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CLICO health insurance business in Cayman closes
GEORGE Borough, Cayman Islands, December 3, 2009 - The Cayman Islands department of CLICO (Trinidad) Limited has officially closed its doors, nine months after it was ordered to stopping-place issue new health insurance policies.
The operations shut down on Tuesday, forcing hundreds of clients there to solicit coverage elsewhere.
Ian Wight, one of the Deloitte & Touche controllers who seized control of the company in May, said CLICO would process outstanding claims for the next six months.
He also said the controllers would put in the next few months clearing up outstanding business, such as transferring duration insurance and life product business.
Prior to the closure, the boonies's Health Insurance Commission reminded individuals and employers insured at the gathering that they must get health insurance from other approved insurers in order to stay compliant with the Vigorousness Insurance Law.
"The responsibility is on the employer to ensure there is adequate insurance in place for employees," said Insurance Commissioner Mervyn Conolly.
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