BELINSCO gets judicial manager
Although the final fate of the company is not yet known, those holding life insurance policies with the Belize International Insurance Company Limited, BELINSCO, will be interested to know the latest developments. On Friday, the Supreme Court appointed the firm of Deloitte and Touche to act as judicial managers for the next thirty days. The firm will then recommend the best course of action to protect policyholders and submit this to the court. The action follows a petition by the Supervisor of Insurance, James Alpuche earlier this month. Under the Insurance Act, the judicial manager has four available options: to recommend that all or part of the insurance business be transferred to another company, that BELINSCO continue to conduct business as normal or under certain conditions. Or, if the financial situation warrants it, he can recommend that the company be wound up and put into receivership. If none of these solutions is satisfactory, he can suggest some other course of action. Audit partner for Deloitte and Touche, Rene Blanco, told News Five, that the company stopped selling car, fire and other types of insurance a while ago and that these policies will simply expire. The main concern is for those with life insurance. He says these policy holders should monitor the situation and await the decision of the court.
Rene Blanco, Deloitte and Touche
“The judicial manager continues the day to day operations of the company, so the insurance business, the insurance business of BELINSCO, the life insurance business currently, continues as is.”
Karla Heusner
If somebody wants to make a claim, they can do that…?
Rene Blanco
“Yes, if somebody has claim, they come in, continue with their claim, so the day to day running of the company continues.”
Karla Heusner
So they continue to pay premiums?
Rene Blanco
“Continue to pay premiums, until further notice, however they must be aware that these four options are possible with the company, within a month or so.”
The previous management of BELINSCO has been removed and Deloitte and Touche will continue to operate the company with six key members of staff until the firm submits their recommendation to the court.
