High Court revokes suspension of Phoenix Botswana :: Mmegi Online

The High Court has conditionally suspended a decision by the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) to place Phoenix of Botswana Assurance Company under temporary closure.

In an order granted last Friday, Justice Leatile Dambe set aside NBFIRA’s July 06 decision to freeze Phoenix’s business, allowing the general insurance company to continue writing new business, but only on condition that all transactions are approved by the regulator.

‘It is ordered that the operation of notice of temporary closure is hereby suspended until 5th of September, 2017 on condition that Phoenix shall notify the regulator when new business is made. All transactions out of the business accounts of the company shall be subject to approval by the NBFIRA,” reads the order, which was granted after Phoenix challenged NBFIRA’s ban.

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High Court revokes suspension of Phoenix Botswana

The High Court has conditionally suspended a decision by the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) to place Phoenix of Botswana Assurance Company under temporary closure.

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