FSB: Resolution Life under curatorship

07 September 2012 FSB

Following an application by the Executive Officer of the Financial Services Board (FSB), the South Gauteng High Court on 6 September 2012 granted a provisional order to place the life insurance business of Resolution Life Limited (Resolution Life) under p

Ms Ashlene Van Der Colff and Mr Gerdus Dixon have been appointed as provisional curators of the business of Resolution Life. The return date of the provisional order is 16 October 2012 when interested parties may be heard and a report by the provisional curator will be considered by the Court.

In terms of the provisional order, the curator will take immediate control of the business of Resolution Life and investigate the affairs, business and operations of the company, particularly its unsound financial position and certain allegations against Resolution Life.

Policyholders of Resolution Life should not be concerned that their policies will be negatively affected by the curatorship as the curator must at all times act in the best interest of policyholders.

The FSB requests members of the public not to address enquiries to the curators as their time will be fully occupied by this assignment. Progress with the curatorship will from time to time be made known through the media.

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