FIRST Mutual Holdings (FML) has lodged an application with the High Court, seeking a review of a corrective order issued by the Insurance and Pensions Commission (Ipec) last year.
The order, which was based on the findings of forensic auditor BDO Chartered Accountants, instructed FML’s shareholders to make substantial payments to policyholders due to alleged faults in asset separation.
“FML respectfully disagrees with the findings… [and] accordingly, … exploring all avenues to find a way forward,” FML said in a statement.
Despite the initiation of legal proceedings, which FML deems “necessary” to protect its rights, the company has pledged to continue working with the regulator and the Finance ministry to resolve the issues.