The Cayman Islands Monetary Authority issued a press release on Friday stating that residents holding Dyoll Insurance Company policies ‘may wish to consider seeking alternative insurance cover’ in light of that company’s current financial difficulties.
CIMA pointed out that current Dyoll coverage might not be worth anything.
‘…if a claim is made on these policies, there is a serious possibility that there will be no cover and that claims will not be paid,’ the press release stated.
Alternative coverage is particularly important to those holding motor policies because of the requirements of the Motor Vehicle Insurance (Third Party Risks), Law (2004 Revision), CIMA said.
Representatives of CIMA travelled to Jamaica last week to meet with the Financial Services Commission of Jamaica and the Temporary Manager appointed to Dyoll to discuss the situation.
The FSC and the Temporary Manager advised CIMA that there had been some third party expression of interest in purchasing Dyoll’s Cayman Islands portfolio that has no claims, and that they are continuing their efforts to effect a sale.
At this point it is unknown if or when payment on outstanding claims will resume, the press release stated.
CIMA said it would continue to report on this issue as and when new developments arise.
Dyoll’s agent in the Cayman Islands is Cayman Insurance Centre.
Nearly all motor policies and three-quarters of all property insurance policies issued through Cayman Insurance Centre were Dyoll policies,’ CIC said in a press release last week.