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Clico insurance to close Cayman branch72 days ago
(AP:GEORGE TOWN, Cayman Islands) 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 says Sunday that the local branch of Colonial Life Insurance Co. 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 Ltd.
Earlier this year, Trinidad earmarked $50 million to assist policyholders of Clico across the region.
CL Financial did not return calls seeking comment Sunday.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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