Finance Minister Tito Mboweni has welcomed the resignation of the South African Special Risk Insurance Association (SASRIA) Non-Executive Directors.
In a brief statement, the National Treasury said the resignations came after the company held its Annual General Meeting last Friday.
“The Minister of Finance will reconstitute the Board of Directors (BoD) within the next two weeks after consulting with Cabinet and all relevant stakeholders,” said the National Treasury.
Minister Mboweni in the statement thanked the Non-Executive Directors for their dedication in leading an organisation such as SASRIA.
“The BoD has steered this ship in a tough environment, where short-term insurers are grappling with ever increasing challenges and rising costs for insurers such as the burning and looting of business premises during protests,” said Minister Mboweni.
SASRIA is a short-term insurance company that is wholly owned by the state and is one of the entities that report to the Minister of Finance.