Frequently Asked Questions

The Ennia Resolution Headline Agreement is an agreement signed on April 11, 2024, between the Centrale Bank van Curaçao en Sint Maarten (CBCS) and the Countries of Curaçao and Sint Maarten (hereinafter referred to as "the Countries") to provide a solution to the financial problems of ENNIA in the interest of the policyholders and other ENNIA Group creditors. On October 10, 2024, these parties signed an addendum in which further agreements were made on the implementation of the ENNIA Resolution Headline Agreement. This resolution falls within the mandate of the CBCS to restructure the ENNIA Group based on the power of the Court of First Instance of Curaçao of July 4, 2018, and the National Ordinance on the Supervision of the Insurance Industry.

The Headline Agreement resulted in the following changes in ENNIA’s legal structure as of January 1, 2025:

• A new insurance group is now headed by the newly formed entity ENNIA Holding N.V.
• The existing entities ENNIA Caribe Schade N.V. and ENNIA Caribe Zorg N.V. are now part of this new insurance group.
• The new entity ENNIA Leven N.V. is also part of the new insurance group. The current insurer VELIA N.V. (formerly: ENNIA Caribe Leven N.V.), which remains under the emergency regulation, has transferred part of its insurance liabilities to the new entity ENNIA Leven N.V.

To finance the ENNIA Group resolution, the CBCS and the Countries will make annual financial contributions, for which the CBCS, the Countries and the relevant companies entered into separate financing agreements.

The launch of the new ENNIA Insurance Group on January 1, 2025, which included a legal restructuring, was an important step in the ENNIA Resolution.

Several important additional changes will occur in the near future as part of the ENNIA Resolution. For instance, the CBCS, in collaboration with the relevant company boards, regulators, and governments, is evaluating strategic options for the ENNIA entities in Aruba and the Mullet Bay property in Sint Maarten.

The Countries have pledged an annual contribution and will take it into account when preparing their annual budgets. On December 24th, 2024 both countries signed agreements setting out their respective financial contributions.

For the duration of the agreement, the Governments of the Countries will be bound to respect the agreements made, even in the event of a change in political relations in Parliament or the Government. Furthermore, the agreements in the Headline Agreement can only be amended with the consent of all parties involved (the Countries and the CBCS). 

You have received a letter from ENNIA informing you of the restructuring process. We recommend that you read this letter and the additional explanation and Guide carefully. Otherwise, as a policyholder, you do not need to do anything at this time. ENNIA will organize an information meeting in the near future where you can ask any additional questions you may have.

This depends on the terms of your policy. Please check with your insurance advisor or agent.

As part of the legal restructuring, some insurance policies have been split into two separate policies. In accordance with the Headline Agreement, part of ENNIA's existing insurance portfolio continues under the administration of ENNIA Caribe Leven N.V., while the rest of the insurance portfolio will continue with the new entity ENNIA Leven N.V. This solution will, in principle, not require any reduction of policyholders’ rights. Below is a breakdown of which parts of the existing portfolio have been transferred to ENNIA Leven N.V. and which remain under VELIA N.V.

• If your insurance policy was newly purchased after July 4, 2018, it has been transferred to and will continue under ENNIA Leven N.V.
• If your insurance policy has been in the accrual phase since July 4, 2018 (i.e., you have paid premiums since July 4, 2018), the portion of your policy for which you have paid premiums (plus accrued interest) since that date has been transferred to and will continue under ENNIA Leven N.V.
• If your insurance policy has been in the benefits phase since July 4, 2018 (i.e., you only paid premiums prior to July 4, 2018), your policy (plus accrued interest) remains entirely under VELIA N.V. and VELIA N.V. will pay out the benefits.
• If your insurance policy has been in the accumulation and benefits phase since July 4, 2018 (e.g., if you retired after July 4, 2018), the portion of your policy for which you have paid premiums (plus accrued interest) since that date has been transferred to and will continue under ENNIA Leven N.V. The remaining portion remains with VELIA N.V.

