commissioner in Trinidad stops the firm writing new business and starts a five-year battle to have a court administrator put in charge.

December, 1991 -- Bermuda's Ministry of Finance, which claims to have been given the impression that United Security was getting stronger, learns the firm is $16.6 million in debt.

February, 1992 -- Bermuda's Registrar of Companies, Mr. Malcolm Butterfield, finally follows Trinidad's lead and tells the firm to stop writing new business in Bermuda.

June 16, 1992 -- Trinidad's insurance commissioner manages to persuade Trinidad's High Court to appoint an administrator for the firm. Actuary Mr.

Brian Fortier becomes Judicial Manager and is given three months to come up with a rescue plan.

August 3, 1992 -- Mr. Butterfield petitions Bermuda's Supreme Court to wind up the company in a bid to protect the Bermuda assets. Court appoints Mr. R. Gil Tucker as provisional liquidator. Bermuda branch closes its doors for the last time.

August 4, 1992 -- Mr. Fortier attacks "amateurism'' of Bermuda's insurance regulators over its handling of the affair. He criticises Bermuda for allowing the firm to write new business between 1987 and 1992 even though the authorities knew the company was insolvent.

August 5, 1992 -- It is alleged that about $500,000 in assets was transferred out of Bermuda in 1989, although it is now believed the transfers took place before 1987. Bermuda's shadow Minister of Finance Mr. Eugene Cox calls for an inquiry into the alleged mishandling of the affair.

August 6 -- Bermuda policyholders attack Government and Registrar of Companies for allowing an insolvent firm to take their money. "We've been taken for a ride,'' says one.

August 8 -- Bermuda's Minister of Finance the Hon. David Saul said Government had been "misled'' by the company about its financial position. He said attempts had been made to get local and foreign insurance firms to take over United Security's Bermuda branch. The branch was also encouraged to break away from its parent, he said.

August 18 -- Mr. Tucker lays off all 11 staff in Bermuda.

August 28 -- Bermuda's Supreme Court adjourns the winding up hearing until October 6.

September 16 is the day Mr. Fortier must report to Trinidad's High Court and give his recommendation on the company's future. Expected to recommend that the company keeps going but with reduced benefits.