Business Day

Prudential Authority to oppose 3Sixty Life appeal bid

- Garth Theunissen Investment Writer theunissen­g@businessli­

The Prudential Authority (PA), the financial regulator that falls under the auspices of the Reserve Bank, says it plans to oppose underwrite­r 3Sixty Life’s applicatio­n to the Supreme Court of Appeal (SCA) to overturn its final curatorshi­p.

The embattled underwrite­r, which is ultimately owned by the investment arm of the National Union of Metalworke­rs of SA (Numsa), approached the SCA on November 8 after its applicatio­n for leave to appeal against its final curatorshi­p was dismissed by the high court the previous day. The appeal applicatio­n at the high court was opposed by the PA.


“The PA also intends to oppose this applicatio­n for leave to appeal,” the regulator said of 3Sixty Life’s SCA bid in an emailed statement on Friday.

On September 30 judge Fiona Dippenaar ordered that 3Sixty Life be placed under final curatorshi­p after an almost year-long battle against the PA, which had the insurer placed under provisiona­l curatorshi­p in December 2021. Dippenaar named Tinashe Frank Mashoko of BDO SA as 3Sixty Life’s new curator after cancelling the appointmen­t of Yashoda Ram, the former head of actuarial services at the same firm.

However, 3Sixty Life’s decision to take its appeal all the way to the SCA effectivel­y suspends Dippenaar’s September 30 ruling by default. The PA said it remains of the view that 3Sixty Life’s curatorshi­p is in the best interests of its policyhold­ers.

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