Presently AIG is in financial straits and the American government is constantly called to bail the company out of its financial dilemma. Some wondered if ALICO would go under or declare bankruptcy without notifying its policy holders. One concerned resident said its time the commissioner of economic affairs check to see if the island residents would stand to suffer. The resident said it is clear with the current trend of the AIG group in the United States will not be able to meet the financial obligations of its customers.
The man who wants to remain anonymous said it is critical, for the local government representatives address this issue and referred particularly to the Commissioner of Economic Affairs Maria Buncamper Molanus. The resident is calling on the Commissioner to inquire at the Central Bank about the status of the insurance company The resident contended that there is a negativeimpact of the policy holders such as Life Insurance policies, group medicals, pension plans and as a result if there is a serious cases of terminal illnesses then it will be devastating for the client. If about six clients of the Insurance company are terminally ill and they demand about five hundred thousand guilders per month one wonders how they will pay these clients.
Meanwhile, ALICO's policy is that they do not cover patients who suffer with illnesses such as HIV and AIDS so if a patient gets infected after they have had a life policy with the company it is said that the policy will be terminated. This is illegal.
According to the source it is instances such as these that government and the regulators of Insurances companies should follow up.
Another concern is that there are some policies which cannot be transferred to other companies such as life insurances, which in most cases clients purchase at an early age and if for example this policy is taken to another company when the persons are about 60 years then the premiums will be much higher and at that age will be subjected to all types of medical examinations before they are accepted by the new insurance company.
It is important for regulators and government to keep abreast of the current situation with regards to the development with particularly this insurance company and protect the residents from these types of insurance companies which could be potential danger to the country.
So far ALICO General Manager has refused to participate in interviews with the media.
