Clico to close Cayman branch
Published: Wednesday | December 2, 2009
A troubled insurance company is about to stop providing coverage to hundreds of clients in the Cayman Islands.
The British territory's Health Insurance Commission said Sunday that the local branch of Colonial Life Insurance Company (Trinidad) Limited will officially close on Tuesday. The company known as Clico was ordered to stop issuing policies in March.
Regulators in Guyana and the Bahamas have ordered Clico subsidiaries to be liquidated because they were unable to pay claims after Trinidad's central bank bailed out the parent company, CL Financial Limited.
Earlier this year, Trinidad earmarked US$50 million to assist policyholders of Clico across the region.
CL Financial did not return calls seeking comment.
- AP
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