These are the reasons we shouldn’t be put under curatorship: 3Sixty Life
Life insurer argues Reserve Bank failed to establish a case for urgency or disclose all material facts to court
Embattled union life insurer 3Sixty Life has hit out at the Reserve Bank’s Prudential Authority (PA) and the Financial Sector Conduct Authority (FSCA), accusing them of misleading the court and allowing personal relationships to cloud their judgment in their application for an order of curatorship over the business.
In court papers filed with the Johannesburg high court last week, responding to the PA’s application for the company to be placed under curatorship, 3Sixty’s acting CEO Khandani Msibi has accused both regulators of failing to disclose material facts to the courts that would have negated the need for curatorship.
3Sixty has been under provisional curatorship since December 21 2021,after an urgent ex parte application by the PA, which accused the insurer of failing to maintain minimum capital requirements (MCR) and solvency capital requirements (SCR)...