Belize Supervisor of Insurance Protects CLICO Belize Policyholders
http://www.caribbeanpressreleases.com/articles/4687/1/Belize-Supervisor-of-Insurance-Protects-CLICO-Belize-Policyholders/Page1.html
S Coward
By S Coward
Published on 28-Feb-09
Belmopan - Feb. 28, 2009 -- As a consequence of the actions taken in the Bahamas and in order to
protect the interest of the policyholders of the company in Belize, on
25 February the Supervisor of Insurance exercised her power of
intervention pursuant to section 53 of the Belize Insurance Act, Act
No. 11 of 2004 and placed restrictions on the company under section 55
of the said Act.
Liquidator to be appointed next week
Belmopan -- Feb. 28, 2009 -- On 24 February 2009 the Supreme Court of the Bahamas ordered that CLICO
(Bahamas) Limited be placed in liquidation preparatory to winding up.
The Court further ordered that Mr. Craig A. Gomez be appointed
Provisional Liquidator to wind-up the company. CLICO (Bahamas) Limited
is an insurance company registered in the Commonwealth of the Bahamas
with operations in Belize and the Turks and Caicos Islands.
As a consequence of the actions taken in the Bahamas and in order to protect the interest of the policyholders of the company in Belize, on 25 February the Supervisor of Insurance exercised her power of intervention pursuant to section 53 of the Belize Insurance Act, Act No. 11 of 2004 and placed restrictions on the company under section 55 of the said Act. These restrictions refrain the company (1) from issuing any new insurance contract but allows the company to continue serving existing insurance contracts (which were in effect prior to 25 February 2009); (2) from varying any existing contract; and (3) from repatriating any funds out of Belize and (4) from disposing any of its assets without the prior written consent of the Supervisor of Insurance. Additionally, the Supervisor of Insurance has secured the assets of the company in Belize and is in full control of the statutory reserves of the company. CLICO policyholders can rest assured that their interests are being protected.
The Supervisor of Insurance is in constant dialogue with the Registrar of Insurance Companies of the Bahamas and will be meeting with the appointed Liquidator next week. In the meantime, policyholders are advised to continue paying their premium on the policies to maintain them active.
We would like to assure the general public that the problems of CLICO (Bahamas) Limited is not a reflection of the entire Belize insurance industry. At the end of 2007 the insurance companies held $165m in assets and wrote $111m in gross premium income, of which CLICO only holds 5%.
Persons having any questions or queries may contact the Supervisor of Insurance at the Office of the Supervisor of Insurance, 2nd Floor Sir Edney Cain Building in Belmopan.
As a consequence of the actions taken in the Bahamas and in order to protect the interest of the policyholders of the company in Belize, on 25 February the Supervisor of Insurance exercised her power of intervention pursuant to section 53 of the Belize Insurance Act, Act No. 11 of 2004 and placed restrictions on the company under section 55 of the said Act. These restrictions refrain the company (1) from issuing any new insurance contract but allows the company to continue serving existing insurance contracts (which were in effect prior to 25 February 2009); (2) from varying any existing contract; and (3) from repatriating any funds out of Belize and (4) from disposing any of its assets without the prior written consent of the Supervisor of Insurance. Additionally, the Supervisor of Insurance has secured the assets of the company in Belize and is in full control of the statutory reserves of the company. CLICO policyholders can rest assured that their interests are being protected.
The Supervisor of Insurance is in constant dialogue with the Registrar of Insurance Companies of the Bahamas and will be meeting with the appointed Liquidator next week. In the meantime, policyholders are advised to continue paying their premium on the policies to maintain them active.
We would like to assure the general public that the problems of CLICO (Bahamas) Limited is not a reflection of the entire Belize insurance industry. At the end of 2007 the insurance companies held $165m in assets and wrote $111m in gross premium income, of which CLICO only holds 5%.
Persons having any questions or queries may contact the Supervisor of Insurance at the Office of the Supervisor of Insurance, 2nd Floor Sir Edney Cain Building in Belmopan.