Numsa-linked 3Sixty Life accuses Prudential Authority of betrayal
Khandani Msibi, acting CEO of 3Sixty Life, says the regulator went behind the insurance underwriter’s back to have it placed under curatorship
3Sixty Life, an underwriter of life insurance and funeral policies ultimately owned by the investment arm of the National Union of Metal Workers of SA (Numsa), has accused the Prudential Authority (PA) of betrayal for placing it under provisional curatorship. It said the step wasn’t needed and would place the business at risk.
The Gauteng high court ordered that 3Sixty Life be placed under curatorship on Tuesday after the PA made an urgent application on an ex parte basis, a legal term referring to orders granted without waiting for a response from the opposing side. That saw Yashoda Ram of auditor BDO SA being appointed as the insurer’s provisional curator. The court set a return date of April 12, 2022 to allow 3Sixty Life to argue why the provisional curatorship should not be made final...
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