Members of MIA and AILO petition for deferral of liquidation proceedings

Update 24 October 2008

Members of the Manx Insurance Association and the Association of International Life Offices have today petitioned the court for a deferral in liquidation proceedings until the next meeting on the 27th November . This would give the relevant Governments and interested parties more time to reach agreement on the release of funds which would benefit all depositors equally, rather than force an action which may prejudice those efforts.'

Press Release 18 October 2008

"The MIA is in talks with the IOM Treasury on behalf of its members and working closely with all parts of the Financial Services sector in the Isle of Man to strongly urge government to ensure that holders of insurance policies are treated the same as other investors in Kaupthing Singer & Friedlander (IOM) bank.

We have also asked for a meeting with the liquidator of KSF(IOM) to understand directly what actions are being taken to secure our policyholders' investments.

The MIA is working alongside the Association of International Life Offices (AILO) to ensure that policyholders of all insurance companies investing in KSF(IOM) are treated fairly. This will include taking any necessary legal and professional advice."