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On July 4, 2018, the Court of First Instance in Curaçao (the Court), based on Article 60 of the National Regulation on the Supervision of the Insurance Industry (Ltv), imposed an emergency measure on, among others, ENNIA Caribe Leven N.V. (ECL), ENNIA Caribe Schade N.V. (ECS), ENNIA Caribe Zorg N.V. (ECZ), ENNIA Caribe Holding N.V. (ECH) and EC Investments B.V. (ECI). This decision was taken due to a significant solvency deficit at ENNIA and in particular at ECL, caused in large part by the inappropriate withdrawal of assets from ENNIA by its major shareholder, Hushang Ansary. As a result of the deficit, ENNIA lacks sufficient funds to meet its future pension obligations.
Since the Court issued the emergency regulation with respect to ENNIA, the CBCS has been authorized to, among other things, (i) liquidate ENNIA's insurance portfolio, (ii) transfer all or part of ENNIA's rights and obligations under the insurance contracts, and (iii) restructure ENNIA. In addition, by virtue of the Ltv, the CBCS has since then exercised all the powers of ENNIA's directors, supervisory directors and other agents to look after the interests of ENNIA's creditors as a whole. In this context, the CBCS has taken remedial measures since the issuance of the emergency regulations. As part of these measures, the CBCS has initiated legal proceedings against Parman International B.V. and individuals who played a role in ENNIA prior to July 4, 2018, including the aforementioned major shareholder.
The goal of the restructuring is to restore ENNIA's financial health in the interest of policyholders and other creditors. To achieve this goal, the CBCS, the Country of Curaçao (Curaçao) and the Country of Sint Maarten (Sint Maarten) have worked out a solution for the ENNIA issue (“the Resolution”) in an Outline Agreement dated December 2023. After the governments of Curaçao and Sint Maarten and the Board of the CBCS had agreed on the Outline Agreement, the Parliament of Curaçao expressed its support for the Outline Agreement by a motion on February 29, 2024. Consideration of the Outline Agreement by the Parliament of Sint Maarten began on September 27, 2023, and will continue shortly.
Based on the Outline Agreement, (i) there will be a partial restart (Dutch, “doorstart”) by transferring part of the insurance portfolio of ECL (old) to a new, solvent insurance company (ECL [new]) while (ii) the rest of the portfolio will be administered by ECL (old). To finance the Resolution, Curaçao, Sint Maarten, and the CBCS through dividend payments, will make annual capital contributions to a Resolution Fund, which will enable it to replenish on an ongoing basis the emerging deficits at ECL (old), in order to enable the payment of pensions each year.
Of interest to all ENNIA policyholders is that the resolution will not involve any reduction of their pension rights.
If you have questions about the restructuring of ENNIA and its impact on your insurance, please contact ENNIA by phone: +5999 4343800, or by e-mail at questions@ennia.com.
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