Dyoll policies cancelled

Kenneth Krys, Joint
Provisional Liquidator

Monday,  April 18, 2005

Dyoll Insurance Company has terminated all insurance polices according to Temporary Manager Kenneth Tomlinson. Individuals who have put off purchasing additional coverage are no longer holding valid property or motor coverage. 

The Jamaican Financial Services Commission (FSC) announced it will be applying to the Jamaican Courts for the liquidation of Dyoll.

The Grand Court placed Dyoll into provisional liquidation and appointed Kenneth Krys and Christopher Stride of RSM as joint provisional liquidators for Dyoll in the Cayman Islands on 11 April. 

The court assigned joint provisional liquidators to protect and preserve Dyoll’s assets for the benefit of creditors and policyholders. Provisional liquidation is a temporary measure to prevent Dyoll assets from being distributed prior to official liquidation.

“As a joint provisional liquidator, my job is to collect and secure any assets and evaluate the state of affairs such as bank accounts, assets and shares in Cayman Insurance Centre (CIC),” said Mr Krys.

“We will need to value the assets and property and preserve them for the benefit of the creditors and policyholders.”

Mr Krys and Mr Stride will be investigating Dyoll’s finances and identify and secure the assets. Additionally, they will be meeting with the FSC and Temporary Manager to discuss policyholders’ interests. Both Mr Krys and Mr Stride stated that they will be keeping the public informed about their investigations through public meetings, websites and press releases. 

It is important that policyholders know that joint provisional liquidators have no authority to process claims or make payments. Their role is to maximize the collection of assets and preserving them until the Grand Court appoints official liquidators. When official liquidators are appointed, it will be their function to assess claims and distribute payments to policyholders’ claims based on realised assets.

Mr Krys stated that if they find Dyoll insolvent, it is unlikely policyholders will receive full payment of their claims. However, they will do everything they can do to preserve any remaining value in the company to give the best possible return to policyholders. 

He further advised policyholders to write their functions and their appointment on insurance claims. 

Mr Krys requested that any people with outstanding claims should forward the details to his office.

Recent reports estimate Dyoll property and motor claims from Hurricane Ivan exceed the reinsurance amount by as much as US$100 million. 

The appointment of joint provisional liquidators and suspension of policies reaffirm fears that policyholders will be left holding unpaid bills to their cars and properties.

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