Insurer to close doors

As of Tuesday, 1 December, CLICO (Cayman) Ltd will no longer provide health insurance in the Cayman Islands, according to an announcement from the government released Friday morning.

The Health Insurance Commission has stated that individuals and employers who have been insured at CLICO (Cayman) Ltd must get health insurance from other approved insurers in order to stay compliant with the Health Insurance Law.

The closure comes after the Cayman Islands Monetary Authority imposed operating restrictions on CLICO (Cayman) Ltd in March amid concerns about the company’s ability to meet financial liabilities.

CLICO was ordered on 6 March to stop issuing new policies with investment features until its assets became robust enough to satisfy the monetary authority. The insurer was also ordered to stop collecting new premiums on existing policies with investment features.

CLICO operations in the Bahamas and Guyana were liquidated earlier this year by regulators in those countries.

Local representatives told the Compass in March that CLICO (Cayman) had been unaffected by the Bahamas and Guyana liquidations as the Cayman operation was wholly under the management of CLICO (Trinidad).

Founded as Colonial Life Insurance Company in Trinidad in 1932, parent company CL financial developed into one of the largest conglomerates in the Caribbean, with worldwide assets recently estimated at roughly US$ 100 billion. The group has holdings in a range of industries including banking and financial services, general and life insurance, energy and petrochemicals, real estate and media and communications.