Published On: Wed, Oct 11th, 2023

Central Bank to discuss details of Ennia-solution

PHILIPSBURG — The solution Curacao’s Prime Minister Gilmar Pisas has presented for embattled insurance company Ennia is not an entirely done deal yet, it appears from a press release issued by the Central Bank of Curacao and St. Maarten (CBCS).

Pisas stated recently that Curacao will provide an annual financial injection of 30 million guilders ($16.75 million) for the next 25 years to make sure that Ennia’s life insurance branch (Ennia Caribe Leven, ECL) can continue to make its monthly payments to pensioners. Pisas also stated that the CBCs would support this effort.

But the press release issued by the Central Bank shows that nothing is final yet; “During the next couple of weeks the CBCS will discuss the scenario of a phased settlement of ECL with the governments of Curacao and St. Maarten.”

Under Pisas’ solution, Ennia will no longer accept new participants in its pension insurance; as a result of this decision, ECL will cease to exist in about thirty years.

The CBCS-press release states furthermore that it will also look at how to deal with the healthy parts of the Ennia Group: Ennia Caribe Schade, Ennia Caribe Zorg, Ennia Caribe Leven Aruba and Ennia Caribe Schade Aruba.

The bank will pay special attention to ECL-policies for which participants have paid premiums after the court established the emergency measure for Ennia in 2018.

The emergency measure will stay in place “whereby CBCS guards the interests of Ennia’s joint creditors and it policy holders.”

Part of Curacao’s solution is that both countries – Curacao and St. Maarten – use part of the dividends paid out by the Central Bank to safeguard pension payments.

It is still unclear how the solution chosen by Curacao will affect St. Maarten. Of the approximately 30,000 Ennia policy holders, 25,000 live in Curacao; the others live in St. Maarten.


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