BANKRUPT DUTCH INSURANCE AGENT IBAS LEAVES CYCLISTS EXPOSED

Netherlands-based insurance agent Ibas has filed for bankruptcy, leaving up to 60,000 cyclists and dozens of bicycle shops vulnerable. The Dutch insurance industry watchdog, the Verzekeringskamer, has confirmed that policies sold by Ibas did not fall under its control as they originated from Curaçao-based insurance group Westward Insurance. Ibas itself had fulfilled its legal obligations by registering as an insurance agent with the Dutch social and economic council.