In a notice that went out last month, the Belize Bank formally notified policy holders that it will no longer act as an agent for GK Life Insurance Caribbean Limited, effective December 31, 2025.
The notice informs that as a result, all group life insurance policies tied to loans and credit cards through the bank will come to an end on that date. While existing coverage remains valid until the end of 2025, customers will no longer be insured under GK Life once the group policies terminate.
So what does it mean for policy holders?
Two weeks ago, we spoke with Alma Gomez, Supervisor at the Office of the Supervisor of Insurance and Private Pensions who says the full impact on policyholders is still being assessed.
Alma Gomez, Supervisor - Office of the Supervisor of Insurance and Private Pensions
"What happens to the customers that had insurance? The customers, we have requested right now a listing. We did request additional information from both the company and the corporate agent. So we're awaiting that information. Once we have that, then we would know what is going to be the impact, if any, to customers. At this point in time, we're still analyzing that data. Well, we're waiting for the data so that we would analyze that. But on a license on a licensing issue, when and when an insurance policy is issued. That insurance policy has a lifetime. So you would have to look at what is the lifetime of a policy, how long is the period, what period is covered, what is covered. So you have to look at the policy itself. It's not just saying this is what's going to happen with a particular customer or a particular line of business. This is an agency agreement that is no longer going to be there. This is not a case where you have liquidation that carries much more things. For example, the Clico case that we had. So this is a particular issue that has to be looked at differently."
We will be following up next week.
