The Cayman Islands Monetary Authority appointed controllers to Motor and
General’s Cayman Islands branch on Tuesday, 22 June, pursuant to Section 13
(1)(vii)of the Insurance Law (2008) Revision).
Local Controllers David Walker and Ian Stokoe have assumed immediate
control of the company’s affairs. They will continue to manage the branch’s
operations and protect Motor and General’s policyholders, as well as the assets
of the enterprises local operations.
“Placing the local entity into controllership allows CIMA to ensure that
there are persons in charge of the local operations who have legal power to
make and execute decisions to safeguard the interests of Motor and General’s
policyholders and the public interest.This includes ensuring, as far as
possible, that the assets belonging to the local entity, including assets held
in trust, remain secured for the benefit of its creditors and policyholders, as
well as providing ongoing assessment of the company’s financial position,” stated
CIMA’s Managing Director Cindy Scotland.
Mrs. Scotland further explained that while the Cayman branch is expected
to fully comply with the suspension order imposed on its parent company by the
Central Bank of Trinidad and Tobago, policyholders continue to have valid
insurance coverage, adding that the suspension was to allow further
investigation into Motor and General Insurance Company Limited’s affairs, while
protecting the policyholder rights and obligations.
Motor and General is licensed by CIMA as an approved external class “A” motor
Under the controllership, Motor and General is permitted to allow
renewals of policies on a case-by-case basis, but due to the overriding
suspension order of the parent company, the Cayman branch of Motor and General
will not be able to pay claims at this time.
Because the Motor and General situation is ongoing,
CIMA Public Relations Officer Ruth Myles said the Authority would be unable to
provide further details on the matter.