The fate of the funeral insurance company which prompted a bitter fight among executives of the National Union of Metalworkers isAfter two years of operating in a state of insolvency, 3Sixty Life, was placed under curatorship in December 2021 at the request of the Prudential Authority. The Prudential Authority is a regulatory body which operates under the auspices of the South African Reserve Bank.
Six months later, Judge Dippenaar is yet to rule on whether or not the curatorship should be lifted. 3Sixty Life is ultimately owned by Numsa’s investment trust, and its immediate parent company is Doves, the funeral provider.has previously reported on the circumstances that led to the curatorship, the battle between regulators and 3Sixty Group’s directors, and the strange about-turn by the interim curator Yashoda Ram.
Across all four months, the company’s minimum capital requirement and solvency capital requirement ratios remain well below the minimum required ratio as defined by the Insurance Act. Furthermore, the audited financial statements for 2020 and 2021 are still outstanding.
Not surprising. I don’t expect that commercial business will be their forté. They even fail to be a well managed union, deducing from their inability to care for their members properly.
KhandaniM
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