Trinidad Central Bank suspends Motor & General

(Trinidad and Tobago Guardian): Motor and General Insurance Company was suspended from carrying out most of its operations yesterday by the Central Bank, said Carl Hiralal, Inspector of Financial Institutions.“Earlier this morning, the Central Bank took regulatory action and intervened to protect the policyholders by suspending the operations of Motor and General Insurance Company Ltd. The suspension is for an initial period of 60 days. Based on the results of our monitoring, this has become a necessary step to protect policyholders.” Hiralal made this disclosure yesterday at the Financial Stability Report mid-term review at the Central Bank, Independence Square, Port-of-Spain. Giving reasons why this action was taken, Hiralal said the company did not comply with basic regulations.

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