Local branch of troubled insurer can pay claims
(CNS): The Joint Controllers appointed to oversee the Cayman branch of Motor and General, the islands’ oldest insurance company have said the firm will be making valid claims. David Walker and Ian Stokoe of PricewaterhouseCoopers said that existing policy holders continue to be covered and that new policies can also be renewed. While the firm’sparent company in Trinidad may be in trouble, it appears that the Cayman branch is viable as a stand alone entity, as the controllers have said Motor and General Cayman could be sold.
Following the court sanction of the powers previously conferred on the controllers by CIMA, they confirmed on Thursday that the Company will continue to make valid claim payments in the normal course of business. “Policy holders are reminded that any new claims should continue to be brought to the Company’s attention in the usual manner in accordance with their policy,” the duo from PricewaterhouseCoopers said in a statement.
They also confirmed that existing policy holders of the Company continue to be covered and that the Company is able to renew existing policies.
“Controllers are currently examining the future options for the Cayman Islands insurance business, one option being the possible sale of the business in the short term,” PwC said.
On 22 June 2010 the Cayman Islands Monetary Authority appointed Walker and Stokoe under the Insurance Law (2008 Revision) following the suspension order imposed on the Company by the Central Bank of Trinidad and Tobago.
Policy holders with further queries may contact the Company on 949 6299 or alternatively contact the Controllers at adam.keenan@ky.pwc.com or telephone +1 (345) 914 8743.
Category: Business
Well, I’m still waiting to get paid off for a brand new vehicle that Hurricane Ivan destroyed. After paying this company for comprehensive coverage I was told that my policy didn’t cover "flood damage" and I didn’t read the fine print. Oh, well….thank you very much Moter & General for the cause of me having to pay off a bank for a car I didn’t have.