Refusal to reveal Insurance fund brews latest Dominican Government scandal

Santo Domingo.- The refusal by Insurance superintendent Euclides Gutiérrez Félix to come clean on the outcome of the funds from one of the companies of the failed bank Baninter is brewing into the latest Dominican Government scandal, on which outlet diagiolibre.com asks “What’s the mystery with the Segna liquidation fund?”

“The mysteries surrounding the liquidation of the insurer Segna, S. A., have no explanation. It’s not only the number of creditors or the existence of funds, estimated at some RD$1.2 billion, but the official liquidator’s inexplicable refusal to answer questions in a process that should’ve concluded long ago.”

The outlet cites a report on January 19, 2010, by the settlement Commission, in which Gutiérrez, then Segba’s official liquidator, criticizes the process as slow, the suspension of the meetings with the Commissioners and its lack of transparency.

It said in their report, the Commissioners complain that "while Segna has some RD$785 million available and other properties to liquidate during 2009, payments of only RD$23.3 million went: To general claims for Life Insurance policies of RD$3.7 million and refunds of premiums didn’t reach a significant level.”

Diariolibre.com notes that despite the settlements already paid, Segna still has around RD$1.2 billion in CDs and other deposits today.

Suzy Nouel Lora, Segna settlement administrator until early 2011, in an interview with investigative journalist Alicia Ortega, confirmed that claimants haven’t been paid, even when the liquidation account has enough funds.