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3Sixty Life, a life insurance and funeral policy underwriter, has been placed under provisional curatorship by the Gauteng High Court in Johannesburg.
The Prudential Authority filed the application on a priority basis (PA). In accordance with the Financial Institutions Act, the court has appointed Yashoda Ram as the curator to take immediate control of 3Sixty’s business.
Ram must consider the best interests of policyholders in order to preserve the business and make payments to policyholders who have valid claims.
An application for the liquidation of 3Sixty or for relief against the business or its directors, members, or managers can be made if the curator deems it necessary.
The court has set April 12, 2022 as the deadline for 3Sixty or any other interested party to show why a final order regarding the curatorship should not be made. On that date, Ram must report on 3Sixty’s overall financial situation as well as any irregularities that may have occurred. 3Sixty has until January 21 to file an opposition to the application.
Until leave of the court is obtained, all proceedings against 3Sixty are stayed pending the return day.
Story by : Norvisi Mawunyegah