The Headline Agreement does not affect the lawsuits against Parman International, which is ENNIA’s shareholder, or Mr. Ansary and others. ENNIA and the CBCS are and will remain committed to recovering damages from Parman International (and Mr. Ansary and others).

No, the Headline Agreement assumes that there will be no reduction in the pension rights of VELIA N.V. customers.

The Countries will not become co-owners of ENNIA under the Resolution.

The contributions of the CBCS and the Countries were determined based on the deficit at VELIA N.V. as determined by actuaries, the legal possibilities for the CBCS to contribute, and the proportion of ENNIA's policyholders established in Curaçao and Sint Maarten.

VELIA N.V. remains under the emergency regulation beyond January 1, 2025.

ENNIA Caribe Schade N.V. and ENNIA Caribe Zorg N.V. are part of the new entity ENNIA Holding N.V. On November 12, 2024, the Court of First Instance in Curaçao ruled that the emergency regulation with respect to these entities will be repealed as of January 1, 2025. ENNIA Leven N.V. is also not subject to the emergency regulation.

Starting in January 2025, you will receive your premium invoices from ENNIA Nieuw. In January 2025, you will receive the invoice from ENNIA Leven N.V. for January and February 2025. This one time, due to the restructuring, you will receive this invoice later than usual.

ENNIA will keep you informed of developments through official letters that will be sent by email and mail in December 2024 and January 2025. These communications will come directly from ENNIA, your broker, and/or your employer. Additionally, ENNIA will organize informational meetings and share updates through various communication channels to ensure you stay informed about all relevant changes.

As of January 1, 2025, one of the following situations applies to your insurance with VELIA N.V:

1. If you took out your insurance before July 4, 2018, and the expiration date is after July 4, 2018, (in which case your insurance has since or may still become payable):

• The portion of the insurance accumulated before July 4, 2018, will remain under VELIA N.V. as a split-off policy. ENNIA Caribe Leven N.V. will fully honor the obligations and benefits in accordance with the Headline Agreement.
   
• The portion of the policy for which premiums have been paid since July 4, 2018, including the accrued interest, has been transferred to ENNIA Leven N.V. as a "split-off" policy and will continue to be managed by ENNIA Leven N.V.
   

2. If you took out your insurance after July 4, 2018:

• These policies were transferred to ENNIA Leven N.V. and will continue under its management starting January 1, 2025.

The name of ENNIA Caribe Leven N.V. has been changed to VELIA N.V. to prevent confusion between ENNIA Caribe Leven N.V. and ENNIA Leven N.V.

Your existing loan agreement with VELIA N.V. has been transferred by VELIA N.V. to ENNIA Leven N.V. As a result, all associated rights and obligations under the agreement have also been transferred to ENNIA Leven N.V. This includes, but is not limited to, all outstanding receivables, payment obligations, and security rights, such as mortgage rights, that you had provided to VELIA N.V.

The management and administrative responsibilities for your mortgage loan have been assumed by ENNIA Leven N.V. Your loan agreement, interest rate and terms remain unchanged as a result of the transfer.

Any existing loans on your insurance policy with VELIA N.V. have been transferred to ENNIA Leven N.V. All rights and obligations under your existing policy loans, including all applicable terms, outstanding claims, and payment obligations, have been transferred to ENNIA Leven N.V.

The management and administrative responsibilities for your policy loan have been assumed by ENNIA Leven N.V. Your loan agreement, the applicable interest rate and terms remain unchanged as a result of the transfer.

Non-life and healthcare with ENNIA Caribe Schade N.V. and ENNIA Caribe Zorg N.V. will remain unchanged following the restructuring. There will be no impact on these policies.

ENNIA Leven N.V. has a new bank account number at Banco di Caribe (BdC): 35258901. The bank account number of ENNIA Leven N.V. at Maduro & Curiel's Bank (MCB) remains unchanged. Please note that the current bank account numbers and due date will appear on your current invoice.