Fate of Numsa’s 3Sixty Life funeral insurance company hangs in balance

The fate of the funeral insurance company which prompted a bitter fight among executives of the National Union of Metalworkers (Numsa) is still hanging in the balance, six months since the matter was heard in court.

After 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.

On 22 March, Judge Fiona Dippenaar in the Johannesburg high court heard arguments between the Prudential Authority and the erstwhile directors of the company, as well as Yashoda Ram, the court-appointed interim curator, about whether the interim curatorship should be made final.

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.

GroundUp 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. We have also reported on the consequences that followed the curatorship saga: how Numsa’s national congress was thrown into disarray after union leaders who raised concerns about 3SixtyLife were suspended.

In April, Ram tried to resign as curator and hand the curatorships over to management and the board of directors. When this was blocked by the Prudential Authority, she argued in two affidavits submitted to the Johannesburg high court in May and June that 3Sixty Life should no longer remain under curatorship, as it was “solvent”.