The Cayman Islands Monetary
Authority appointed controllers to Motor and General’s Cayman Islands branch on
Tuesday 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,”
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 insurance company.
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.