Ashford W. Meikle, Staff Reporter 
WYNTER
THE FINANCIAL Services Commission (FSC) has assumed temporary management control of the Dyoll Insurance Group. by appointing a temporary manager.
The announcement was made yesterday by the executive director of the FSC, Brian Wynter, at a press conference at the
commission's office on Barbados Avenue in New Kingston.
Speaking from prepared notes, Mr. Wynter advised, "The action of the Financial Services Commission (FSC), to appoint a temporary manager for Dyoll Insurance Company Limited, comes against the background of the devastation wreaked by Hurricane Ivan in the Cayman Islands, last September; and the high level of property and motor vehicle insurance claims that have been levelled on companies securing properties in that country."
Managing director of BSRL, Kenneth Tomlinson, will "guide operations of Dyoll during this period." Mr. Wynter pointed out that Mr. Tomlinson's role includes, but is not limited to:
Continuing or
discontinuing Dyoll's operations
Stopping or limiting payments of its obligations
Employing any necessary officers or other employees
Executing any instrument in the name of the institution
Initiating, defending and conducting, any action or proceedings to which it may be party.
It is unclear up to this point the true extent of the losses
suffered by Dyoll or if the company has been successful in acquiring any capital injection as it had advised the FSC in December last year.
Guided by these factors, Mr. Wynter said the "FSC ... assumed the role of temporary manager of the company in order to establish the true position of the company, address the matter of settlement to its claimants and ensure that its policies will remain in force."
At the press conference, Mr. Wynter announced that FSC was considering an offer from a local company "to purchase Dyoll's Jamaican [insurance] portfolio ... to protect the policy holders"
Mr. Wynter sought to assure the public that the rest of the insurance industry was sound. "I must make it perfectly clear that no other insurance company in Jamaica is similarly exposed as a result of Hurricane Ivan. Nevertheless, the FSC is undertaking a rigorous analysis of insurance companies doing business in Jamaica and overseas."
