Sunday, March 3, 2024

OVER TO COPS

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A FILE alleging criminal wrong-doing by CLICO International Life Insurance Limited (CIL) is now in the hands of the Royal Barbados Police Force.
SUNDAY SUN investigations revealed that the file requesting follow-up action by the police was handed over by Deputy Supervisor of Insurance Vernese Brathwaite.
A letter dated June 1 urges the police to investigate the sale of 800-odd life policies by CIL this year, in contravention of an order by the Supervisor of Insurance in August 2009, which prohibited the CLICO subsidiary from selling new business.
It is understood that selling of the new life policies, which was made public earlier this year by Leroy Parris, executive chairman of CLICO Holdings (Barbados) Limited, has been deemed a violation of the Supervisor of Insurance’s order.
Reports indicated that such a violation is a criminal offence, which carries a penalty of a fine and/or a term of imprisonment for one year.
The development comes as an Oversight Committee, mandated by Government to investigate and find buyers for CLICO International Life, CLICO Mortgage & Finance and CLICO General Insurance, winds up its operations.
The committee, headed by William Layne, permanent secretary in the Ministry of Finance, was established early last year and ends its assignment on Saturday.
Layne has publicly criticised the actions of CIL and hinted that the Supervisor of Insurance should seek legal redress “against such a violation of its order”.
Sources said that in addition to a recommendation that CIL be placed under judicial management, the Oversight Committee is expected to call for a forensic audit of the company’s books.
It has also been reported that the Oversight Committee may also comment on the lack of cooperation over the period it was mandated to conduct its investigation.
CLICO Life Insurance Limited is a member of the CL Financial group in Trinidad that collapsed last year.
To date, the Oversight Committee has only been successful in getting one of CLICO’s subsidiaries sold. Just last week, the sale and purchase agreement for CLICO Mortgage & Finance was signed by new owners the Barbados Public Workers’ Co-operative Credit Union Limited.

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