The Jamaica Financial Services Commission has appointed a temporary manager for Dyoll Insurance Company Limited, which is licensed with the Cayman Islands Monetaru Authority as a Class A external insurer.
Cayman Insurance Centre is the local agent for Dyoll.
This action of the JFSC comes as a result of Dyoll’s inability to inject the required capital into the company in order to meet outstanding property and motor vehicle claims arising from the extensive damage caused by Hurricane Ivan in the Cayman Islands and Jamaica.
In assuming the role of temporary manager of Dyoll, the JFSC is seeking to establish the true financial position of the company, address the matter of settlement to its claimants, and ensure that its policies will remain in force.
The JFSC has also advised that the temporary manager has been put in place to protect the best interest of policyholders and stated the following:
For persons who have policies with Dyoll, these policies will still be in force, and
For policyholders who have outstanding claims, the temporary manager will determine the extent of the assets and liabilities as quickly as possible.
Post-Ivan, the Authority has held a series of meetings with Dyoll and CIC in an effort to address Dyoll’s ongoing solvency issues and to protect the interest of local policyholders. The Authority is now working closely with the JFSC to address these issues.