICL/the Estate’) was placed in Final Liquidation by the High Court of South Africa, on application from the Prudential Authority of the South African Reserve Bank. This means that the Liquidation Process, by law, is regulated by the procedures laid down in the Insolvency Act 24 of 1936 as amended, and other relevant legislation.
If you have claims against the Estate, you will first need to identify the type of claim that you have, as explained in more detail in the FAQ’s section below. We encourage you to also watch the following tutorial videos:
- Introduction to claiming against the Estate.
- How to submit an insurance claim and then a claim against the Estate
- How to submit a non-insurance claim against the Estate.
Please note that all Insurance Claims need to be submitted by 30 November 2022. You do not need to have lodged your Liquidation Claim(s) against the Estate of CICL by the 30 th of November 2022. A cut-off date for the submission of Liquidation Claims against the insolvent estate will be communicated during the first quarter of 2023.
Further note that Constantia Life and Health Limited (CLAH) and Constantia Life Limited (CLL) are not in liquidation and both are still operating as per the normal course of business.
Frequently Asked Questions on Insurance in South Africa
What Is Short-Term Insurance?
Short-term insurance is any insurance policy that lasts for an hour, day, week or month. These policies are designed for very short-term needs. It should however be noted that some insurance companies offer longer durations under this package. Generally, they provide protection against theft, damage to goods or property or any other form of liability.
What Is Excess in Insurance?
Excess in insurance is generally the amount of money you have to pay to cover your insurance claim. This allows the insurance to pass on an agreed amount of the risk to the policyholder and is included in the policy. So in the event of an insurance claim, the beneficiary pays a portion of the claim cost and the insurance company pays the rest.
