CLICO customers urged to find alternative insurance

(CNS): The Health Insurance Commission says 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, since, as of next Tuesday 1 December, the insurance company will no longer provide health insurance in the Cayman Islands. This follows a “cease and desist order” issued in March to Colonial Life Insurance Company (Trinidad) Limited, trading as Clico (Cayman) Ltd, by the Cayman Islands Monetary Authority (CIMA.

Under the order, CIMA has directed the company to stop issuing new policies with investment features until the asset level in its trust fund has been increased to the required level and approval is granted by the Authority for the Company to resume such activity; and prevented the company from receiving any new premiums on existing policies with investment features until approval is granted by the Authority to resume such activity.

CIMA has also required CLICO to “take certain actions within a prescribed time frame and imposed additional reporting requirements on the Company to better monitor its business activities and financial condition.

For more information, call the Health Insurance Commission at the Department of Health Regulatory Services. The number is 946-2084 or the visit Department’s website at www.dhrs.ky