3Sixty Life files answering affidavit against provisional curatorship
3Sixty Life, an underwriter of life insurance and funeral policies owned by the investment arm of the National Union of Metal Workers of SA (Numsa), has filed an 854-page answering affidavit objecting to the provisional curatorship secured against it by the Prudential Authority (PA) in December.
The answering affidavit was filed in the high court on January 21 and argues that the provisional curatorship “materially prejudices” 3Sixty Life and has “dire effects” on its policyholders and employees. Central to 3Sixty Life’s objection is the fact that the provisional liquidation order was secured on an ex parte basis, a legal term referring to orders granted without waiting for a response from the opposing side. ..