Now it's on to the Organisation of Eastern Caribbean States (OECS).
Former CLICO policyholders in those countries have not been forgotten, says Minister of Finance Chris Sinckler, and should start thinking about the modus operandi which has allowed the start-up of new company Resolution Life to successfully transition former CLICO policyholders to firm financial footing.
He gave the urging yesterday after touring the new company’s headquarters at Worthing, Christ Church. He gave its staff and board the thumbs up for quickly getting down to business.
“We decided to go with the Barbados first option, and not the Barbados-only option, because the restructure proposal was for the entire CLICO portfolio.
“We still have issues to work out in the OECS. We believe that when we see what is happening here and how this has unfolded, and that policyholders are seeing the benefits of the exercise, we can encourage them to get on board so the second phase of the restructuring can be completed.”
The minister said he was extremely comfortable with the regulations put in place since the CLICO collapse, mainly the Financial Services Commission Act and Insurance Act.
“The function of the Supervisor of Insurance is now also managed out of the Financial Services Commission itself, and has been built out to be a top-flank regulator.”
He added that with good regulation and “companies operating properly, along with good vigilance of the public, I believe a situation similar to what occurred with CLICO ought not to be repeated in Barbados”. (BA)