Regulator appoints CLICO controllers

Cayman Islands regulators have appointed Stuart Sybersma and Ian Wright of Deloitte & Touche as joint controllers Colonial Life Insurance Company (Trinidad) Limited, which trades locally as Clico (Cayman).

The Cayman Islands Monetary Authority appointed the controllers on Friday to assume immediate control over the beleagured insurance company’s affairs, assess its financial position and submitting a report to CIMA as soon as possible.

In a notice issued policy holders released on Friday, CIMA stated that the operations of CLICO will continue to be managed by the controllers subject to the cease and desist orders previously issued on 3 March 2009 and 9 April 2009 which precludes the company issuing any new insurance policies.

The notice stated that the controllers wish to stress that the operations and coverage of CLICO’s existing health and life insurance policies remains in effect subject to premiums on such policies continuing to be paid by policy holders.

Health insurance claims should continue to be submitted in the normal manner and will be processed and paid by the controllers. Redemptions or surrender of discretionary investment products previously issued by CLICO are subject to review by the Controllers.

CLICO’s office will re-open today [Thursday]. Policy holders can contact the controllers on [email protected] or call 949-2925.