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March 12, 2008 |
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DYOLL GROUP: Will Hold Shareholders' Special General Meeting Dyoll Group will hold a special general meeting with shareholders to discuss the company's winding up. Radio Jamaica relates that Dyoll Group has started making arrangements for the winding up. According to Radio Jamaica, Dyoll Group will ask a Jamaican court to appoint a liquidator by April 25, 2008. Meanwhile, Andrew Issa resigned from Dyoll Group's board of directors effective Feb. 29, 2008, Radio Jamaica states. Dyoll Group Ltd. is a Jamaica-based company that is principally engaged in the insurance business. Jamaica's Financial Services Commission has assumed temporary management of the Jamaica-based Dyoll Insurance Co. Ltd. in March 7, 2005, 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 after a high level of insurance claims were leveled on the company as a result of the hurricane Ivan. Kenneth Tomlinson was appointed temporary manager. Jamaica's Supreme Court ordered for the distribution of a US$653 million fund held by the FSC in accordance with the Insurance Act 2001, section 59, which says that the prescribed deposit, on the winding up of an insurance company, should be applied first to settle the claims of local policyholders. |
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