CLICO withdraws accounts

CLICO International Life Insurance Limited says it is withdrawing its audited accounts for the 2008 financial year.According to CLICO, the accounts were prepared on the “going concern basis”.The company pointed out that prior to releasing the audited accounts for 2008, the insurance company was ordered by the Supervisor of Insurance to stop writing new business. However, in a statement published today, CLICO International Life said, “This matter was not adequately disclosed in the financial statements.”“Management was of the view that the prohibitive order would be lifted once the company received a hearing on the  matter,” it added.“This inability to write new business has negatively impacted the financial position of the company and may affect the financial position of the company and may affect the basis on which the company had prepared its financial statements,” the company statement noted.The board of CLICO said as a result it was now necessary to amend financial statements or prepare them on a different accounting basis. CLICO International Life, a member of CLICO Holdings Barbados Limited is one of two subsidiaries that a special oversight committee has been trying unsuccessfully to sell as going concerns. According to oversight committee head William Layne, prospective buyers of the company had been turned off by more than $300 million in executive flexible premium annuity investment instruments, most of which mature in another two years.Consumers Guarantee Insurance recently announced that it was withdrawing its offer to buy CLICO General Insurance. (GE)