Local controllers appointed to Motor and General

(CNS): The Cayman Islands Monetary Authority (CIMA) announced today that it has appointed David Walker and Ian Stokoe of PricewaterhouseCoopers as controllers to Motor and General Insurance Company Limited’s (Motor and General) Cayman Islands branch. The two local controllers have assumed immediate control of Motor and General’s affairs, CIMA says, and they will continue to manage the branch’s operations and to protect Motor and General’s local policy holders and the assets of the company’s 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,” stated CIMA Managing Director Cindy Scotland. “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 and providing ongoing assessment of the company’s financial position.”

In a CIMA release, 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. This suspension by CBTT is to allow for further investigation into Motor and General Insurance Company Limited’s affairs whilst protecting policy holder 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 entity is not able to pay claims at this time. During this process, and as previously indicated by CIMA, the situation with Motor and General Insurance Company Limited is an ongoing matter and, as such, the Authority is restricted in its ability to provide any additional details on the matter to the public at this time.

Policy holders and creditors with further enquiries may continue to contact Motor and General by telephone on 949 6299 or contact the controllers at adam.keenan@ky.pwc.com or telephone +1(345) 914 8743.