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Tag Archives | Prudential Authority

Constantia-Insurance

Placing Constantia Insurance under curatorship was premature, says Conduit Capital

JSE-listed Conduit Capital Limited believes the Prudential Authority (PA) acted prematurely when it applied for Constantia Insurance Company Limited (CICL) to be placed under curatorship, saying it was in talks with investors about a possible capital injection. The Gauteng High Court placed CICL under provisional curatorship on 26 July after the PA brought an ex […]

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rands

MPs ask Treasury for report on impact of new financial sector levies

Parliament’s Standing Committee on Finance has tasked National Treasury with producing a report on how the Financial Sector and Deposit Insurance Levies Bill will impact consumers and small entities. Read: FSPs face paying regulators much higher levies Treasury, the FSCA and the Prudential Authority (PA) this week briefed the committee on their responses to submissions […]

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insolvency

How Numsa’s life insurer went insolvent

In September 2020 the cracks in the finances of 3Sixty Life, the life insurer wholly owned by the National Union of Metalworkers of SA (Numsa) through the Numsa Investment Company, started to show. On 30 September, the date of publication of its third-quarter results, 3Sixty Life failed to meet its solvency capital requirements, triggering alarm […]

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Fundi-Tshazibana

Fundi Tshazibana to head the Prudential Authority

The South Africa Reserve Bank has appointed deputy governor Fundi Tshazibana as the chief executive of the Prudential Authority (PA), in a rotation of deputy governor positions, the SARB said in a statement on Wednesday. It said the rotation was in line with global best management practice, “with the aim of developing a pipeline of […]

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gavel

PA loses bid to remove Ram as 3Sixty Life’s curator

The Prudential Authority (PA) has lost its urgent application to replace Yashoda Ram as the provisional curator of 3Sixty Life, with the Gauteng High Court ruling on Thursday that the regulator had “adopted an incompetent procedure” to seek her removal. The PA obtained a provisional curatorship order against 3Sixty Life in December last year, in […]

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Deloitte

Millions of rands siphoned from Numsa’s insurance company, report shows

Millions of rands in insurance premiums paid by members of the National Union of Metalworkers of SA (Numsa) were siphoned from life insurer 3Sixty Life to prop up other Numsa-owned companies between 2017 and 2019. The Prudential Authority, a financial regulator, placed the insurer under curatorship in December 2021, after a year of operating in […]

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