The General Public is hereby advised that the Supervisor of Insurance has cancelled the certificate of registration of the NATIONAL GUARANTEE INSURANCE COMPANY (NALGICO), effective Monday, December 19, 2005.

This is in accordance with the Provision of the Insurance Act of 1973 as amended, Section 14 (1) (a) (v), which reads:

“The Company has been guilty of unreasonable delay in the payment or settlement of any claim arising under a policy held by it”.

The action of the Supervisor of Insurance is also as a result of numerous complaints received from the public on the inability of the Company to meet its financial commitments to its clients.

The decision also followed a special meeting with the Minister of Finance and the Company’s Manager, in which the later was informed of the Ministry of Finance course of action if the Company failed to find a solution to the problem within a specified period.

In light of the foregoing, the public can feel free to contact the Office of the Supervisor of Insurance for further clarification and information on this matter, at telephone numbers 440-2731 or 435-0596.