Some equity insurance policyholders are voicing surprise and concern that the company’s licence was revoked by the Financial Services Commission (FSC) effective December 31, 2025.
Customers of the insurer based at Lower Collymore Rock, St Michael have been receiving letters from Craig Waterman, who the FSC appointed as manager last August to run the operations “until further notice”, informing them about Equity’s inability to renew insurance policies or write new ones.
Waterman advised them in the correspondence that they should “contact your insurance broker or adviser as soon as possible to discuss suitable alternatives and to ensure continuous cover beyond your current policy expiry”.
“If you do not use a broker, you may wish to seek independent advice or approach alternative insurers directly to obtain replacement cover ahead of the expiry date,” he added.
In appointing Waterman about six months ago, the FSC said this action was taken after its examinations of Equity concluded that the insurer’s internal systems, controls and governance needed significant strengthening.
One policyholder said they recently went to renew their motor insurance policy and was surprised to be handed a letter, signed by Waterman, informing them of the licence revocation.
Another customer lamented: “I wish I had known in December when I renewed my insurance because I definitely would have gone with another insurance company. I feel that this letter they are now giving policyholders should have been given earlier, or at least they should have communicated the full situation, so that customers could have made better choices.”
One policyholder, whose policy expires around the middle of this year, said they would be speaking with their agent for advice on the way forward.
In his letter to policyholders on “non-renewal of your policy following revocation of insurer’s licence”, Waterman stated: “We are writing to inform you that we will be unable to offer a renewal of your policy when it reaches its current expiry date. This follows the decision of the Financial Services Commission to revoke the Class 2 insurance licence of Equity Insurance Company Limited with effect from 31, December 2025.”
Alternative cover
“As a result of the licence revocation, we are not permitted to carry on insurance business that would include renewing expiring policies, and you will therefore need to arrange alternative insurance cover with another provider before your policy’s expiry date.
“Your current policy remains in force until its stated expiry date, subject to its terms and conditions.
“Claims should continue to be notified and submitted in accordance with the claims provisions set out in your policy documentation, using the usual contact channels on your schedule and policy wording,” the manager said.
He also advised policyholders not to contact the FSC regarding their policy since “the commission is the regulator and is not in a position to provide assistance to policyholders, arrange cover, or handle customer service or claims enquiries, and therefore will be unable to assist with renewal or other policy-related matters. Please direct all queries to us.”
“If you have any questions regarding this letter, your existing cover up to the current expiry date, or a claim, please contact us . . . and quote your policy number,” Waterman said.
“We understand that this news may be inconvenient, and we are committed to providing you with clear information as you make alternative arrangements.”
In a February 11 update announcing the licence revocation, the FSC said that “all policies issued or renewed prior to December 31, 2025, will remain in force and legitimate claims emanating from same will be honoured during a one-year runoff period”.
The commission said that claims “should continue to be notified and submitted in accordance with the claims provisions set out in your policy documentation, using the usual contact channels on your schedule and policy wording”.
“Your policy will remain in effect, and you should continue to make your premium payments to ensure you remain covered,” the regulator informed policyholders.
The FSC said that after being advised last November that additional enforcement action was coming, Equity “initiated legal proceedings”. The insurer has also notified the commission of its attention to appeal the licence revocation before the FSC tribunal.
MINISTER OF PEOPLE EMPOWERMENT and Elder Affairs Adrian Forde has condemned the recent act of violence against a 72-year-old man, describing the incident as deeply troubling and a reminder of the need to safeguard Barbados’ elderly population.
Hal Prescod, 72, was reportedly accosted and beaten by a teenager in an incident that was captured on video and widely circulated on social media, sparking public outrage.
In a statement last night, Forde said that as minister with responsibility for the elderly, and as a representative of the people of Barbados, he was placing on record his “deep concern for the welfare, protection, and dignity of our nation’s older persons”.
Built country
“The recent incident of violence against a senior citizen has strengthened my resolve and that of this Government to ensure that our elderly are not only respected but safeguarded and empowered,” he said.
Forde said Barbados’ senior citizens were instrumental in shaping the country into the modern nation it is today.
“Our senior citizens built this country. They shaped post-Independence Barbados into the modern, 21stcentury nation we proudly call home. Their labour, their sacrifice, and their resilience laid the very foundation upon which we now stand. They deserve not only our gratitude but our unwavering protection and support as they enjoy their well-earned golden years,” he added. (HG/PR)
The post Equity policyholders feel ‘blind-sided’ appeared first on nationnews.com.