CLICO placed in hands of Deloitte controllers

(CNS): Two “controllers” from the offices of Deloitte & Touche have been appointed by CIMA to assume control of the affairs of the beleaguered insurance firm Colonial Life Insurance Company (Trinidad) Limited, trading locally as Clico (Cayman) Ltd pursuant to Section 13(1)(vii) of the Insurance Law (2008 Revision). As of 15 May Stuart Sybersma and Ian Wight will be responsible for assessing its financial position and submitting a report to CIMA as soon as possible.

A statement issued this weekend by Deloitte said the operations of CLICO will continue to be managed by the Controllers subject to the cease and desist orders previously issued by CIMA on 3 March 2009 and 9 April 2009 which currently precludes the issuance of any new insurance policies.

“The Controllers wish to stress that the operations and coverage of CLICO’s existing health and life insurance policies remains in effect subject to premiums on such policies continuing to be paid by policy holders. Health insurance claims should continue to be submitted in the normal manner and will be processed and paid by the Controllers,” read the statement.

It also indicated that redemptions or surrender of discretionary investment products previously issued by CLICO are subject to review by the Controllers.

CLICO’s office will be closed to the public until Thursday 21 May 2009 at which point further information will be provided.  In the meantime written enquiries can be forwarded to the Controllers at Clico.Cayman.Ltd.in.Controllership@gmail.com and telephone enquiries will continue to be handled at +1 (345) 949-2925.