Colina Insurance Company has accepted the government’s conditions for approving its Imperial Life Financial (Bahamas) acquisition, Prime Minister Perry Christie said yesterday.
The conditions, more stringent than many market observers expected, include the dilution of Colina Financial Group’s stake in its insurance subsidiary to 51 per cent and permission for the Imperial Life policyholders to remain with that company if they do not want to transfer over to Colina.
If Colina Insurance Company, its parent or any Colina subsidiary breached those conditions, among the penalties devised by the government are the possible withholding of the letter of goodstanding that would be issued on Colina Insurance Company’s behalf by the Registrar of Insurance.
Another penalty could involve the withdrawal of government approval, and the removal of senior officers and directors at “any” Colina Financial Group entity.
Source: Neil Hartnell, The Tribune
