Willemstad/Philipsburg- The Central Bank of Curaçao and Sint Maarten (CBCS) confirms that insurance company ENNIA is meeting its normal payment obligations to policy holders.Some doubts had arisen after reports in local media that since the higher supervision imposed on the activities of ENNIA Caribe, the insurance company would not longer have the obligation to pay out any insurance claims.

CBCS however states that payments are taking place like normal. “It is true that if an emergency regulation applies, as in the case of ENNIA, payments can be suspended. The purpose of the emergency regulation at ENNIA is to restore solvency. Part of this is the normal continuation of business operations” according to the CBCS statement.

It has been decided, according to CBCS, that individual policyholders will not feel any negative effects of the imposed higher supervision. “People who count on payments from ENNIA for their income are paid and payment obligations towards private individuals who are insured for medical expenses, damage (for example, home or car), invalidity & death and liability, will be fulfilled in accordance with the policy conditions.

No transfers of accrued pension value
CBCS clarifies that there are other activities that can be suspended in case they hamper the restructuring. An example given by CBCS is the transfer (upon request) of accrued value under a collective pension contract to another pension provider

CBCS says that while suspending such a transfer, ENNIA will continue to pay out to the pension beneficiaries under the collective pension contract and the returns will be credited to the accrued value in accordance with the agreements made.

CBCS also communicates that in case of questions about the exact situation, a mail can be sent to the Bank at cbcs@centralbank.cw