DIRECTORS OF CLICO International Life (CIL) are among persons being investigated as the police probe widens into the sale of insurance policies by the company when forbidden to do so by the Supervisor of Insurance.
Commissioner of Police Darwin Dottin confirmed earlier this week that investigations are ongoing into the matter but declined further comment.The five-month-old probe was launched after a file alleging criminal wrong-doing by CLICO was handed over to the Royal Barbados Police Force.
In a letter dated June 1, Deputy Supervisor of Insurance Vernese Brathwaite urged 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 Holdings (Barbados) Ltd subsidiary from selling new business. SATURDAY SUN sources say the onus will be on anyone charged to prove that they were unaware of any breaches that would have occurred under the Insurance Act.
Section 184 (1 c) of Cap 310 specifically states that “any person who contravenes any direction or requirement given or made by the Supervisor or a person appointed under section 52, is guilty of an offence, unless he can prove that he did not knowingly commit the contravention or omission and, in the case of a default in complying with any such provision, direction or requirement, the offence shall be deemed to be continued so long as the default continues.”
It was the then Chairman of CLICO Holdings Leroy Parris who had confirmed back in April that CIL sold 800 life policies in the first two months of this year.
Full story in the SATURDAY SUN
