Barbados Light & Power Company Limited’s (BLP) bid to have the Fair Trading Commission’s (FTC) electricity rate decision overturned by the High Court has taken a new turn.
With the trial scheduled to start in December, the Financial Services Commission (FSC) is now seeking the court’s permission to make submissions on the matter – specifically on issues related to BL& P’s self-insurance fund (SIF).
Request
FSC general counsel Sade Jemmott has written Justice Barry Carrington to say that the regulator “hereby seeks the leave of the court to make amicus curiae (friend of the court) submissions in the matter [and] the commission proposes to advance written submissions and, if required, make oral arguments to assist the court in determining certain questions of law”.
In the letter dated September 24, 2024, Jemmott states: “The commission is interested in the appeal insofar as issues of jurisdiction have arisen in relation to the self-insurance fund that is a subject of this matter.
“The commission’s interest is, therefore, specific to its mandate to supervise and regulate the non-bank financial services sector, which includes selfinsurance. Pursuant to section 4(1)(a) of the Financial Services Commission Act, 2010-21, the commission is responsible for the administration of the Insurance Act Cap.310 of the laws of Barbados.”
The attorney, who was appointed FSC general counsel on May 1, continued: “The Insurance (Barbados Light and Power Company Limited) (Self-Insurance Fund) Regulations, 1998 were made under section 154 of the Insurance Act. The commission, therefore, has regulatory oversight over matters material to this appeal.” (SC)
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