Frequently Asked Questions

The Ennia Resolution Headline Agreement (hereinafter "Headline Agreement") is an agreement between the Centrale Bank van Curaçao en Sint Maarten (CBCS) and the Countries of Curaçao and Sint Maarten (hereinafter "the Countries") to provide a solution to the financial problems of ENNIA in the interest of the policyholders and the general interest of the Countries. This solution is in accordance with the provisions of the National Ordinance on the Supervision of the Insurance Industry.

Based on the Headline Agreement, (i) part of the insurance portfolio of Ennia Caribe Leven (ECL [old]) will be transferred to a new, solvent insurance company (ECL [new]), while (ii) the rest of the portfolio will continue to be administered by ECL (old). See also Question 8 on Policy Splitting.

To finance this solution (hereinafter also, “the Resolution,” the CBCS and the Countries will make annual financial contributions for the benefit of ENNIA, to cover the deficits of ECL (old) on a yearly basis.

After the implementation of the Headline Agreement and for the duration of the agreement, the Governments of the Countries will be bound to respect the agreements made, even in the event of a change in political relations in Parliament or the Government. Furthermore, the agreements in the Headline Agreement can only be amended with the consent of all parties involved (Curaçao, Sint Maarten and the CBCS).

The Countries have pledged an annual contribution and will take it into account when preparing their annual budgets.

The implementation of the Headline Agreement depends on the approval of several external parties, such as the Court of First Instance of Curaçao (in view of the emergency regulation in place for ENNIA [old]), and the Parliaments of Curaçao and Sint Maarten with respect to the financial contributions to be deployed over a long period of time by the Countries for the ENNIA Resolution.

Following the initial approval of the Headline Agreement by the Governments of the Countries and the Board of the CBCS, the Parliament of Curaçao expressed its support for its implementation on February 29, 2024. The consideration of the Headline Agreement by the Parliament of Sint Maarten started on September 27, 2023. Further consideration by the Parliament of Sint Maarten will follow shortly. This will be followed by the signing of the necessary official documents so that the Headline Agreement can be implemented as soon as possible.

The Headline Agreement aims at a partial relaunch of ENNIA. This means that part of ENNIA's existing insurance portfolio (old) will continue in a newly created entity, ECL (new). This entity will apply for the necessary license from the CBCS before acquiring this portfolio. ECL (new) will become part of a new ENNIA group. This new group, with a sustainable ownership and financing structure, will also pursue new insurance activities in the future.

The rest of the insurance portfolio will remain with ENNIA (old). In the Headline Agreement, the CBCS and the Countries agreed to cover the deficits of ENNIA (old) on an ongoing basis.

As a policyholder, you do not need to do anything at this time. In due time, ENNIA will inform you about your policies. To be on the safe side, keep an eye on your mail or other communication channels with ENNIA.

This depends on the terms of your policy. Please check with your insurance advisor or agent.

The "splitting of policies" refers to the fact that based on the Headline Agreement for ECL policyholders, part of the existing insurance portfolio will be administered by ECL (old), while the other part will continue under a new entity, ECL (new). This solution will not require any reduction in policyholders' rights. Below is an explanation of which parts of the existing portfolio will be transferred to ECL (new) and which will remain with ECL (old).

• If your insurance policy was newly purchased after July 4, 2018, it will be transferred to and continue under ECL (new).
• If your insurance policy has been in the accrual phase since July 4, 2018 (i.e., you have paid premiums since July 4, 2018), the portion of your policy for which you have paid premiums (plus accrued interest) since that date will be transferred to and continue under ECL (new).
• If your insurance policy has been in the benefits phase since July 4, 2018 (i.e., you only paid premiums prior to July 4, 2018), your policy (plus accrued interest) will remain entirely under ECL (old).
• If your insurance policy has been in the accumulation and benefits phase since July 4, 2018 (e.g., if you retired after July 4, 2018), the portion of your policy for which you have paid premiums (plus accrued interest) since that date will be transferred to and continued under ECL (new). The remaining portion will remain with ECL (old).

The Headline Agreement does not affect the lawsuits against Parman International, which is ENNIA’s shareholder, or Mr. Ansary and others. ENNIA and the CBCS are and will remain committed to recovering damages from Parman International (and Mr. Ansary and others).

No, the Headline Agreement basically assumes that there will be no reduction in the pension rights of ECL customers.

The Countries will not become co-owners of ENNIA under the Resolution.

The contributions of the CBCS, Curaçao and Sint Maarten were determined based on the deficit at ECL (old) as determined by actuaries, the legal possibilities for the CBCS to contribute, and the proportion of ENNIA's policyholders established in Curaçao and Sint Maarten.

ECL (old), Ennia Caribe Schade (ECS) and Ennia Caribe Zorg (ECZ), among others, are currently subject to the emergency regulation. As a result of the implementation of the Headline Agreement, the CBCS will ask the Court of First Instance in Curaçao to lift the emergency regulation on ECS and ECZ, so that these can continue as solvent insurance entities. The shares of these two entities will be acquired by a new parent company. ECL (old) will remain under the emergency regulation and will only serve to service existing pension obligations.