Segna in deep dunk

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Golo100

Bronze
Jan 5, 2002
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Although the press, Banco Central and the government insurance authorities have not made the announcement, I can tell you, in no uncertain terms, that if you have a Segna insurance policy you are in deep sh-t!!!

Even Insurance Superintendent Rafael Santos Badia is afraid to tell the whole truth, but he will be meeting today with the insurance community to begin the display of bad news.

Just think, the CEO of Segna, the largest insurance company in DR with 26% market share, is being sought for inprisonment because he placed 100% of insurance premiums in Bancredito, where the money went to pay for his private investments, which are now bankrupt.

Take my word for it....SEGNA is dead!!!!

tW
 
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Criss Colon

Platinum
Jan 2, 2002
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I can't win for loosing!

We started out the year with Seguros Intercontinental(They were "Solido" como Baninter",as "Sammy" promised!) We then switched to "Cegna"! Just as "Golo" says,"We are in DEEP SHIT"! As of last Monday,they (Segna) are no more! We have switched to "Seguros Palic" of "BHD".How long will they last.My wife is due any day,and I only work because of the medical benefits now.The peso being worth so little as to make my salary laughable!Only good news,the dollar will get you 40 pesos,or more today!CC:cool:
 
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Golo100

Bronze
Jan 5, 2002
2,138
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Insurance anybody?

Criss: I suggest you push your wife to prematurity. No one is safe now. As much as I still believe that BHD is still in safe grounds, this bank just like the ones that went bankrupt are part of a group(Grupo BHD) which has investments outside of banking, like hotels, construction companies and even offshore units like BHD Panama.

Just this morning, Insurance Superintendent Badia was forced ahead of his own timetable to admit the Segna bankruptcy. You will see all the papers today giving some detail.

This is the magnitude of the Segna thing. $3,500 million in premiums- 400,000 insured in ARS Humana for social security. The Pelleranos gave Segna as collateral to BC, but the company is worth nothing. $500 million in premiums outstanding will be collected by BC so the Pelleranos do not get to take more money.Supposedly a Colombian outfit will take over ARS and save it. Segna has debts of $1500 millions now.

Hipolito Mejia has intervened to save the Pellerano crook from joining Ramon Baez Figueroa in Najayo. this guy is even worse than Figureo. He is running and hiding and has no guts to face the music.

TW
 
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Jon S.

Bronze
Jan 25, 2003
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What goes around..........

...comes around. Yeah, the Pelleranos sure are a flashy bunch. In '99 they were buying properties like crazy, throwing outrageous parties, and just going over the top with everything. I remember people saying it was gonna catch up to them someday.........they were crazy enough to buy a G4.......and you know that the price is very high for those jets (unless you go the fractional route) but I remember seeing it in the Romana airport and in Herrera.........that's what they get for all the scams they committed in the last 10 years or so
 
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Criss Colon

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Jan 2, 2002
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You are NOT thinking like a Dominican!

They live only for the moment,"Tomorrow Never Comes"!I would hazard a bet,that Dominicans have less money in savings accounts than any group on the planet!
That is the "upside down logic" behind every Dominican wanting to buy a house! It is much cheaper here to RENT! Put your Capital to work for you,use the income to rent a beautiful home,never touch your capital! Not here.They could never leave the capital alone,no rent money,in the street!No self-dicipline!
You must also remember that all those who are doing "Jail Time",will soon be back in their homes living better than before! Where is "Pepe Goico"???
That is the "OTHER" root problem with Dominican Society,No personal responsibility!

"Cradle To Grave",do whatever you want,you will never be held responsible for ANYTHING!!!!!
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Sanson

New member
Apr 14, 2003
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Well as Golo said, It`s official and it`s in the papers. The ministry of Finance thru the Insurance Superintendent and its resolution#010-2003 has canceled Segna operations license.
 
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Ken

Platinum
Jan 1, 2002
13,884
495
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This is a big problem in human terms.

I went to the doctor yesterday at Centro Medico Bournigal in POP. Anyone with Segna insurance was told they had to pay full price as their insurance no longer accepted. Terribly upsetting to all I observed, since they knew nothing of the problem with Segna and didn't have the money to pay the doctor.

Number of patients way down. I was told that the majority of patients, at least of the doctors in Centrol Medico Bournigal were insured by Segna.

Additional problem for doctors is that most are waiting for substantial payments from Segna for services rendered. Doesn't look as though they will be paid.
 
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PJT

Silver
Jan 8, 2002
3,566
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If this is the case, will the insurance underwriters take responsibilty to pay benefits, provided Segna was a member in a pooling arrangement to spread the risk? This is going to be a hit in the emotional banks, pocketbooks, and a paperwork hell for the policy holders. What's next? Regards, PJT
 
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Criss Colon

Platinum
Jan 2, 2002
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Welcome to the "DR,"Same Shit,Different Day"

Exact same scenario when "Seguror Intercontinental" went down!

My wifes Doctor told my wife that she would have to pay her 2000 pesos,because the insurance Company went out of business! This is the same Doctor who had done 2 c-sections on my wife,and made additional thousands of pesos in care over the years!I told her that her "Beef" was with the insurance company,not us!

Our clinic got taken for 100s of thousands of pesos last time,and I'm sure it will happen again this time!

These kinds of Insurance plans never work well in a country like the DR,because people don't pay their premiums,and the companies don't pay the Doctors!They usually fail after a few years.The "owners" have sucked the company dry,and just move on!
CCCCCCCCCCCCCCCCCCCCCCCc:bandit: :bandit: :bandit: :bandit: :bandit:
 
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Golo100

Bronze
Jan 5, 2002
2,138
56
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Criss

In this case, Segna was a perfectly profitable outfit which served as a golden egg for Bancredito and the interest free loans the Pelleranos gave themselves.

Segna could have continued as the #1 insurance if its premium money had not been deposited 100% against the law in Bancredito. The law allows for only a maximum of 20% deposit of insurance money on any institution.

The Pelleranos even sold certificates in the United States thru their subsidiary GFN Capital and all that money is gone too. This will get them in deep trouble with U.S. money laudering laws, just like Baez Figueroa. The fireworks are just beginning. Pellerano can not leave the DR without risking being picked up by Interpol soon.

TW
 
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D & D

New member
Jul 17, 2003
239
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Segna Auto Insurance

Putting aside all the whys and wherefores, who are you guys going with for your auto insurance? We got slammed, our agent failed to tell us, and Danny found out about it over a beer a couple of days ago when he overheard some people talking. Found our agent, gave him hell for not bothering to tell us. The guy came over yesterday with a new policy proposal.

Banco Popular has the same policy we had for about the same amount. Anyone know anything about their rating? Opinions please. Is it even worth it?

A little out of date here. Some idiot cut the telephone cable here in Villa Gonzalez. A week with no phone or internet. I was jumping for joy after hearing a dial tone earlier tonight. So now what happens, we just lost power. We almost had a trifecta; power, telephone and water!

Dianne
 
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An Evil

Member
Aug 11, 2003
74
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6
Criss,

I had a Segna premium. My broker called me three days in advance to the announcement. She gave me two quotations, Palic and La Colonial. I picked La Colonial because it's not related to banks.

BHD has drastically reduced the size of its construction operations. We're not out of the woods yet.
 
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Criss Colon

Platinum
Jan 2, 2002
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I had "La Colonial" before we got coverage at work.

We were very happy with their service at THAT time! We are now going BACK to them,after being with Intercontinental.and Segna.CC
 
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