BRITISH AMERICAN Insurance Company Limited says it has deliberately limited its policyholders’ withdrawals and surrenders from the company.
In a paid newspaper advertisement today, the insurance company said with the permission from the Supervisor of Insurance that it had taken the stand to prevent any haemorrhaging of its business that could be caused by panicking policyholders.
Responding to the last SUNDAY SUN back page lead story headlined Debt Burden, the company said it supported being placed under judicial management.
“The appointment of a judicial manager can be seen as a positive step to providing greater protection for all policyholders and other stakeholders,” the statement said.
It also disclosed that despite suspending the writing of new business as ordered by the Supervisor of Insurance last March, the company has continued to “settle all maturities, health claims and death claims to date.”
The company also disclaimed any direct connection between itself and Clico Holdings Barbados and noted that despite being owned by CL Financial, there were two independently managed organisations. (TS)
